Global Study Abroad Market to Reach $450 Billion by 2030, Growing at 7.4 percent Annually

Global Study Abroad Market to Reach $450 Billion by 2030, Growing at 7.4 percent Annually

Mumbai,29th May 2024 : Anand Rathi Advisors Limited (ARAL), one of India’s premier investment consultants, released a detailed report on the Global Study Abroad Market “Beyond Borders: An Insight into the Global Study Abroad Market.”

In this comprehensive report, ARAL delves into the dynamic landscape of studying abroad, meticulously examining outbound and inbound trends across 34 global countries as listed below:

1) North America (US, Canada, Mexico): Major Host Continent housing top-tier universities, providing a high standard of living, and exceptional educational opportunities;
2) Europe (UK, Ireland, France, Germany, Italy, Spain): Major Host Continent due to its comparatively lenient visa policies, prestigious universities, multicultural environment, abundant scholarship opportunities, and high-quality education system
3) BRICS (Brazil, Russia, India, China, South Africa): Leading Source Region leveraging its position as the most populous continent and the quest for enhanced opportunities beyond native borders
4) MENA (Bahrain, Jordan, Egypt, UAE): Major Host Region fostering cultural richness, economic diversity, and educational opportunities within its borders.
5) ASEAN (Vietnam, Thailand, Philippines, Singapore, Indonesia, Malaysia): Major Source Continent largely driven by its young population and developing economies
6) Rest of World (Australia, New Zealand, Pakistan, Kenya, Japan, Bangladesh, South Korea, Morocco, Ghana, Cameroon): A mix of being both Host and Source countries, they contribute significantly to the study abroad market.

India remains a shining star among the source countries, continuing to contribute upwards of 1.3 million students to the global study-abroad market

The report covers the size of the global study abroad market, the top universities and scholarship opportunities across countries, governmental initiatives, and future prospects of the industry, alongside assessing the evolving job market dynamics within each country.

The professionals have analyzed and created brief profiles on more than 300 companies in this sector in Part B of the report covering various consultants, counselors, and ancillary service providers across the globe.

ARAL believes that the Global Study Abroad market will become a US$ 450 billion market by 2030 on account of increased globalization, rising demand of international education for career advancement, rise in disposal income, cultural enrichment, and access to specialized programs and institutions offering unique learning experiences.

While unveiling the report, Samir Bahl, CEO – Investment Banking, Anand Rathi Advisors Limited, said, “At Anand Rathi Investment Banking, education is a core practice area, and we aim to continue to invest in this sector. We intend to cover the global education sector on a regular basis to ensure that industry players get a comprehensive understanding of the market dynamics. Our latest release, ‘Beyond Borders: An Insight into the Global Study Abroad Market,’ marks the 8th instalment in our series, stimulating continuous dialogue among industry stakeholders. Notably, as the study abroad market size is projected to reach an impressive USD 450 billion by 2030, our report provides invaluable insights for navigating this dynamic sector.”

While unveiling the report, Atul Thakkar, Director – Investment Banking, Anand Rathi Advisors Limited, “The global study abroad market is witnessing unprecedented growth fuelled by increasing globalization, rising demand for international experiences, technological advancements, and evolving educational preferences. This expansion is further propelled by universities’ adaptation to offer more international programs and partnerships, despite challenges like visa restrictions, language barriers etc.”

Key highlights of the research findings –

  • Global study abroad market to hit $450 billion by 2030, growing at ~7.5% CAGR
  • Rising tuition fees, living costs, and service expenses impact overall study-abroad costs
  • International student numbers are expected to double by 2030, reaching 8 million
  • UK, US, Australia and Canada host a majority of top higher education institutions
  • Asia and Africa to drive 75% of global demand for international education by 2030
  • India (19%) and China (14%) lead outbound student flow, comprising ~33% of the total.