CHICAGO, April 4, 2019 /PRNewswire/ -- According to recent market research reports "Student Information System Market by Component (Solution and Services (Professional Services and Managed Services), User Type (K-12 and Higher Education), Deployment Type (Cloud and On-Premises), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Student Information System Market is expected to grow from USD 5.0 billion in 2018 to USD 9.0 billion by 2023, at a CAGR of 12.4% during the forecast period.
The growing demand for robust and end-to-end solution to manage the educational institutions' internal process and improve their efficiency are some major factors driving the growth of the Student Information System Market.
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Higher education segment is expected to hold a larger market size in the global Student Information System Market during the forecast period
Education sector is undergoing a digital transformation. Large universities across the globe are implementing digital solutions, such as ERP and LMS to improve the education quality and make institutions' internal process more efficient. Such solutions not only help the educational institutions but also helps the students to access various educational courses and keep track of their progress. Moreover, with the advent of mobile technology, customers preferences and behavior are changing. The student information system can help educational institutions to pursue new distribution channels, while also finding new ways to improve the student experience and fasten the administrative process.
The services segment is expected to grow at the fastest CAGR during the forecast period
Student information system vendors offer a wide range of services, such as managed services, implementation and integration services, training and consulting services, and support and maintenance services.
These services help the educational institutions to bridge the gap between legacy systems and modern applications, deliver connected experiences to students and parents while also maintaining control and reliability. This has created opportunities for vendors to provide services to educational institutions across different geographic regions and help them deal with complexities occurred while the student information system to their internal processes.
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North America is estimated to have the largest market size during the forecast period
North America is estimated to account for the highest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. North America exhibits a wide presence of key industry players offering student information system and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.
The major vendors in Student Information System Market include, SAP (Germany), Oracle (US), Ellucian (US), Workday (US), Jenzabar (US), Unit4 (Netherlands), Skyward (US), Arth Infosoft (India), Tribal Group (UK), Campus Management (US), PowerSchool (US), Foradian Technologies (India), Illuminate Education (US), ComSpec International (US), and Focus School Software (US).
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