Workplace Education Market
Identify the market size and market opportunities for businesses that offer ways for employers to offer their workers skills and higher education opportunities.
- Accelerated Pathways is a Pearson-owned business that provides academic services to employers in the corporate learning market.
- Guild Education is a for-profit company that has an online employee benefits program through which employees at client companies can work toward credentials that are approved and subsidized by their employer.
- EdAssist helps connects employers with education programs. In 2018, the company worked with 195 employers to oversee $780 million in tuition benefits that educated around 200,000 adult learners.
- InStride, launched by Arizona State University and The Rise Fund, is a learning services enterprise designed to connect employers with opportunities for employees to obtain a university education. It enrolled over 12,000 students in 2019.
- According to Pearson's website, the ROI for every dollar spent on education benefit programs is $2.29. Guild's website says the ROI is $1.44.
- According to Guild's website, 84% of employees currently using tuition reimbursement are dissatisfied.
- Businesses in this industry aim to improve the way tuition benefits program currently work as the money on these programs is not spent well, employees underutilize them, and employees that use them are unsatisfied.
- However, this approach is still rare; there are not many businesses pursuing this model.
Addressable Market Size
- Companies spend an estimated $20 billion annually on tuition benefits for employees.
- According to the Society for Human Resource Management, 51% of workers say their companies offer undergraduate educational assistance and fewer than 10% use it.
- The global e-learning market was valued at $190 billion in 2018, and North America made up 40%.
- The global corporate training market was valued at $397.6 billion in 2018 and the North American region held the largest market.
- Guild hopes to scale up its business by targeting Fortune 1000 companies.
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