Technical and vocational education in the UK: Key market research findings
- Implementation of financial services fuels market growth
- Emergence of targeted events for the promotion of vocational skills
- Key vendors – CfPA, City & Guilds, learndirect, and Pearson
Technavio’s market research analysts predict the technical and vocational education market in the UK to grow at a CAGR of more than 8% between 2016 and 2020. The growth of the market is spurred by the implementation of financial incentives. The government supports apprenticeships by paying a portion of the training costs for employers. For instance, the Department for Business, Innovation & Skills (BIS) pays for around 50% of the training costs incurred by employers who have apprentices aged 19-23. In 2015, the UK government also allocated around $236 million for funding the Apprenticeship Grant for Employers to support employers to hire young apprentices, especially for small and medium-sized enterprises.
The new market research report from Technavio presents a breakdown and analysis of the technical and vocational education segments based on the end-user.
“At present, the market is witnessing the emergence of events that promote vocational skills. WorldSkills International organizes an event and promotes the benefits of and need for skilled professionals through skill competitions, community projects, and knowledge exchange. The competition, organized every two years, aims to showcase the importance of skills education and training by challenging young professionals around the world to excel in the profession of their choice,” says Jhansi Mary, Lead Analyst, Education, Technavio Research.
By 2020, the corporate segment will account for more than 60% of the overall market revenue to become the primary revenue generating end-user segment of the global market. The growth of this segment can be attributed to the increase in self-paced vocational training, technical training, and apprenticeships by individual customers. Customers who are working toward career advancements opt for courses that provide them with the liberty to schedule trainings as per their convenience. Furthermore, customer advisory and guidance services of private training providers are projecting improvements as many vendors are investing in services to attain a competitive advantage.
The key vendors in the technical and vocational education market in the UK include CfPA, City & Guilds, learndirect, and Pearson. Companies are developing content that is specific to their customer’s needs internally using the latest content authoring tools and software solutions such as learning management systems and learning content management systems. Due to increasing investments in technologies to improve the delivery of training through blended learning, virtual learning platforms, and incorporation of technologies like simulations, the technical and vocational education market will see significant improvement.
A more detailed analysis is available in the Technavio report, Technical and Vocational Education Market in the UK 2016-2020.
We can customize reports by other regions and specific segments upon request.
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