Research and Markets -- North America Technical & Vocational Education Market Growth of 4.13% CAGR by 2020 - Analysis, Technologies & Forecasts Report 2016-2020 - Key Vendors: Acumen Global Training, City and Guilds, VMEdu
The report forecasts the technical and vocational education (TVE) market in North America to grow at a CAGR of 4.13% during the period 2016-2020.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
Commenting on the report, an analyst from the research team said: A trend that will definitely boost market growth is the growing demand for middle-skill jobs among millennials. According to the National Skills Coalition of the US, 52% of job openings from 2012 to 2020 are predicted to be in middle-skill areas, which require TVE instead of conventional education, such as high school diplomas or bachelor's degree. Middle-skill jobs include technicians, police, electricians, firefighters, plumbers, welders, dental hygienists, respiratory therapists, and radiologic technicians.
According to the report, a key growth driver is the inherent skill gap issues. In the US, there are several unfilled job positions, which require middle skills. For, instance lab technicians, advanced manufacturing specialists, and computer programers. School and college curricula are not aligned with employer expectations; employers have observed a lack of necessary skills in employment-ready graduates. With growing concerns about skill gap, more private TVE institutions are venturing into the market to train students for professions that require middle skills.
Further, the report states that one challenge that could restrict market growth is the threat from corporate training institutes.