Funding issues have taught the industry to re-evaluate its priorities
London, United Kingdom (PRWEB) May 31, 2012
Over the past five years, the Technical & Vocational Education industry has endured difficult times with the dissolution of the Learning Skills Council and weak public finances forcing the government to cut back expenditure. According to IBISWorld industry analyst Ee Jen Lee, “the timing was bad as colleges were experiencing high demand for training, but were unable to increase capacity”. The government is expected to respond favourably to the increasing demand by raising funding for the sector. Thus, industry revenue is forecast to grow 2.0% in 2012-13, with annualised growth of 0.3% over the past five years to £17.7 billion.
Although the primary market, the population aged below 24, is expected to decline over the next five years, weak economic conditions will be an incentive to remain in education. However, the growing pressure to resolve the issue of rising youth unemployment under budget constraints has forced the government to re-prioritise funding. Other reforms that will boost the appeal of this sector are likely to occur. The government's positive response to the Review of Vocational Education is an indication that the structure of vocational education may change. Lee adds, “the government aspires to increase enrolment for individuals aged under 24 by altering the funding system and emphasising quality graduates”. Accordingly, revenue for the industry is anticipated to rise over the next five years to 2017-18.
The Technical & Vocational Education industry has low level of market share concentration, with no single college drawing more than 1.0% of total industry revenue. The devolved structure of education within the United Kingdom has contributed to the fragmentation of the industry.
For more information on the Technical & Vocational Education industry, including latest industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation’s largest publisher of industry research.
IBISWorld industry Report Key Topics
This industry includes providers of technical and vocational education at the secondary and post-secondary levels. These studies may be offered through further education colleges, sixth form colleges, secondary schools and other speciality colleges. Many further education colleges now offer higher education or tertiary studies, but these are not included in this report. The industry does, however, cover courses that prepare students for tertiary study.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalisation & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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