Saudi education industry outlook promising, says study
Saudi Arabia ranks as the largest market for education services in the
region, and it also accounts for a growing number of students enrolled
in the K-12 (kindergarten to grade 12) education system in the
six-nation Gulf Cooperation Council (GCC). Strong government support
over the past few years has led to the continuous expansion of the
education sector by inviting private players to enter the space.
This was revealed in a study conducted by Research and Markets, the
world’s largest market research organization, which has been working in
the field for 15 years.
Referring to the higher education sector, the study said: “The higher
education industry of the Kingdom inclined at a single digit CAGR
(compound annual growth rate) during the period 2012-2017. The
establishment of new universities due to the increased investments in
the education sector was the key contributor to the augmented revenues
generated by the market players,” it added.
The study, titled “Saudi Arabia Education Industry Outlook to 2022,”
provided a comprehensive analysis of the education sector, focusing on
segments such as the K-12 education sector, higher education, vocational
and technical training, e-learning and the test prep sector. The future
analysis of the Saudi Arabia education industry as a whole was also
discussed and recommendations offered.
Referring to the growing education sector, the study said that the
Kingdom’s private K-12 education market, valued at $5 billion in 2017
today, would grow to $12 billion by 2023. It pointed to the Saudi
Ministry of Education’s ambitious strategy to raise the quality of
education, transform youth mindsets, and strengthen the economy within
the framework of Saudi Vision 2030.
It is important to mention that Saudi students are now allowed to enroll
in private international schools and the country is allowing foreign
ownership of companies in the education sector.
The Saudi government has set ambitious targets through Vision 2030 to
increase the share of private school students from 12 percent today to
25 percent in 2020.
To meet this increase, the government has turned to the private sector
to finance the construction and operation of the first batch of 1,600
schools.
The study further said: “Since the bachelor’s degree is the first step
to higher education, this segment has witnessed the greatest number of
enrollments in the 2017 academic session.” Universities offering
post-graduate degrees witnessed the least number of enrollments during
2017, constituting less than 50 percent of the overall students
continuing higher education in Saudi Arabia, it added.
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