The US education system has a miraculous space in the world’s education. It always attracts the students across the globe. The American educational system offers an array of choices to the students; the teaching method, techniques and strategies are unique and advanced comparing to other states. This must be a likely reason of the growth in the education industry in the US. The diverse education system encompasses private and public schools, colleges and universities; from KG to all levels of schooling to higher education. Let us have a look on the current US education market.
Apparently, the business sector is facing phenomenal challenges since the pandemic has changed the lives. The pandemic has affected the education industry too. It was reported that the American campuses are nearly empty as the lockdown and social distancing turns the life line of us. In fact, the US education market hasn’t seen an ultimate fall in the market. The education market in the US valued around USD 1,350 billion in the year 2017 and it is expected to grow approximately USD 2,040 billion by 2026.
Several B2b education marketers have asked this question before. Considering all the facts, it is concluded; the labor shortage and the competition among foreign universities are influencing the US education market adversely. The demand of trained labors, the global demand of US education, the greater use of technologies in education sectors are the glimpse of hope in the US education market.
A study held by IBIS World has reported the market size and the revenue measured by the educational service industry is $1.6tr in 2020. The estimated revenue of the educational industry in 2019 was USD 71.8 billion, 18.3% of it generated from the sub industries such as business schools and computer management. Since the pandemic has changed our social, the educational institutions have to use advanced technologies to overcome the hurdles; thus, the demand of online education proliferated tremendously. The smart learning turns in to the flexible and convenient learning technique. Growing popularity of digital books will drive the US education marketing this year.
Using technology has given a new definition to the education. By the end of 2017, over 6.5 million students have applied for online courses. This trend will enhance the US education market, undoubtedly. The acceptance of online education and use of technologies would heighten up the demands of skilled professionals. Thus, the educational institutions will force to collaborate with the software technologies to get a cost-effective at the same time quality education.
The US has the larger number of edtech companies in the world. A report by edscoop stated; 2U the US online edtech company led the way as the most funded Edtech Company with over $400 million. In addition, 13 of the top 20 most funded edtech companies are headquartered in the US. These results show the demand of education industry and growth of education marketing in the US.
It has noticed that several colleges and institutions in the US have shifted their teaching method from traditional to digital, thus they are focusing on the Edutech companies to get quality products and teaching aids to enhance their online education. We can expect a great transition in the education industry shortly. Many educational institutions have to invest quickly in the technologies to keep the standard. While cross-checking other aspects of the educational services such as art schools, sports might face a decline in the market. The increase in the rate of post-secondary enrollment of the students would make growth in the market. Use of virtual reality is another notable change happened in the educational industry so far. The using various VR devices and VR head phones are growing each day, hence, it will results a gradual growth in the education market. The education industry is one of the largest business platforms in US. However, the unexpected outbreak of novel corona virus has created a fluctuation in the education market. It is appropriate time for educational marketers to change the pace to handle the fluctuations in the market.
The traditional teaching methods aren’t effective now. The educational institutions should switch to technologies to maintain the quality of the education. B2b software and hardware companies should maintain a quality contact list to get touch with the prospects. Creating or purchasing an accurate business email list will help the marketers to get in touch with the prospects to change the market.
The competition and fluctuation in the education market is increasing each day. Experts stated a tremendous growth in the education marketing shortly. The demand over online education, use of digital books and virtual reality has changed the definition of education these days. It is a favorable time for the marketers to find various strategies and marketing plans to compete.