A new report shows just how large and fast growing he educational tourism market is. It projected the global educational tourism market to exhibit a year-on-year (YoY) growth of 16.5% in 2021, surpassing a valuation of around US$ 399.8 Bn by 2021 end.
With rapid growth of educational tourism across the globe, the market is set to register an impressive compound annual growth rate (CAGR) of 17.2% between 2021 and 2031, reaching a valuation of around US$ 1,947.0 Bn by 2031 end.
Growing awareness among people, rising disposable income, supportive governmental policies, and development of efficient teaching aids, and improving accessibility to various educational courses with scholarships are some of the factors driving the educational tourism market?
Various countries across the world are promoting educational tourism as a part of their strategy to boost the local economy. These host countries benefit from international student expenditures on accommodation, food and beverages, tuition fees, taxes and other leisure activities.
Latest technologies such as artificial intelligence (AI) and virtual reality (AR) are being implemented in teaching and learning processes, which will eventually attract students from around the world.
Educational tourism will not only benefit the host country but will foster personal and professional growth for students allowing them to take advantage of cultural exchange. Key players in the market are introducing attractive packages to woo students. Digital marketing plays a vital role in promoting the services and packages offered by various educational institutions and other companies.
According to FMI the report’s authors, the post graduate segment with over 71% market share will remain the most preferred education type among students. Regionally, North America leads the educational tourism market. The region is expected to account for over 31% of the global market share during the forecast period.
“Growing interest among students to opt for higher education in foreign countries and implementation of favorable policies inviting students from around the world will drive the market swiftly during the forecast period,” says the FMI analyst.
Key Takeaways from Educational Tourism Market Survey
- The U.S. dominates the educational tourism market in North America. This can be attributed to the presence of leading educational institutions and the excellent educational facilities available in the country.
- Owing to the availability of flexible education system, the U.K is emerging as an attractive destination for students.
- Growing interest of foreigners to study Indian culture and the availability of various post-graduation courses with special scholarship programs for foreigners are some of the factors driving the market in India.
- In terms of course type, master’s degree (M.A) remains the most preferred, accounting for around 71% of the global market share.
- Based on age group, 19-25 segment leads the educational tourism market. As per FMI, the segment generates around 73% revenue for global educational tourism market.
- Government initiatives undertaken to boost country as a destination for educational tourism will positively impact the market growth.
- Introduction of advanced teaching aids and various scholarship programs to attract international students will drive the market swiftly in the future.