A study on the executive education program market by FMI provides insights into the drivers and opportunities augmenting the growth trajectory of the market through 2031.
As per a recent detailed study by Future Market Insights (FMI), the global executive education program market is expected to surpass $37.8 billion by the end of this year.
Surging demand for professional courses and in-personal programs to up-skill professionals is driving the growth. The study analysis projects the market to total $109.6 billion by 2031, expanding at an impressive CAGR of 11.2% over the forecast period 2021-2031.
Rapid expansion of the corporate sector globally has resulted in competition among employees. This has bolstered the demand for executive education programs for acquiring new skillsets to tackle the dynamic challenges and keep up with dynamic changes in their respective fields.
The corporate sector and schools are increasingly focusing on offering flexible and online executive learning programs to capitalize on the rapidly changing working environment. For instance, The Wharton School offers over 45 live online courses, programs, and asynchronous certifications for immediate business impact. A multiplicity of such developments are anticipated to propel the demand for executive education programs at 4% between 2020 and 2021.
According to FMI, online learning is projected to emerge as the most preferred mode of learning, exhibiting sales growth at a CAGR of 13.7% through 2031. Increasing adoption of online courses by employees and managers due to convenience is an attribute favoring the segment growth.
Key Takeaways from Executive Education Program Market Study
• The U.S., home to some of the world’s leading business schools, is estimated to account for more than 76.4% of the market share in North America through 2031.
• The U.K. is projected to emerge as one of the leading markets in Europe, accounting for over 26.2% of the total sales in the region by 2031 end.
• Australia is anticipated to dominate the Oceania market, accounting for more than 52% of the overall regional revenue share in 2021.
• One-week to one-month duration courses is expected to remain highly sought-after, holding nearly 46.3% of the global demand through 2021.
• On the basis of course type, finance & accounting courses are forecast to hold a notable revenue share, accounting for over 32.8% of sales in 2021.
• Increasing adoption of cutting-edge technology and rising penetration of e-commerce across numerous domains are compelling employees in the corporate and banking sector to upgrade their skills, which is in turn, driving the market.
• Rising adoption of smartphones, growing internet penetration, integration of novel technologies in teaching patterns, and accessibility to global content are collectively facilitating the growth of the online learning segment.
• Lack of self-motivation and unavailability of time amongst managers and senior-level executives are hampering the market growth.
• High cost of individual and private courses is hindering the sales of executive education programs across individual and private learner segments.
Key players are aiming at adopting strategies such as new product launch, strategic collaborations, agreements, and partnerships with other companies to expand their product portfolio for addressing the demand of an expanding pool of consumers. For instance,
• In 2019, Stephen M. Ross School of Management, an educational institute based in the U.S., offers Executive MBA Program in two locations: Los Angeles and Ann Arbor. The institute received 5th ranked for its executive education by Financial Times in 2019.
• In 2020, Harvard Business School announced introducing online programming, including both modules – short duration programs, such as Leading Difference for High Performance, and longer topic-focused programs, such as the General Management Program.
FMI, in its new report, offers an unbiased analysis of the global executive education program market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections in the executive education program market with detailed segmentation.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Learn more at futuremarketinsights.com.