Meticulous Research® has recently published a detailed report titled “Vocational Education and Training Market by Supplier Institution (Public, Private), User's Gender (Male, Female), End Users (Students, Office Workers), and Geography – Global Forecast to 2029.” According to the report, the global vocational education and training (VET) market is set to experience significant growth, expanding at a CAGR of 9.8% from 2022 to 2029, and reaching a value of $896.01 billion by the end of the forecast period.

Several factors are contributing to the expansion of the vocational education sector. Among these, the increasing preference for vocational education from an early age, the rising demand for digital literacy and e-learning platforms, and the growing number of students dropping out of traditional academic institutions are notable drivers. However, challenges persist, such as a shortage of skilled professionals in cutting-edge fields like artificial intelligence (AI) and the Internet of Things (IoT), which may hinder the market's full growth potential. On the other hand, the growing acceptance of VET programs across multiple regions opens up new opportunities for growth.

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The report covers key market segments, including the type of supplier institutions (public, private), user gender (male, female), user age group (16–24 years, 25–34 years, 35–44 years, 45–54 years), end users (students, office workers), and geography. It also provides historical market data for 2020 and 2021, alongside current estimates for 2022 and future forecasts until 2029. Additionally, the competitive landscape of the VET market is evaluated, providing insights into industry players at regional and country levels.

In terms of supplier institutions, public institutions are expected to hold the largest share of the VET market in 2022. The popularity of public institutions can be attributed to their affordability, with lower tuition fees compared to private institutions, and government funding that often ensures better infrastructure and educational resources.

From a gender perspective, the female segment is projected to grow at the fastest rate during the forecast period. This growth can be traced to the increasing participation of women in higher education, social shifts toward greater gender equality, and government programs aimed at expanding access to education for girls and women.

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In the context of age, young individuals between 16 and 24 years are expected to represent the largest share of the VET market. The focus on higher education, including vocational training and diplomas, has driven this age group's participation. Additionally, those with vocational qualifications tend to enjoy better employment prospects and higher wages than those without such credentials.

The students' segment is poised for the fastest growth among end users, driven by the demand for higher education, particularly in developing countries, and the growing prevalence of e-learning. Students are increasingly seeking work-based learning experiences, further fueling demand for vocational education programs.

On a geographic basis, North America is anticipated to command the largest share of the global VET market. This dominance is attributed to a robust education infrastructure, significant government investment in vocational training, the integration of advanced technologies such as digital learning platforms, and the presence of key market players in the region.

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Key Players

The key players operating in the global Vocational Education and Training Market are Adobe Inc. (U.S.), Articulate Global, LLC (U.S.), Blackboard Inc. (U.S.), Cegos Group (France), Cisco Systems, Inc. (U.S.), City & Guilds Group (U.K.), The Hewlett Packard Enterprise Company (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), and Lumesse Limited (U.K.).

Key questions answered in the report-

• Which are the high-growth market segments in terms of the supplier institution, user's gender, user's age group, end users, and countries/regions?
• What is the historical market for vocational education & training across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, and opportunities in the global Vocational Education and Training Market?
• Who are the major players in the global market, and what market share do they hold?
• Who are the major players in various countries, and what market share do they hold?
• How is the competitive landscape?
• What are the recent developments in the global Vocational Education and Training Market?
• What are the different strategies adopted by major players in this market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global Vocational Education and Training Market, and how do they compete with other market players?

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