Originally Published on Technavio | Alternative Non Credential Courses Market by Type and Geography - Forecast and Analysis 2023-2027

The market for alternative non-credential courses is poised for substantial growth, with an anticipated Compound Annual Growth Rate (CAGR) of 17.18% between 2022 and 2027, resulting in a projected increase of USD 8.62 billion. This report covers market dynamics, historical data from 2017 to 2021, and thorough segmentation by type (non-institutional and institutional) and geography (North America, Europe, APAC, South America, and the Middle East and Africa), accompanied by in-depth analyses of drivers, trends, and challenges.

Key Driver:

The proliferation of virtual schools is a primary factor propelling the global market for alternative non-credential courses. Virtual schools, particularly prominent in developed countries like the United States and the United Kingdom, employ various online tools, such as online content and delivery formats, for teaching. This rise is fueled by the increasing penetration of cloud technology in education, enabling efficient institutional management. These factors are expected to drive the adoption of virtual schools and consequently accelerate the market's growth during the forecast period.

Market Trends:

A noteworthy trend is the growing adoption of NFC-equipped devices, especially in smart wearables and IoT devices. This trend is fueled by the expanding functionalities of these devices across various applications. Companies like Infineon Technologies and MagTek Inc. contribute significantly to providing NFC systems for wearable devices.

Major Challenge:

A significant challenge in the market is the escalating issues related to cybercrimes. Although NFC technology enhances secure payment systems, the report highlights instances where cybercriminals have updated malware to disrupt contactless transactions, potentially leading to financial theft. This challenge may impact the adoption of NFC systems for contactless payments.

Customer Landscape:

The report covers the adoption lifecycle of the market, ranging from innovators to laggards. It evaluates adoption rates across different regions based on penetration and includes key purchase criteria and drivers of price sensitivity, aiding companies in assessing and developing growth strategies.

Vendor Strategies:

Leading vendors in the market are adopting various strategies, including alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches. The report provides detailed analyses of the competitive landscape, featuring 15 market vendors, assessing their strengths and weaknesses.

Segment Focus:

The retail segment emerges as a significant growth segment, with high adoption rates due to applications like inventory management and supply chain control. The retail segment, valued at USD 5,480.10 million in 2017, has continued to grow, driven by innovations like unmanned retail stores and self-checkout processes.

Key Regional Contributions:

North America is expected to contribute 34% to global market growth. Factors such as the integration of NFC technology by OEMs, including Qualcomm Technologies and Intel, coupled with the presence of major vendors, will drive NFC technology adoption in the region. The impact of the COVID-19 pandemic slowed down the regional NFC Systems Market in 2020 but rebounded in 2021 with the resumption of end-user activities.

Segment Overview:

The report offers revenue forecasts for the NFC Systems Market at global, regional, and country levels, analyzing trends and growth opportunities from 2017 to 2027. The segmentation covers application outlook (retail, automotive, transportation, banking and finance, and others), product outlook (NFC readers, NFC chips, NFC tags, and others), and region outlook.

Parent Market Analysis:

Technavio categorizes the NFC Systems Market within the broader global technology hardware, storage, and peripherals market. This category covers manufacturers of cellular phones, personal computers, servers, and other electronic components and peripherals. The report considers external factors influencing the growth of the parent market during the forecast period.

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