Education expenditure to reach $10 trillion by 2030

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A recent report by HolonIQ, a global education market intelligence platform, predicts that education spending will reach $10 trillion by 2030. However, the report cautions that educators should be prepared for potential disruptions and changes in the industry. The projected increase in spending is driven by population growth in developing regions, particularly Asia and Africa. These findings were presented at the QS Reimagine Education Conference in Abu Dhabi.

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The report highlights that there are currently over 500 million children aged 10-14 worldwide, with Nigeria alone accounting for 25 million in this age group. Africa is expected to experience growth in this demographic over the next decade, while countries like China, India, Indonesia, Brazil, Sri Lanka, Mexico, and Russia may see a decline. HolonIQ also predicts that India will surpass China as the leading source of international students, potentially reshaping postgraduate programs. The report emphasizes that factors such as pandemics and geopolitical issues are altering patterns of student mobility.

Examining historical data, HolonIQ observes a significant rise in international education since 1970, with over 6 million students currently studying abroad compared to less than 1 million in 1970. By 2030, the report predicts a total of 8.95 million international enrollments in higher education.

While the United States remains the top destination for students, the United Kingdom, Australia, Canada, and China are also popular choices. Factors like job prospects after graduation, affordability, and the economic conditions of a country influence student mobility. The report concludes by emphasizing the potential disruptions that may impact the stability of the international education sector.

News Source: Pie International

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