Global Test Preparation Market: Introduction
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).
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Global Test Preparation Market – Dynamics
Increased Propensity to Spend on Quality Education
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.
Ease of Entering the Education Industry and Low Investment
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.
System Infrastructure & System Downtime Hampering 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.
North America Expected to Dominate the Global 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.
COVID-19 Impact on the Global Test Preparation Software Market
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.
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Global Test Preparation Market – Competitive Landscape
- In June 2019, Tata Class Edge, a leading provider of technology-enabled learning solutions launched Tata Testprep – an interactive app and web-based practice and testing solution in partnership with TCY Online to aid students in preparing and practicing for competitive entrance examinations and school level competitions.
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.
Global Test Preparation Market: Segmentation
The global test preparation market can be segmented based on:
Global Test Preparation Market, by Component
Based on component, the global test preparation market can be divided into:
- Training and Consulting
- Support and Maintenance
- Managed Services
Global Test Preparation Market, by End-user
Based on end-use, the global test preparation market can be divided into:
- K-12 (Schools)
- Higher Education (College/Universities)
- Corporate/Professional Training
Regional Analysis of the Global Test Preparation Market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.