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The test preparation market size is estimated to increase by USD 48.96 billion, at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth due to several key factors. First, the increasing utilization of analytical tools and automation software in exam preparation is driving demand. These tools provide valuable insights and help students identify their strengths and weaknesses, enabling them to focus their study efforts more effectively. Additionally, content management systems are enhancing the organization and delivery of educational materials, further supporting effective study practices. Second, the shift towards online mode is also fueling market growth. With the convenience and flexibility offered by online platforms, students can access high-quality resources from anywhere in the world. This is particularly beneficial for those who have busy schedules or live in remote areas. Lastly, the globally rising demand is a major market driver. With the increasing competition for jobs and educational opportunities, students are recognizing the importance of performing well on standardized tests. As a result, they are willing to invest in tools and resources to help them achieve their goals. In summary, the market is experiencing robust growth due to the increasing use of analytical tools, automation software, content management systems, the shift towards online mode, and the globally rising demand. These trends are expected to continue, making the industry an attractive investment opportunity.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
APAC is estimated to contribute 44% to the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Another region offering significant growth opportunities to market players is North America. One of the main factors which are significantly contributing to the market in North America is the increasing number of students enrolling in higher studies in the region. In the US, the main criterion for getting admission into prestigious universities and courses is to have a good test score. As a result, it has led to a highly competitive environment among students, which in turn led to an increase in the services and courses in the market. Additionally, many startups are offering innovative and experiential learning courses to students. Factors such as rising enrollments in the courses and the increasing number of startups that cater to the regional market are significantly contributing to the market in the region. Furthermore, the growing competition among students has fuelled the demand for the courses which in turn is driving the market in the region during the forecast period.
The blended learning segment is estimated to witness significant growth during the forecast period. Some of the key factors that are significantly contributing to this segment are the increase in the number of technological advancements, including artificial intelligence (AI) and various other visual technologies, such as virtual reality (VR) and augmented reality (AR), with adaptive learning modules and analytics. Blended learning can be referred to as a mix of online learning and any computer-mediated instruction module.
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The blended learning segment was the largest segment and was valued at USD 63.75 billion in 2018. The main advantages of blended learning courses are that they are cost-effective and minimize training-related costs. Additionally, the increasing adoption of blended courses is fuelled by a rise in the number of online virtual classes, as well as online private tutoring courses. Some of the prominent companies that are offering blended courses in the global market include Club Z! and Edgenuity. Club Z! provides different kinds of online tutoring services for a variety of university exams, as well as high school and elementary exams. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
The market caters to the educational aspirations of professionals and students seeking to excel in various competitive exams. This market encompasses specialized preparation services for school entrance exams, university entrance exams, professional certification exams, language proficiency tests, and standardized testing for undergraduate and postgraduate programs in fields such as engineering, medicine, architecture, law, commerce, banking, and insurance. International standardized testing is a significant segment of this market, offering test-takers the opportunity to demonstrate their skills and knowledge on a global scale. E-learning platforms and online test preparation platforms have emerged as popular choices for test-takers, providing access to practice tests, study materials, and other resources to help individuals prepare effectively. These platforms offer flexibility and convenience, allowing users to study at their own pace and on their own schedule. Overall, the test preparation market plays a crucial role in helping individuals achieve their academic and professional goals.
One of the key factors driving the market growth is the increasing use of analytical tools. The increasing demand for the implementation of analytical tools by several market players is significantly contributing to the market. One of the main advantages of these tools is that they offer effective and efficient modules as well as different insights that can be utilized by teachers, trainers, as well as students to identify their progress by leveraging reporting tools, thereby optimizing the overall learning and the process.
Additionally, these tools are equipped with performance-tracking tools that assist educators in identifying program trends and any outstanding matriculation and retention issues related to each individual student. For instance, Adobe Systems offer Experience Cloud for higher education institutions, which allows institutions to customize the learner's campus experience through mobile engagement and online communities by leveraging inbuilt content management tools, analytics, and automation software. Hence, such factors are expected to drive the market during the forecast period.
A key factor shaping the market growth is the technological advances in test preparation services. Some of the main factors which have fuelled the growth of the market include the increasingly tech-savvy population and the growing adoption of tablets, mobile phones, and other mobile devices. As a result, it has led to increasing demand for advanced modes of delivery as well as inventive modules that integrate different new technologies such as VR and AR and advanced modules such as AI.
One of the main advantages of the integration of AI into these modules is that it enables companies to gain insights by evaluating the individual performance of the student on standardized tests against those of other students across different competitive tests, including SSAT, ISEE, ACT, and SAT. Furthermore, there is an increasing focus by teachers to integrate the use of visual technologies such as AR and VR and other technologies, such as virtual schools to enhance the learning for students. Hence, such factors are expected to drive market growth during the forecast period.
The availability of open-source test preparation materials and the growth of the unorganized sector is one of the key challenges hindering market growth. The rise in the number of free, open-source courses that are available online can pose a significant threat to market growth. Additionally, the market is so fragmented with the presence of several domestic and international course providers that offer generic and specialized courses.
However, there is an increase in the number of open (free) sources due to the emergence of massive open online courses (MOOCs), coupled with a variety of websites as well as social media. Additionally, there are numerous start-ups in the market that offer a variety of free materials, including mock tests, practice question papers, and various other similar materials. Hence, such developments are expected to hinder market growth during the forecast period.
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is experiencing significant growth, catering to individuals seeking academic, professional, or language proficiency assessments. With the increasing demand for educational and employment opportunities, the market provides resources for various types of assessments, including academic tests, entrance exams, and certification tests. Standardized language proficiency exams are particularly popular, offering individuals the chance to enhance their language skills for global opportunities. In response to the digital age, it has evolved to include virtual environments, live online classes, and video conferencing platforms, providing flexibility and accessibility to learners worldwide. Preparatory services for job-based, medical, law, and other undergraduate entrance exams aim to enhance test scores through tailored, specialized training. Digital study materials such as e-books and mobile learning apps have become prevalent, leveraging smartphone usage and offering mobile-friendly platforms for convenient test preparation anytime, anywhere.
Industry Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 48.96 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, India, Canada, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aakash Educational Services Ltd., ArborBridge Inc., BenchPrep, C2 Educational System Inc., Cengage Learning Holdings II Inc., CL Educate Ltd., Club Z Inc., FIITJEE Ltd., Graham Holdings Co., Huntington Mark LLC, Imagine Learning LLC, John Wiley and Sons Inc., Manhattan Review Inc., McGraw Hill LLC, Pearson Plc, Revolution Prep LLC, Sylvan Learning LLC, Tata Sons Pvt. Ltd., TPR Education LLC, and USATestprep LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Learning Method
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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