According to a new market research report titled, 'Vocational Education and Training Market by Supplier Institution (Public, Private), User's Gender (Male, Female), and End User (Students, Office Workers) – Global Forecast to 2029', the vocational education & training market is expected to record a CAGR of 9.8% during the forecast period 2022–2029 to reach $896.01 billion by 2029.
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Vocational education & training (VET) is an essential component of education, playing an increasingly important role in response to global demand for high quality and skilled labor force. In recent years, VET has gained prominence in both developed and developing countries in response to the global economy, the pace of technological change, and the era of knowledge.
Furthermore, globalization generates new demand for a high-quality labor force empowered with new skills and knowledge. This can be seen in developing countries as they engage in modernization and industrialization. Therefore, the shortage of skilled labor needed to meet social requirements is common in many emerging economies.
According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), in 2020, Central and Eastern Europe had the largest share (about 19%) of the 15–24 years age group participating in VET. This region was followed by Central Asia, North America, & Western Europe, with about 15% and 9% of youth participating in VET. Also, South & West Asia and Sub-Saharan Africa had the lowest share, with less than 2% of youth participating in formal VET. Hence, the large participation of Europe, North America, and Asia in VET is expected to boost the growth of this market.
In addition, higher education largely remains a financially inaccessible privilege. Students can invest in their futures without investing in a bachelor's degree through vocational education. By enrolling in vocational educatio

According to a new market research report titled, 'Vocational Education and Training Market by Supplier Institution (Public, Private), User's Gender (Male, Female), and End User (Students, Office Workers) – Global Forecast to 2029', the vocational education & training market is expected to record a CAGR of 9.8% during the forecast period 2022–2029 to reach $896.01 billion by 2029.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5289
Vocational education & training (VET) is an essential component of education, playing an increasingly important role in response to global demand for high quality and skilled labor force. In recent years, VET has gained prominence in both developed and developing countries in response to the global economy, the pace of technological change, and the era of knowledge.
Furthermore, globalization generates new demand for a high-quality labor force empowered with new skills and knowledge. This can be seen in developing countries as they engage in modernization and industrialization. Therefore, the shortage of skilled labor needed to meet social requirements is common in many emerging economies.
According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), in 2020, Central and Eastern Europe had the largest share (about 19%) of the 15–24 years age group participating in VET. This region was followed by Central Asia, North America, & Western Europe, with about 15% and 9% of youth participating in VET. Also, South & West Asia and Sub-Saharan Africa had the lowest share, with less than 2% of youth participating in formal VET. Hence, the large participation of Europe, North America, and Asia in VET is expected to boost the growth of this market.
In addition, higher education largely remains a financially inaccessible privilege. Students can invest in their futures without investing in a bachelor's degree through vocational education. By enrolling in vocational educatio