The global test preparation market in the U.S. is estimated to accumulate high revenue by 2021, according to a report on Radiant Insights, Inc. It is projected to expand at a CAGR above 5% from 2017 to 2021 (forecast period). It is expected to expand owing to increasing incorporation of artificial intelligence in tutoring services. Need for private tutoring in the U.S. may invite investments from many companies looking to benefit from this lucrative market.
Test preparations encompass learning tools, educational courses, and tutoring services designed to increase performance of students in exams. Latest online systems are a combination of machine learning technologies that can interact with students without the need of a teacher. They can even identify complex human responses and assess students on the basis of their performance. Major tests that need preparation include American College Testing (ACT), Scholastic Aptitude Test (SAT), and Medical College Admission Test (MCAT).
Mobile learning (m-learning) is a major trend within the market due to increased penetration of smartphones and laptops. Companies encouraging test preparation are launching mobile-friendly versions of their websites and learning courses to attract a wider consumer base. For instance, Pearson Education has decided to partner with DuoLingo to help design foreign language courses for university and college students. The gamification feature is expected to increase test scores and spark interest among students.
The worldwide test preparation market focusing on the U.S. is segmented by product, learning model, and end user. Products in the market include elementary, high school, certification, university, and other exams. The university exams segment accounted for a majority of the market in 2016. This can be attributed to need for passing of certain tests to gain entry into prestigious universities. Number of international students enrolling for U.S. graduate programs can also attest for this segment’s growth. Low expendable income and high unemployment rates across the U.S. due to the recession in 2008 had impeded market growth. However, numbers are predicted to pick up due to the promise of entry into prestigious universities.
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Learning models comprise blended and online. The blended learning model segment had acquired a lion’s share in the market in 2016. This can be attributed to integration of the blended model in all learning courses to enhance learning prowess of students.
On the basis of end users, the market is bifurcated into K-12 and higher education. Both of these segments are expected to exhibit healthy growth rates in the forthcoming years. The K-12 segment had a market value of more than USD 8 billion in 2016.
Key market players include Kaplan, Inc.; ArborBridge; Club Z! In-Home Tutoring Services; The Princeton Review; and Pearson Education. Partnerships and collaborations are strategies used by these players to acquire a major share in the market. ArborBridge agreed to a merger with Launch Education Group under a single umbrella group, ArborBridge, in 2014. This strategic move is expected to gain the company a larger consumer base and wider exposure.
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