By Netpal Travel Bureau
According to a recent report by ESOMAR-certified market research, the educational tourism market is expected to surpass a valuation of US$ 1,947.0 Bn at a robust CAGR of over 17.2percent through 2031.
Based on Future Market Insights, governments around the world have played an important role in modernizing the education system by developing smart learning programs and aligning the education curricula with global teaching standards.
The artificial intelligence (AI), machine learning, virtual reality (VR), augmented reality (AR) and so on has led to the adoption of more efficient methods of teaching and in turn delivering an enhanced quality of education.
The main objective for integrating new technologies into the educational system is to enable students to adapt to the ever-evolving dynamics of various industries. Moreover, regional governments are focusing on creating an ecosystem led by innovation and a knowledge based economy.
Key Takeaways from the Educational Tourism Market Study
- India, the U.S., the U.K., France, and Japan among others are the most popular destinations for educational tourism.
- The U.S., the U.K., China, and Australia among others are top-visited countries in the world for educational tourism and are becoming an education hub for international students.
- In terms of course type, master degree will be the most preferred type among consumers, contributing over 71percent of global market share
- Global travel companies are anticipating high growth in the educational tourism sector. Though nascent in certain areas of the world, many travel companies are conducting educational tours, thereby promoting the importance of education and contributing to the growth of the educational tourism sector.
Educational tourism has been one of the most affected industries from the very beginning of the outbreak of the coronavirus, with airlines on the ground, the suspension of outgoing and incoming flights, nationwide lockdowns, hotels closing and travel controls enforced.
In the FQ-20, the pandemic limited the arrival of international visitors to a fraction of what they were one year before. Countries all over the world imposed travel restrictions to limit the spread of the coronavirus, which broadly affected the overall tourism industry.
Additionally, The Director-General and CEO of IATA reported that financially, 2020 was the worst year in aviation history. On average, US$ 230.0 Mn has been added to business losses on each day of this year, contributing to a net loss of US$ 84.3 Bn dollars.
In 2020, with the extreme effects of the Covid-19 pandemic, in contrast to 2019 estimates, foreign tourism decreased by 22percent in Q1 and by 65percent in the first half of 2020, which directly impacted the educational tourism industry.