Test preparation relates to tools specific to educational courses, tutoring services, educational material, or e-learning which enhances the performance of students on consistent tests. Tests include entrance examinations for admission to institutions of higher education, such as college (e.g. SAT and ACT), business school (GMAT), law school (LSAT or LNAT), medical school (MCAT), BMAT, UKCAT, and GAMSAT, and graduate school (GRE).
Globally, the level of expenditure or propensity to spend on education is increasing with the rise in disposable income and increasing quest for a better standard of living. The global education industry is growing in double digits over the last five years and is expected to expand at a strong CAGR in future. Demand for test preparation is increasing due to adoption of digitization and education, specifically in developing regions such as Asia Pacific and South America.
Profit margin is very high in the education industry due to the large customer base. The governments of different countries also encourage new companies to set up the infrastructure for education. Many players provide new and innovative solutions specific to test preparation owing to the ease of entering the education industry. The large customer base in this industry is driving the growth of the test preparation market.
Integration of the test preparation market with the current infrastructure leads to increase in downtime and may hamper the revenue of the market during the short term period. Infrastructure for digital education is not compatible in many countries of Asia Pacific. This could hamper the growth of the test preparation market.
In terms of region, the global test preparation market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global test preparation market during the forecast period, due to strong digital infrastructure specifically in the field of education.
It is expected that COVID-19 will positively impact the market during the short term period. This is because the lockdown within countries of Europe, North America, and Asia Pacific has majorly shifted the education pattern onto digital platforms. Universities and colleges are conducting internals, tests, and exams through online portals. This is expected to drive the growth of the test preparation market.
Established in 2011, Byju's is a leading educational technology (edtech) company headquartered in Bengaluru. Byju's provides study materials and support for competitive exams such as CAT, IAS, GMAT, GRE, JEE, NEET, bank entrance exams, etc. Byju's has more than 35 million registered users and 2.4 million paid subscribers, which makes it one of the largest edtech platforms in the world.
The global test preparation market can be segmented based on:
Based on component, the global test preparation market can be divided into:
Based on end-use, the global test preparation market can be divided into:
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