Student Information System Market Growth & Trends
The global student information system market size is expected to reach USD 21.04 billion by 2027, expanding at a compound annual growth rate (CAGR) of 15.0 % from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Owing to the rapidly evolving education sector, increase in online education, and rising penetration of internet and mobile devices, the market for Student Information System (SIS) is witnessing significant growth. Increase in focus of educational institutions to impart quality education, facilitation of communication between students, parents, and faculty, and widespread government initiatives for technological upgradation of education sector will proliferate the use of SIS solutions. However, lack of awareness among institutions and dearth of digital infrastructure are the restraining factors for the market growth.
Student Information system solutions are used by educational institutions/universities to collect, organize, and analyze data such as student attendance, class performance, examination results, assessment scores, and other personal information of students. It aids educational institutions in managing student-related data and other administrative operations. In the age of digitalization, owing to the ubiquity of mobile devices, high internet penetration, and use of social media platforms, educational institutions are technologically upgrading their infrastructure. There has been unprecedented growth of online education owing to its greater flexibility, cost savings, and convenience than conventional classroom learning. Growing number of professional online certification courses and e-learning applications is likely to foster SIS market to support such nontraditional education programs in the long run.
Emerging technologies like Artificial Intelligence (AI), big data analytics embedded in the SIS systems can further increase operational efficiency and improve the digital interactive experience. Moreover, SIS solutions using Robotic Process Automation (RPA) or machine learning will be able to reduce redundant staff labor by automating routine tasks, enabling staff to spend more qualitative time with students. In addition, higher educational institutions are shifting to cloud infrastructure from their legacy on-premise deployments. According to a recent survey on global higher education technology spending, it is estimated that the global higher education cloud spend is likely to rise to USD 3.2 Million by 2022 across higher education institutes and universities worldwide. Thus, Next-gen Digital Learning Environment (NGDLE), automation technologies, and cloud deployment is likely to propel the market growth over the forecast period.
Student Information System Market Report Highlights
- Service segment is predicted to witness highest CAGR over the forecast period owing to demand for software integration capabilities by educational institutions, and consultancy and security services offered by SIS vendors. Shift from on-premise deployment to cloud model will also propel the growth of the segment in the forthcoming years
- Cloud deployment is likely to be the fastest growing segment from 2020 to 2027. The growth can be attributed to increase in institutional agility, improvement in learning and teaching outcomes, and increasing personalization and student access
- Financial management application segment will register the highest CAGR over the forecast period. High integration capabilities, artificial intelligence, and advanced analytics of the product solutions offered by SIS vendors are key factors propelling the segment growth
- The K-12 segment is expected to expand at the highest CAGR over the forecast period. Evolving student demographics, demand for skill-oriented education, increase in online and distance education in emerging regions of Asia Pacific and Africa, and rise in e-learning mobile applications are some of the key factors driving the growth
- Asia Pacific is expected to emerge as the fastest-growing region in near future owing to the increasing focus of educational institutions on e-learning initiatives and adoption of digital infrastructure. The growth of adoption of technology among primary and higher education institutes in emerging economies such as India, Brazil, and the Philippines is likely to boost the market growth