Dublin/Beijing In its recently published analysis “China Education Market”, the Irish market researcher Research and Markets assumes annual growth of 11.3% in the Chinese education market in the forecast period 2018-2023 If this forecast is correct as expected, this would result in a market value of 572.51 billion US Dollar at the end of 2023. According to the market study definition of Research and Markets, the market includes both school and academic placement as well as corresponding support services.
Growth factors include an increase in the urban population, a rising birth rate, growing household assets, rising government spending on education and better internet access.
eLearning plays an important role in the Chinese education market. The major Swiss bank UBS, for example, estimates that 104 billion US Dollars will be spent on online education for pupils and students in 2025 alone. UBS sees great potential for growth in this area, particularly in the fact that China still lags far behind other Asian countries in terms of out-of-school education and tutoring. Currently, only 37% of parents support their children through private tutoring, compared to 70% in Japan and South Korea.
Image: © nikomsolftwaer – stock.adobe.com
