Higher education financial and HRM: Key market research findings
- North America is the largest revenue generator for the market at present
- Increasing implementation of big data analytics in the education market
- Key vendors—Ellucian, Oracle, SAP, and Workday
Technavio’s market research analysts estimate the global higher education financial and HRM market to grow at a CAGR of 16% between 2016 and 2020. The increasing investments in information and communication technology (ICT) in higher educational institutions is the driving force behind the growth of the global higher education financial and human resources management (HRM) market. Digital classrooms are incorporating advanced technological learning aids such as interactive whiteboards and 3-D printing to increase student interactivity and knowledge retention. The educational institutions are increasing their budget to include more collaboration, assessment, and ERP systems in their delivery methods in order to provide a more enriched learning experience. In 2015, North America accounted for more than 46% of the overall market share to dominate the market. The increase in education technology investments in the higher education segment is the primary driver for the market in this region.
The new market research report from Technavio presents a breakdown and analysis of the higher educational financial and HRM segments by product.
“The rise in the adoption of big data analytics is an upcoming trend in the market. The higher education market is following the footsteps of corporates by employing data science to improve operations and channelize funds in a more efficiently. The implementation of data science in the education market helps determine ways to improve the quality of education and enhance the performance of colleges and universities,” says Jhansi Mary, Lead Analyst, Education, Technavio Research.
Currently, higher education financial management software segment dominates the global higher education financial and HRM market with almost a 60% stake of the overall market share. The increasing number of higher education institutions that are employing the technology to obtain information regarding allocation, management, and forecasting of funds and resources is expected to drive this segment of the market during the forecast period. To meet the ever increasing demand, vendors have started offering dynamic financial management systems for educational institutions to control processes.
The key vendors in the global higher education financial and HRM market include Ellucian, Oracle, SAP, and Workday. The market is expected to grow immensely by the end of the forecast period as a large number of higher education institutions are adopting on-premises as well as cloud-based software solutions to effectively manage their personnel and finances. The market includes a large number of new players as well as specialized providers that focus on specific applications and offerings in their packages. Several vendors are also offering easily customized services at affordable prices to address the unique needs of their target customers.
A more detailed analysis is available in the Technavio report, Global Higher Education Financial and HRM market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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