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The global coding bootcamp market was valued at US$1. 36 billion in 2021, and is predicted to grow to US$3. 66 billion in 2027. A coding bootcamp is a technical training program that teaches the programming skills that employers seek.
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Coding Bootcamp Market: Analysis By Mode of Learning, By Programming Language, By Tuition Distribution, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027” – https://www.reportlinker.com/p06370530/?utm_source=GNW
Coding bootcamps allow students with little coding experience to focus on the most important aspects of coding and apply their new coding skills to solve real-world problems.
Coding bootcamps, like many trade schools, are typically run by for-profit private companies and are available in-person or online, depending on the program. A few well-known coding bootcamps are Bloc, General Assembly, Flatiron School, and App Academy. The global coding bootcamp market is determined to grow at a CAGR of 18% over the forecasted period of 2022-2027.
Market Segmentation Analysis:
By Mode of Learning: The report identifies two segments on the basis of mode of learning: Full Time and Part Time. Full time segment is expected to be the fastest growing segment in the forecasted period. Students prefer the full-time course because they prefer to learn in an environment where everyone else is learning alongside them. The course time for such boot camp is shorter than for part-time boot camp. Coding bootcamp has become more popular in North America, Europe, and Asia Pacific due to the use of video recording platforms and a flexible schedule.
By Programming Language: The report identifies five segments on the basis of programming language: Python, NET, JAVA, RUBY and Others. Python dominated the coding bootcamp market in 2021. Python is a general-purpose, high-level programming language that can be used for data collection, web scraping, and scripting. For scientific computing, it is well-liked in the scientific community. referred to as one of the simplest programming languages to learn for beginners. Cross-functional and can be used for data science and web development and works on IoT devices as well. Websites such as Google, Youtube, Quora, Spotify, etc, are built with Python. The increasing proclivity of enterprises toward data-intensive business strategies, rising demand for python due to its ability to provide high-quality, rapid, accurate, real-time data, rising demand for pre- and post-deployment services are driving the segment’s growth.
By Tuition Distribution: The market can be divided into five segments based on the tuition distribution: US$10,000-US$15,000, >US$15,000, US$5,000-US$9,999, US$15,000 accounted for the maximum share. Tuition for intensive, full-time coding bootcamps that provide comprehensive career training and often last several months is from US$10,000 to US$15,000. The median bootcamp tuition in 2020 was US$13,500, with an average cost of US$13,579. Some bootcamp providers, in addition to intensive, career-focused programmes, provide short introduction courses for students who wish to get their feet wet before committing to an intensive programme. For experienced coders, bootcamps may also provide professional development courses that focus on a specific skill or programming language.
By Region: In the report, the global coding bootcamp market is divided into four regions: North America, Europe, Asia Pacific, and ROW. North America accounted for the maximum share of the global market in 2021, because of the increased enrollment in full-time and part-time bootcamps. Industry players could increase their investments in high impact learning across the US and Canada. Programming languages like Python have grown in popularity among companies like Facebook, Google, and IBM. Furthermore, well-known players such as Uber, eBay, and Netflix have increased their investments in JavaScript to provide a better user experience.
Asia Pacific offers strong growth opportunities to the coding bootcamp market. Students looking to hone their programming skills may find lucrative opportunities in Asia Pacific. With companies like PayPal and Apple redefining the payment landscape, software engineering skills will be in high demand in China, India, Malaysia, and Singapore. Furthermore, the growth of coding bootcamps for women will be visible throughout the region. In March 2022, She Loves Code was rolled out in India as the first coding bootcamp solely for women to boost their IT skills.
Market Dynamics:
Growth Drivers: One of the key drivers of the market’s expansion is the university-bootcamp partnerships. Coding bootcamps initially gained popularity in the private sector. But in recent years, universities began to take an interest in the model. Although the layout of these “university bootcamps” differs—some universities operate their own internal bootcamps, while others collaborate with already-existing bootcamps—they all share the same goal: to assist in providing students with the hands-on training necessary to pursue a career in technology. Companies like Trilogy Education Services have discovered a successful business model in assisting universities in adding bootcamp courses to their existing degree offerings. Other significant growth factors of the market include, increasing enrollments, increasing investments in bootcamp, increased flexibility, availability of financing options, scholarships and better outcome.
Challenges: However, some challenges are impeding the growth of the market such as demand for formal education. There are more institutions and universities now offering formal education, including bachelor’s and master’s degrees in computer science engineering. The majority of emerging regions are feeding the growth of the formal education sector by not accepting Bootcamp-qualified students, which is suppressing the emergence of coding Bootcamps in these areas.
Trends: The market is projected to grow at a fast pace during the forecast period, due to increasing demand for E learning, corporate training program and niche and specialized courses. Another growth opportunity for coding schools comes from corporate training. While providing services to individual students has frequently proven to be a successful business strategy, corporate training programs would enable bootcamps to access new markets and additional sources of income. Businesses are spending more money on educating staff members in new skills, in part as a result of rising automation that has displaced workers and disrupted the labor market. In line with this, McKinsey & Company predicted that by 2030, increased automation will force nearly one-third of American workers to change careers. Companies have consistently expressed interest in funding technical training programs for their employees over the past few years.
Impact Analysis of COVID-19 and Way Forward:
Even in face of the fact that COVID-19 disruptions around the globe have caused a significant drop in revenue for many enterprises, the coding bootcamp market observed a positive impact. In response to the COVID-19 pandemic, many in person bootcamps launched remote options and also offered COVID reliefs to the students, in the form of scholarships, incentives, or stipends, which supported the market expansion during the COVID outbreak.
There is a clear correlation between the skills taught in bootcamps and those that employers want. Programs in software engineering and web development, where skills are constantly in demand, are still preferred by bootcamps. Sales programs for technology and cybersecurity are spreading more frequently. These initiatives seek to demonstrate the adaptability of the bootcamp model of brief, intense training to new professions and would drive the market growth during the post COVID period.
Competitive Landscape:
The coding bootcamp market is fragmented. Leading corporations are expected to invest in mergers and acquisitions, product launches, partnerships, technological advancements, and innovation. For example, in June 2020, Coding Dojo collaborated with MIT Bootcamps to launch the Coding and Innovation Bootcamp, which would teach technical skills as well as core innovation principles.
The key players in the global coding bootcamp market are:
The ADECCO Group (General Assembly)
Chegg Inc. (Thinkful)
Flatiron School
Springboard
Bloom Institute of Technology (BloomTech)
App Academy
Hack Reactor
4Geeks Academy
Fullstack Academy LLC
CareerFoundry
Ironhack
Barcelona Code School
Makers Academy
To make the most of the opportunities and to expand their presence in the growing markets, market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Funding environment has accelerated meaningfully. While clearly a beneficiary of the pandemic, the acceleration in equity funding for bootcamps has been exceptional. Chegg acquired Thinkful in October 2019, expanding CHGG’s TAM to lifelong learning including engineering, data science, data analytics and product design, Skillsoft acquired CodeAcademy in December 2021 expanding capabilities into Tech & Dev with the ability to cross-sell CodeAcademy’s offerings to existing enterprise customer base.
Read the full report: https://www.reportlinker.com/p06370530/?utm_source=GNW
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