The competency-based education market for higher education in the US was valued at more than $1 billion in 2015 and is expected to surpass $3 billion by 2020, says Technavio.
Technavio has announced the launch of its latest market research report on competency-based education to its education technology portfolio. This market analysis discusses the key drivers and emerging trends that will influence the growth of the competency-based education market for higher education in the US during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include BNED LoudCloud, D2L, Ellucian, and Flat World Education.
“The use of learning analytics software tools in the education sector help in collecting, managing, and analyzing structured and unstructured data to improve multiple processes and activities. These tools help educational institutions to achieve strategic goals and enable better decision making. This tool is used for content analytics, adaptive learning analytics, functional support analytics, social media analytics, and predictive analytics. It provides an independent learning environment for the students and ensures accurate metrics to track the progress and performance of pupils,” says Jhansi Mary, a lead analyst at Technavio for research on education technology.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing focus to reduce skill gaps
Educational institutions are implementing courses that are in alignment with each employer’s requirements to reduce the skill gap among employees. Such initiatives taken by these organizations boost the growth of competency-based education market for higher education in the US. The introduction of the competency-based education paradigm enables school and colleges to implement industry-specific content in their courses. These courses provide a high degree of practical knowledge and training to the students. The usage of these software tools allow higher education institutions to impart students with the industry-specific knowledge, problem-solving skills, collaboration, and teamwork, so they are adept at facing real-world scenarios at the workplace. Recently, Capella University started offering competency-based education services to the healthcare industry.
Increased use of adaptive learning
The adoption of adaptive learning helps institutions to create student experiences that are modified as per the performance and engagement of students with the course. This method aids in the development of a pathway that assists students in mastering their learning objectives. The vendors in the market are using advanced adaptive learning techniques to build platforms that are based on learning science and algorithms for the development of new course solutions. Some of the tools offered by the players provide personalized learning paths that allow students to master the learning objectives so that they have a good command of concepts and critical areas. The tools are integrated with feedback systems for students that help them understand their level of knowledge and areas of improvement.
Ubiquity of online learning platforms
The advent of online learning is encouraging educational organizations to increase their information and communications technology (ICT) budgets to explore new ways to integrate tools and technology in the teaching and learning system. Various institutions are adopting educational hardware such as tablets and interactive whiteboards, resulting in the evolution of new learning formats like inclusive and problem-based learning. These online programs aid learners through targeted learning outcomes, support, and portable skill sets that are in demand by industry employers.
Other prominent vendors identified in this report are Articulate, Blackboard, Edmodo, Fidelis Education, Fishtree, itslearning, Knewton, Motivis Learning, Saba, and Schoology.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Competency-based Education Market For Higher Education in the US 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Digital Badges Market in the Education Sector 2016-2020
- Cloud Computing Market in K-12 in the US 2016-2020
- Smart Education Market in the US 2016-2020
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