Market Insights Newsletter (July 2023)
It’s halftime — welcome to July! If you sell or market in the education sector, now is the perfect time to ramp up your efforts and make the most of the remaining months. Here’s a mid-year higher-education-focused update.
Our Industry Navigator data shows there is a slight increase in the volume of procurements over the same timeframe, but what really stands out is that they total an estimated $3.5 billion in spending.
Why is this noteworthy?
Sizable Estimated Spend in the First Half of the Year
- This is the largest reported estimate of spending that we’ve observed for performance in the first half of the year over the last 5+ years, if not ever.
- Vendors such as Amazon Web Services, Ellucian, IBM and more won sizable awards that contributed to this upward trend.
- The growing reliance upon remote education and the accelerated adoption of digital tools and platforms are pushing universities and colleges to invest heavily in their IT capabilities and platforms.
- From upgrading network infrastructure to acquiring advanced learning management systems and virtual collaboration tools, institutions are prioritizing technological advancements.
- It should come as no surprise that infrastructure projects are driving a lot of the spend.
- The higher education market is very active in undertaking new construction and transformative renovations to their facilities.
- These projects represent a massive opportunity for technology vendors to help build modern facilities that create technology-rich learning environments.
Don’t miss the deals that are emerging in technology as the need for innovative solutions rises in education. Make sure you’re tracking the data in Industry Navigator. If you’re not a member, sign up for a demo today.
Deputy Chief Innovation Officer
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