The global private tutoring market size is expected to reach USD 171.93 billion by 2028, exhibiting a CAGR of 8.3% during the forecast period. The requisite for higher education in developing countries will subsequently improve the prospects of private tutoring, in a report, titled “Private Tutoring Market, 2023-2028.” The market size stood at USD 92.59 billion in 2020.
The Private Tutoring Market Report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2028.
Information Source:
https://www.fortunebusinessinsights.com/private-tutoring-market-104753
How will you analyze the competitional analysis between top key players included in the report?
With the aim of clearly revealing the competitive state of the industry, we concretely analyse not only the leading plyers that have a voice on a global scale, but also the regional small and medium-sized players that play key roles and have plenty of potential growth.
Who are some of the key players operating in the Private Tutoring Market and how high is the competition 2023?
- Educomp Solutions Ltd. (Gurgaon, India)
- Sylvan Learning, LLC (Baltimore, U.S.)
- Daekyo Co., Ltd. (Seoul, South Korea)
- Kumon Institute of Education Co., Ltd. (Tokyo, Japan)
- Kaplan Inc. (New York, U.S.)
- Action Tutoring (London, U.K.)
- Chegg, Inc. (Santa Clara, U.S.)
- Ambow Education Holding Ltd. (Beijing, China)
- TAL Education Group (Beijing, China)
- Mathnasium LLC (Los Angeles, U.S.)
What is a major information source?
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous Private Tutoring industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Which are the driving factors of the Private Tutoring market?
The increasing competition among students has resulted in high demand for private tutoring, which will boost the market growth. The rising difficulty in level entrance exams by renowned schools or universities can create lucrative opportunities for this market. As per the Global Education Census Report 2018 published in November 2018 by Cambridge Assessment International Education, about 4 in 10 surveyed students (43%) had received private tuition outside the school worldwide, wherein in China, it accounted for more than 5 in 10 observed students (57%), followed by India (55%), and 1 in 10 students in the U.S. Furthermore, the increasing expectations of parents for high marks in academics from their children will accelerate the growth of the market. Besides, raising consciousness regarding learning in developing nations will simultaneously enable speedy expansion of the market.
Remote Teaching to Amplify Growth During Coronavirus
The temporary closure of education institutes due to the pandemic has adversely impacted the education industry. As per the article, ’The Impact of the Covid-19 Pandemic on Education Financing’, published in May 2020 by World Bank Group, the real growth in education spending per capita in all countries, as per downside forecast, was estimated to decline at a rate of -5.7% in 2020. However, the shift towards online education will consequently stabilize the market amid COVID-19. Besides, the growing popularity of online learning due to its convenience will boost the private tutoring market growth.
Private Tutoring Market Research Scope:
- Global Private Tutoring Market size and growth projections (CAGR), 2021-2028
- COVID impact on the Private Tutoring industry with future scenarios
- Private Tutoring Market size, share, and outlook across 5 regions and 16 countries, 2021-2028
- Private Tutoring Market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2021-2028
- Short and long-term Private Tutoring Market trends, drivers, restraints, and opportunities
- Porter's Five forces analysis, Technological developments in the Private Tutoring Market, Private Tutoring supply chain analysis
- Private Tutoring trade analysis, Private Tutoring Market price analysis, Private Tutoring supply/demand
- Profiles of Top leading companies in the industry overview, key strategies, financials, and products
- Latest Private Tutoring Market news and developments analysis
Which regions are dominating the Private Tutoring Market growth?
The market in Asia Pacific is expected to hold the largest private tutoring market share during the forecast period. The growth is attributed to coaching classes' popularity primarily in China, Japan, South Korea, and Southeast Asian nations. In May 2020, the press release of Yonhap News Agency reported the results of an annual survey conducted by the National Statistics Korea and the Ministry of Gender Equality and Family. It was reported that, in 2019, about ¾th of the students received private tutoring in South Korea, wherein students spent, on an average, 6.5 hours/week for this tutoring. Also, the increasing middle-class population is likely to spur business opportunities for the market in Asia Pacific.