US - Test Preparation Market size to increase by USD 49.44 billion during 2022-2027| Increasing emphasis on online mode of test preparation to drive the growth- Technavio

NEW YORK, Dec. 17, 2023 /PRNewswire/ -- The US - Test Preparation Market size is expected to grow at a CAGR of 7.32% during the forecast period.

What is the projected size of the US - Test Preparation Market in the next five years?

The US - Test Preparation Market is projected to reach a value of USD 49.44 billion in 2027. Download Free Sample before buying

Key Highlights:

What are some of the major companies operating in the US - Test Preparation Market? 

ArborBridge Inc., BenchPrep, Blackboard Inc., C2 Educational System Inc., Cengage Learning Holdings II Inc., Club Z Inc., CogniFit Inc., Graham Holdings Co., Imagine Learning LLC, Instructure Holdings Inc., Kaplan Inc., Magoosh, McGraw Hill LLC, Pearson Plc, PrepScholar, Sylvan Learning LLC, Test Innovators, TESTIVE, TPR Education LLC, and USATestprep LLC

What kind of nature is the US - Test Preparation Market?

The market is fragmented in nature.

How much is the YOY growth in 2023?

Market to observe 6.6% YOY growth in 2023.

Market Dynamics:

What are the main growth drivers for the US - Test Preparation Market?

• The increase in demand for personalized test preparation drives market growth, catering to early identification and improvement of crucial learning areas for students and parents.
• Market players in the US test preparation sector focus on developing relevant course content aligned with student learning outcomes, utilizing analytics to customize learning patterns, track engagement, and evaluate progress through periodic assessments.
• The increasing popularity of personalized learning approaches is anticipated to propel market growth by enhancing student outcomes and engagement during the forecast period.

What trends are emerging in the US - Test Preparation Market?

• Increased merger and acquisition activities in the fragmented US test preparation market drive market growth, attracting both domestic and international suppliers.
• Collaborations and partnerships between international and regional suppliers contribute to market expansion and accessibility.
• Pearson's acquisition of a global online language-learning platform in April 2022 enhances its offerings, integrating self-study options for English proficiency assessment, thereby driving market growth.

What are some of the challenges faced by the US - Test Preparation Market?

• Increasing competition from private tutors, a rapidly growing sector, set a challenge to the market's growth as students opt for personalized, one-on-one learning experiences.
• Preference for private tuition due to its perceived efficiency in skill development accelerates the demand for individualized education, despite challenges in finding suitable tutors.
• The emergence of numerous new websites and businesses in tutoring reflects the growing need for tailored learning experiences, driven by gaps in school and college teaching methods.
• Unregulated pricing among private tutors and their varying teaching abilities create market impediments, affecting standardized rates and consistency in education quality.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

How is the US - Test Preparation Market segmented by type?

The higher education segment is expected for substantial market share growth during the forecast period, driven by the rising popularity of certificate courses and a rise in students opting for competitive examinations. This segment experiences heightened demand for specialized courses, compelling students to seek professional training. Consequently, numerous providers offer certificate programs across various disciplines such as medicine, nursing, law, property management, and industry-specific certifications. 

What are the different segments within the US - Test Preparation Market?

The market is segmented by End-user (Higher education and K-12), Learning Method (Blended and Online), Product (University exams, Certification exams, High school exams, Elementary exams, and Other exams ), and Geography (North America).

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Comprehensive Test Preparation for Key US Professional Exams

Preparing for various prominent exams like the Project Management Professional (PMP), Certified Information Systems Security Professional (CISSP), Dental Admission Test (DAT), Pharmacy College Admission Test (PCAT), Law School Admission Test (LSAT), Medical College Admission Test (MCAT), Graduate Record Examination (GRE), Graduate Management Admission Test (GMAT), Certified Public Accountant (CPA) Exam, and United States Medical Licensing Examination (USMLE) demands rigorous and focused study strategies.

Each of these exams assesses specific skills and knowledge crucial to their respective fields. For instance, the PMP evaluates project management expertise, while the CISSP tests a comprehensive understanding of information security principles.

Aspiring dentists aiming for admission must excel in the DAT, showcasing proficiency in scientific concepts and problem-solving. Similarly, pharmacy students undergo the PCAT, demonstrating their understanding of pharmaceutical sciences.

Law students undertake the LSAT, demonstrating logical and analytical reasoning abilities. Aspiring medical professionals face the MCAT, showcasing aptitude in science, critical thinking, and problem-solving.

Graduate-level studies demand success in exams like the GRE and GMAT, assessing verbal, quantitative, and analytical proficiencies. Aspiring CPAs navigate the comprehensive content of the CPA Exam, focusing on accounting principles and regulations. Medical professionals seek success in the USMLE, demonstrating extensive medical knowledge.

Preparation for these exams requires a tailored approach, utilizing diverse resources such as prep courses, study guides, and practice exams. Practical strategies like mnemonic devices and simulated exam conditions during practice sessions can significantly enhance performance.

In conclusion, excelling in these renowned exams—such as the PMP, CISSP, DAT, PCAT, LSAT, MCAT, GRE, GMAT, CPA Exam, and USMLE—demands meticulous preparation and a deep understanding of the unique requirements of each. With dedicated study routines and strategic preparation, success becomes attainable.

How can one navigate the diverse landscape of standardized tests effectively?

SAT (Scholastic Assessment Test): The SAT assesses students' readiness for college and is widely used for undergraduate admissions in the United States. It consists of sections in Math, Evidence-Based Reading and Writing, and an optional Essay.

ACT (American College Testing): Similar to the SAT, the ACT is another standardized test for college admissions. It includes sections in English, Math, Reading, Science, and an optional Writing section.

TOEFL (Test of English as a Foreign Language): Designed for non-native English speakers, the TOEFL measures English language proficiency for academic purposes. It is commonly required for admission to English-speaking universities.

IELTS (International English Language Testing System): Like the TOEFL, the IELTS evaluates the English language proficiency of non-native speakers aiming to study or work in English-speaking countries. It assesses listening, reading, writing, and speaking skills.

PSAT (Preliminary SAT): The PSAT is a practice test for the SAT and serves as the qualifying exam for the National Merit Scholarship Program.

AP Exams (Advanced Placement Exams): Offered by the College Board, AP exams allow high school students to earn college credit by demonstrating proficiency in specific subjects at an advanced level.

GED (General Educational Development): The GED is an alternative path to earning a high school diploma for individuals who haven't completed traditional high school requirements.

ASVAB (Armed Services Vocational Aptitude Battery): Used by the military, the ASVAB assesses candidates' abilities and helps determine their suitability for various military roles.

Bar Exam: Essential for aspiring lawyers, the Bar Exam is a licensure examination that evaluates candidates' knowledge and ability to practice law in a specific jurisdiction.

CFA (Chartered Financial Analyst): The CFA program offers a professional credential for individuals pursuing careers in investment management.

CPA (Certified Public Accountant) Exam: Essential for accountants aiming to become CPAs, this exam assesses professional competence in accounting and related fields.

USMLE (United States Medical Licensing Examination): Required for medical licensure in the United States, the USMLE assesses a physician's ability to apply medical knowledge and understanding to patient care.

These tests are in various educational, professional, and career paths, each with its unique structure, content, and significance. Adequate preparation, strategic study plans, and familiarity with the test format are key factors in achieving success in these standardized examinations.

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Learning Method

8 Market Segmentation by Product

9 Customer Landscape

10 Geographic Landscape

11 Drivers, Challenges, and Trends

12 Company Landscape

13 Company Analysis

14 Appendix

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