With turnover of USD1.3 trillion, Asia Pacific is the largest and fastest-expanding education market in the world. While India and Indonesia are set to witness record CAGRs, China is to remain the regional leader in terms of absolute revenue growth. The main future growth drivers are surging population, expanding middle-class, rapidly growing private education and government initiatives to support educational demand. However, the industry in Japan is expected to shrink due to demographic crisis.
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Asia Pacific is the largest and fastest-growing education provider globally.Industry performance is set to be bolstered by a soaring Asia Pacific population, booming middle-class, growing private sector participation in education, as well as increasing government focus and expanding Edtech segment. As a result, turnover is projected to reach a CAGR of 4% over2017-2030, and the region is projected to account for 45% of global turnover by 2030.
India and Indonesia are expected to see CAGR growth of 9% and 7% respectively over 2017-2030. Nevertheless, China is forecast to remain the largest education industry in the world and record a CAGR of 5% over2017-2030, due to the abolition of 1-child policy and 13th Five-Year Plan for Education initiatives.
The South Korean education industry is expected to witness a CAGR of2% over the forecast period, driven mainly by increasing demand andgovernment promotion of adult and other education, due to the country’s rapidly ageing population. However, the industry in Japan is projected to shrink due to demographic challenges and weak economic outlook.
Industry remains highly fragmented as small educational institutions dominate in Asia Pacific. New industry players such as Edtech companies are expected to emerge due to industry liberalisation and spur M&A activity. Moreover, Japan and India are expected to face nationwide industry consolidation.