Australia Education Market Expected to Reach over USD 115 Billion in Revenues by 2020: Ken Research
- Innovative e-learning platforms and rising competition among the students will provide an impetus to the Australia Education Market
INVC NEWS New Delhi, Australia education market has played a key role in overall economic development of the country in the form of revenues earned and also contributed in terms of research and development. Industry has grown at an unprecedented rate during the period 2010-2015. Tertiary education sector accounted for about one-third of the total revenue of education sector in Australia in 2015.
K-12 School enrollments in various states and territories were in line with population in various states and territories. More than 75% of students were enrolled in three states i.e. New South Wales, Victoria and Queensland. This trend was maintained over the years 2010-2015. Australia is known for providing education to overseas students coming from different countries like India, China and others. High quality of education and learning in institutes and usage of English as a medium of instruction makes it a popular destination among the international students.
Higher education was the largest segment within the education industry in terms of the revenues, majorly due to the large inward movements of the foreign students who were enrolled in several Australian institutes. This has been owed to the easy immigration policy in the country. In terms of gender, the higher enrollments were for the male category in K-12 while the enrollments have been observed to be weighed towards females in case of higher education.
The second component of the Australia tertiary education is the vocational education and training. VET sector acts as a stepping stone towards the corporate world as it builds upon a crucial relationship between industry and education sector. Most of the VET courses in Australia include on-site learning experience which helps the students in being industry ready. Over 4.5 million students were enrolled in VET sector in the year 2015.
The Australian government has taken numerous initiatives to expand its tertiary education sector. The government planned to refurnish the infrastructure of the universities through Education Investment Fund in 2008. Ten projects worth USD 220 million were approved by the government for restructuring of various universities. A total of 61 projects were approved under the three rounds held during the period 2008-2012. Government has focused in STEM related areas by considerably increasing funding at high school level. The government allocated USD 9 million to boost enrollments in science related subjects in an effort to satisfy the rising labor demands in these areas.
It has also been observed that the Australian parents are willing to spend exorbitant amounts for tutoring. The average fee of the tuition centers was in the range of USD 40 to 60 for a week, whereas fee in the private tutoring can go up to USD 120 for one hour, which is quite expensive as compared to other countries. Not only the tutoring expenditure has increased, parents have started opting tuitions for their children at a very young age.
“The association between industry and the higher education sector has been constantly shifting and deepening. For universities to grow, they need to maintain deeper liaison with the industry, since the significance of industry based learning and on the job training will act as a competitive edge for the universities.”, according to the Research Analyst, Ken Research.
The report titled “Australia Education Market Forecast to 2020- Expanding Higher Education Segment and International Enrollments to Drive the Market” provides detailed overview on the Education Industry in Australia and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for Universities, Schools, other education institutes, government and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.