Good news for those who see school reform as a way to make big bucks: A new report says that the global education market is now worth $4.4 trillion — that’s TRILLION — and is set to grow a lot over the next five years.
The report, issued by the London-based investment bank IBIS Capital, said the fastest-growing sector, not surprisingly, is e-learning, which is expected to grow some 23 percent by 2017.
Here’s a graphic with some of the stats that IBIS gave to Education Week:
How fast has the global education market grown in the past decade? Early in the new millennium, it was worth about $2.3 trillion and by 2005 was worth about $2.5 trillion, according to this estimate by Apollo Global.
Some of the reasons for the expansion are a decline in public funding of education around the world, leaving space for private concerns to move in; the growing number of adult learners; and the increasing importance of education in knowledge-based economies. And in the United States, the education policies of former president George W. Bush, and now President Obama, have spurred a trend toward privatization of public education. For more than a decade now, market forces have been driving school reform. Are schools any better? The real question is how much worse have they become.