Professional Development Market size in US to record USD 4.18 billion growth from 2023-2027, Technavio

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NEW YORK, May 7, 2024 /PRNewswire/ — The professional development market size in US is estimated to grow by USD 4.18 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 5.84% during the forecast period.

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Report Attribute

Details

Base Year

2022

Forecast period

2023-2027

Historic Data for

2017 – 2021

Segments Covered

End-user (K-12, Higher education, and Pre K-12) and Type (Online and Offline)

Key Companies Covered

Adobe Inc., Cast Inc., Cisco Systems Inc., D2L Corp., Deloitte Touche Tohmatsu Ltd., Discovery Education Inc., Hone Group Inc., Houghton Mifflin Harcourt Co., John Wiley and Sons Inc., Kagan Publishing and Professional Development, Learners Edge LLC, Learning Technologies Group Plc, Learning Tree International Inc., McGraw Hill LLC, Microsoft Corp., Pearson Plc, Project Management Institute Inc., Scholastic Corp., Skillsoft Corp., and University of Cambridge

Regions Covered

US

One of the Key Driver Fueling Growth

  • Increasing innovations in technology: 
    • Adaptive learning tools, like TeachLivE’s virtual classroom, are revolutionizing professional development for educators. These tools enable teachers to dynamically adjust their teaching based on student responses, fostering a more interactive learning environment. Additionally, various social media platforms and tools complement these advancements, enhancing collaboration and resource sharing among educators.
    • For example, Adobe Education Exchange provides a platform for teachers to connect, share resources, and access free online courses in content creation. Similarly, edWeb serves as a social network where educators and industry professionals can join groups, participate in webinars, and share resources on various educational topics at no cost.
    • These technological innovations are driving market growth by facilitating continuous learning and professional development for educators. As the demand for effective teaching methods continues to rise, the integration of these tools into educational practices is expected to expand, shaping the future landscape of professional development in the education sector.

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Major Challenges:

  • Increasing popularity of open educational resources 
    • The rise of free or low-cost open-source textbooks may dampen the demand for professional development courses, affecting US market revenue forecasts negatively. The proliferation of online resources, facilitated by the Internet’s widespread reach, reduces reliance on paid education consulting services. Open educational depositories are increasingly prevalent, with content accessible through various models:
    • Full open access, Delayed open access, and Open access via self-archiving. Moreover, Massive Open Online Courses (MOOCs) offer free IT, executive education, and employee development courses. Platforms like mooc.org, affiliated with edX Inc., provide courses in diverse fields, including AI, Big Data, Cybersecurity, and Web Development.
    • Despite their cost-effectiveness and accessibility, many MOOCs lack certification, posing a challenge to professional development vendors in the US market.

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Segmentation Overview

  1. End-user 
  • 1.1 K-12
  • 1.2 Higher education
  • 1.3 Pre K-12
  • Type 
  • Geography 
  • 1.1 K-12- The K-12 education sector is poised for substantial growth in the coming years. Traditionally, the focus has been on memorization and individual learning, with progress gauged primarily through grade attainment. However, there’s a noticeable shift towards enhancing subject knowledge and adopting innovative teaching methods, particularly in STEM subjects. In 2017, the K-12 segment boasted a significant value of USD 5.58 billion.

    • STEM educators are increasingly engaging in professional development to stay abreast of emerging trends, technologies, and teaching techniques, including inquiry-based and experiential learning. These efforts are supplemented by the integration of digital learning tools in classrooms. Additionally, interdisciplinary approaches are being introduced to enrich STEM education. Overall, there’s a growing recognition of the need for dynamic and varied teaching methodologies to prepare students effectively for future challenges and opportunities.

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    Analyst Review

    The professional development market in the United States is witnessing significant growth, driven by the increasing demand for skills enhancement and career advancement. Adoption of various training programs, workshops, and seminars across different regions of North America reflects the growing importance of upskilling among professionals. With the proliferation of mobile learning platforms, individuals can access training materials conveniently, catering to diverse end-users’ needs.

    Market segmentation is crucial in understanding the customer landscape and effectively targeting specific industries and regions. Competition in the professional training market is fierce, prompting companies to offer additional services such as certifications, coaching, and networking opportunities to stay ahead.

    Leadership and innovation play pivotal roles in the professional development market, fostering career growth and enhancing skills among American professionals. The education market in the U.S. continues to evolve, with a focus on career development and lifelong learning. The industry training sector is witnessing steady growth, reflecting the importance of acquiring and refining professional skills in today’s competitive landscape.

    Market Overview

    In the US professional development market, the internet has revolutionized how information and products are accessed and utilized. The impact is profound, with professionals now able to easily access a vast array of resources to enhance their skills and knowledge. From online courses to virtual workshops, the internet provides a platform for continuous learning and growth.

    This accessibility has democratized professional development, allowing individuals from all backgrounds to access high-quality educational content. As a result, professionals can stay competitive in their fields and adapt to evolving industry trends. The internet’s influence on the professional development market continues to expand, shaping the way individuals approach their careers and seek opportunities for advancement.

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    Key Topics Covered:

     1 Executive Summary
     2 Market Landscape
     3 Market Sizing
     4 Historic Market Size
     5 Five Forces Analysis
     6 Market Segmentation

    • End-user 
      • K-12
      • Higher Education
      • Pre K-12
    • Type 
    • Geography 

     7 Customer Landscape
     8 Geographic Landscape
     9 Drivers, Challenges, and Trends
    10 Vendor Landscape
    11 Vendor Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts
    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/

    SOURCE Technavio

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