Growth in Education Sector Drives US Accreditation Management Software Market
As per the latest market study on “US Accreditation Management Software Market Forecast to 2027 – COVID-19 Impact and US Analysis – by Deployment Type (Cloud and On-Premise) and Enterprise Size (SMEs and Large Enterprises),” the market was valued at US$ 25.11 million in 2021 and is projected to reach US$ 50.13 million by 2027; it is expected to register a CAGR of 11.8% from 2021 to 2027.
The education sector accelerates the adoption of accreditation management software. The software is availed by the faculty and management bodies of the institutes to help them automate the assessment process and reduce the workload. The software is capable of auto-creation of self-assessment reports and CQI tools to be in par with the industry standards. The use of accreditation management software helps educators and professionals to easily manage their tasks related to examinations, syllabus, faculty, students, course evaluation, and many. With the increasing number of elementary and secondary schools, junior colleges, professional schools, business schools, technical and trade schools, and educational support services across the US, the scope of accreditation management software is projected to broaden.
Impact of COVID-19 Pandemic on US Management Software Market
The US recorded the highest number of confirmed cases of COVID-19, as compared to Canada and Mexico. Due to emerging cases of COVID-19 across the country, steps were taken to close schools, universities, academic institutions, private & public companies, and more. These measures consequently hampered several activities in the education industry. More than 50,000 out of 124,090 schools in the US were temporarily closed and nearly 25 million students were affected due to closures. This step impacted the functioning of accreditation management software and will continue to negatively affect the market under study until the situation improves.
The US accreditation management software market is segmented into deployment type and enterprise size. Based on deployment type, the US accreditation management software market is segmented into cloud and on-premise. Similarly, based on enterprise size, the US accreditation management software market is segmented into SMEs and large enterprises.
The key companies profiled in the accreditation management software market include Armature; Compwalk; Dossier Solutions; Liaison International; Qualtrax; Softtech Health, LLC; Spol; and Wizehive. Several other players functioning in the market worldwide are also contributing significant revenue shares year-on-year.