The alternative credentials market for higher education is expected to grow by USD 1.18 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Alternative Credentials Market for Higher Education 2020-2024 (Graphic: Business Wire)
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Every year, a significant number of individuals clear graduate and post-graduate degrees. However, the growing competition and increased demand for specific skills have limited the employment opportunities for such individuals. Alternative credentials help students acquire specific skills and stand out from the crowd and maintain continuous career readiness. These credentials also help recruiters verify achievements and check the suitability of candidates. This is beneficial to both candidates and organizations in addressing recruitment-related issues. These factors are fueling the growth of the global alternative credentials market.
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As per Technavio, the availability of open educational resources will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Alternative Credentials Market for Higher Education: Availability of Open Educational Resources
Many massive open online courses (MOOCs) providers in the market are offering alternative credentials such as verified certificates, digital badges, course sequences, eTranscripts, and digital portfolios to students. This trend is increasingly becoming popular among students, as employers are increasingly tracking both formal and informal education. Several schools and universities are also introducing open educational resources by partnering with online platforms such as Coursera Inc. and Pearson Plc. For instance, the University of Illinois, along with Coursera Inc., offers iMBA and an unbundled master’s degree in computer science. The increasing availability of such open educational resources is allowing learners to avail of advanced levels of alternative credential course certification by paying a nominal fee. These factors are expected to have a positive impact on the growth of the global alternative credentials market.
“The inefficiency of traditional degree programs and the high cost of several degree programs will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Alternative Credentials Market for Higher Education: Segmentation Analysis
This market research report segments the alternative credentials market for higher education by product (non-credit training courses, non-credit certificate programs, digital badges, competency-based education, and bootcamps) and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the alternative credentials market for higher education in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region will provide significant growth opportunities for market players.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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