According to a recent estimate from Western Union Business Solutions, Asian nations will account for over 80% of growth in the international student market by 2025.
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, the corporate money transfers company’s latest higher education perspective research, takes a deep dive into market predictions about what the post-pandemic future would look like.
Nawaz Ali, WU Business Solutions’ head of market research Said
“Based on talks we’ve had, colleges post-pandemic are seeking to plan for the future following the worst economic downturn in two generations,” he added.
Asia is the region with the biggest increase, according to the data. The expected market-supporting nations, China and India, are represented, but the emergence of Vietnam and Nepal as new players, maybe even surpassing Germany, is “surprising.”
All of those nations that we don’t contact with on a daily basis…
“I’d like to learn more about those driving forces,” said Dino Leo, Europe’s head of education at WU Business Solutions.
The report’s other major results are mostly based on the ‘big four’ countries: According to projections, the number of Indian students studying in Canada would grow by roughly 40,000 by 2025, compared to 2019.
“Canada’s specific immigration processes, which make it simpler for Indian students,” Ali added, “are projected to enhance their market share of Indian students.”
Despite the consequences of Brexit, the survey estimates that 85,000 additional foreign students from the EU will study in the UK.
“There’s a lot of discussion and debate about how Brexit will effect student mobility in Europe.
“Canada’s specific immigration processes, which make it simpler for Indian students,” Ali added, “are projected to enhance their market share of Indian students.”
Despite the consequences of Brexit, the survey estimates that 85,000 additional foreign students from the EU will study in the UK.
“Despite the fact that there is a lot of debate and discussion about how Brexit will affect student mobility from Europe,” Ali explained, “UK numbers are still expected to increase; the prestige of UK universities attracts students, and the geographic proximity of the EU to the UK makes it easier to get there and back, so it is expected to drive an increase in international students coming to the UK.”
Despite the consequences of Brexit, the survey estimates that 85,000 additional foreign students from the EU will study in the UK.
“Despite the fact that there is a lot of debate and discussion about how Brexit will affect student mobility from Europe,” Ali explained, “UK numbers are still expected to increase; the prestige of UK universities attracts students, and the geographic proximity of the EU to the UK makes it easier to get there and back, so it is expected to drive an increase in international students coming to the UK.”
Nepal’s outreach will have a big influence in Australia, where WU forecasts it will overtake Malaysia and Vietnam to become one of the country’s top three inbound markets for student mobility.
According to the survey, “Nepalese global outbound students are predicted to grow at a 3.1 percent compound annual growth rate (CAGR) between 2019 and 2025, owing to a 58.6 percent increase in Nepalese families with earnings over the popularly recognised $35K threshold.”
“Nepalese students have a strong proclivity to study abroad, with a 21.4 percent outward mobility rate in 2019.” Due to its physical closeness, strong casual employment opportunities, and graduate possibilities, Australia is expected to attract 42 percent of those students by 2025,” the report concludes.
It comes after the country’s optimistic growth before 2021.
“From 9.1% in 2015 to 22.8 percent in 2021, Nepal’s outbound student mobility rate has more than doubled.” “The country’s greatest earthquake in 80 years has had a major impact on schooling,” Ali remarked.
Kazakhstan, which the research projects will become a “influential market in coming years,” expanding from just under 80,000 to over 100,000 by 2025, is another significant nation where outbound mobility is likely to develop.
Despite these growing nations, China will remain the market’s major player in terms of outward mobility.
“From our university’s viewpoint, we believe the Chinese government will continue to give strong support and promote foreign cooperation, particularly in the education sector,” said Peter Chen, head of the University of Huddersfield’s China office, who also participated in the webinar.
Despite the report’s assertion of growth confidence, Chen stated that border reopening was still required to restore full trust.
“Because of Chinese culture, parents still believe that safety is the most essential issue,” Chen remarked.
In actuality, he added, other factors would play a role in projecting such tremendous market development.
“I believe short-term exchange products will be a huge market… “As well, the concept of vocational education has grown in popularity here,” he continued.
According to the report’s inbound growth estimates, the United States would “remain the dominating inbound market,” acquiring additional 165,000 students by 2025.
By the middle of the decade, Australia, Canada, and the United States are expected to restore their supremacy.
Leo also discussed the payments providers, or cogs in the mechanism, and how changes to them may effect the diversity of students in outward mobility.
“Payments have been driven into their next iteration due to the epidemic… “I was at the institution four years ago, traversing a mile-long queue of students attempting to hand over cash at a finance office — today payments are made online… they’re not going back,” Leo added.
“I think the intel around the immigration policies that president Biden will be deploying to redeploy those Islamic country-based students to come into the US is valid but the other challenge is the King Abdullah Scholarship program,” he explained.
By the middle of the decade, Australia, Canada, and the United States are expected to restore their supremacy.
Leo also discussed the payments providers, or cogs in the mechanism, and how changes to them may effect the diversity of students in outward mobility.
“Payments have been driven into their next iteration due to the epidemic… “I was at the institution four years ago, traversing a mile-long queue of students attempting to hand over cash at a finance office — today payments are made online… they’re not going back,” Leo added.
Work rights will play a role in revitalisation, according to Rajiv Sharma, managing director of education, medical, and NGO for North America at WU Business Solutions, but they might also be a double-edged sword in particular markets.
Many of those folks return to the area or Saudi Arabia, which means they forfeit the potential to contribute to the country’s economy,” Sharma explained.
Chen stated that this is a favourable prognosis for local job markets in China.
“A growing number of Chinese state-owned corporations, as well as some top private-sector firms, are seeking for employees who earned their first degree at a foreign institution… “They want to explore what kind of experiences they can have throughout their college years,” Chen explained.