Global Higher Education Trend & Student Mobility
According to reports, the market for higher education has expanded significantly in recent years. At a cumulative annual growth rate (CAGR) of 7.5%, it will increase from $640.23 billion in 2023 to $688.13 billion in 2024. The historical period's growth can be ascribed to various sources, including the rise in higher education enrollments, enhanced knowledge accessibility, prioritization of innovation and research, encouragement of social mobility, and contributions to community development
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The market for higher education is expected to reach $1.0 trillion by 2028, growing at a 9.9% compound annual growth rate (CAGR). Several variables, such as the rise in international student mobility, increased economic mobility, globalization, the importance placed on critical thinking abilities, and the ongoing expansion in foreign student enrollments, can contribute to the predicted growth in the forecast period. Technological developments, a spike in student enrollment, quick growth in online and hybrid learning models, globalization of education, and a stronger focus on lifelong learning are some of the major trends that should be observed during this time.
Major Growth Drivers
There would be 2 major growth drivers in this growth
STUDENT MOBILITY
It is expected that the higher education market will rise as a result of the increase in international student mobility. People who go across borders for educational purposes are known as international students, and they add to the diversity and international reach of universities. With over 1,057,188 students from 210 countries enrolled in American higher education institutions during the 2022–2023 academic year—a 12% increase from the previous year—data from the Institute of International Education Inc. as of November 2023 indicates a significant increase in international student enrollment in American higher education institutions. This pattern emphasizes how crucially international student mobility has shaped the landscape of higher education.
In 10 years, the student population has grown by almost 40%, from 164 million to 225 million, with most of the growth taking place in Asia (+64%) Similarly, but in smaller volumes, Africa and Latin America have seen respectively an increase at 39% and 50%. North America (+4%) and Europe (-14%) see their share decrease sharply.
Various reports have listed the top 10 destinations to study and work which could be biased due to the report of origin. Here is my Top 10 based on accessibility, affordability, acceptability, opportunities, ease of Visas, and security:
There are 2 more countries, which are also worth considering namely: Japan and South Korea.
领英推荐
Known as the epitome for uncompromising education standards, South Korea powers its economic progress by ensuring a skilled workforce to boost its growth momentum. It has won its place as one of the top OECD (Organization for Economic Cooperation and Development) countries, by merely having an average student score of 519, compared to the OECD average of 493.
(Will publish an Article on "Why is South Korea trending as a Hot Study Destination"
INTERNATIONALIZATION
Internationalization in education has boomed in the last 30 years. It is a reaction to different countries becoming more and more increasingly connected with each other, thanks to technology and transportation innovation. Its benefits include molding students who are now more open-minded in accessing knowledge and different cultural learning experiences.
The United Nations Educational, Scientific, and Cultural Organization has stated that “education transforms lives.” With internationalization, education not only develops students’ critical thinking and logical reasoning but they are also well-prepared and well-equipped to engage with other people and businesses from other countries, wherever they may be, and this opens them to more opportunities.
Internationalization also allows a foreign student in a new country to settle in much faster, making the education process more seamless and turning learning into a much more enjoyable experience.
There are many positive aspects to internationalization namely: improved academic quality, and internationally oriented students & staff and brain gain.
Internationalization opens doors to a worldwide environment that can change the lives of higher education institutions, staff, students, and communities. Internationalization as a practice promotes a welcoming and immersive learning environment. It extends beyond appreciating the cultural background of an overseas student. It recognizes, values, and incorporates a variety of cultural backgrounds into the learning process.
This trend will continue and the student's origin country needs to improve the standard of education and imbibe international degrees, dual degrees, and immersive programs to retain brain gain and retain the youth.
More articles on New destinations coming soon......