Financial and HRM software market should grow until 2020, says Technavio
According to the latest market research report by Technavio, the global higher education financial and HRM software market is expected to reach USD 3.69 billion by 2020.
In this report, Technavio covers the present scenario and growth prospects of the global higher education financial and human resources management market in higher education market for 2016-2020. To calculate the market size, Technavio researchers have considered the revenue generated from licenses, maintenance, implementation, and subscriptions of financial and HRM software to the higher education segment.
“Technological innovations and globalization are radically changing the landscape of the higher education market. With economic empowerment and mobility, emerging economies such as China, India, and Brazil will observe tremendous increase in the number of students pursuing higher education in domestic and international institutions,” said Jhansi Mary, one of Technavio’s lead industry analysts for education technology research.
“It is expected that around 414 million students will demand higher education in 2030. In order to attain a competitive advantage, higher education institutions will focus on improving their quality standards by offering relevant courses and incorporating emerging online and classroom-based learning modes, software, and hardware. Increased emphasis on recruiting qualified staff for teaching and administrative activities will also gain significant traction during the forecast period,” added Jhansi.
Global higher education financial and HRM software market by geography 2015 (%)
North America 46.40%
Source: Technavio research
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Higher education financial and HRM software market in North America
The higher education financial and HRM software market in North America was valued at USD 830 million in 2015. The international mobility of students is a significant factor contributing to the growth of the higher education market in the US. It is estimated that Indian students contributed over USD 3.3 billion to the US economy in 2014.
The US Department of Education administers USD 2 billion annually in grants for improving higher education institutions and promoting college readiness. Increase in student enrollments in higher education calls for optimization in the use of funds to efficiently manage finance as well as human capital in institutions. Thus, institutions are allocating a significant proportion of their budgets to purchase financial and HRM software solutions, which can help in the optimum use of resources.
Higher education financial and HRM software market in Europe
The higher education financial and HRM software market in Europe was valued at USD 457.5 million in 2015. The higher education market in Western European countries such as the UK, Germany, France, and Spain have been observing the strongest growth related to the adoption of financial and HRM software solutions. Thanks to technological improvements in Western Europe, a significant number of colleges and universities in the region possess the ICT infrastructure necessary to successfully implement these solutions. The Eastern European region will likely follow this trend and witness significant investments in its IT infrastructure and a shift from traditional to technologically advanced paradigms of education during the forecast period.
Higher education financial and HRM software market in APAC
The higher education financial and HRM software market in APAC was valued at USD 357.9 million in 2015. APAC accounted for a market share of 20.01% in 2015 and will likely experience the fastest growth during the forecast period. The higher education financial and HRM software market in APAC is anticipated to grow due to an upswing in IT spending in the higher education segment. Unlike developed regions, incorporation of educational technology in APAC is in its nascent stage. However, it is expected to increase on account of growing focus on innovative learning methodologies such as personalized learning and collaborative education in higher education.