Student Information System Market: Financial Management Application Segment Accounts For A Revenue Share

 Student Information System Industry Overview

The global student information system market size is expected to reach USD 32.38 billion by 2030, registering a CAGR of 19.0% from 2022 to 2030, according to a recent report by Grand View Research, Inc. The Student Information System (SIS) is popular among administrators and educators to gain accessibility of data to evaluate students’ performance based on the institutions’ goals and missions. Institutions are generating huge amounts of data such as application data, personal data, financial data, facilities and estates data, and admission data. Moreover, the increasing demand for collaborative visualization of data and presentation of procedures to learn and adjust to the pattern and needs of users is expected to drive the market over the forecast period.

 

The growing adoption of cloud-based learning management systems is directly influencing the growth of the market. These cloud-based solutions include software packages such as student management systems, student record systems, which require more data storage capabilities and provide growth opportunities for cloud-based student information systems. The increasing adoption of advanced technologies and new concepts of education including online classes, digital assignments, and animated teaching also positively influences the growth. For instance, in April 2020, BYJU’S, an educational technology company, witnessed a growth of 150% in the number of new students registering in a span of 1 month from March 2020 to April 2020. The corresponding volume augmentation of new students was tantamount to a whopping 6 million new students. This clearly shows the significant rise in the adoption of new platforms for learning delivery, finding a slew of takers.

With the growing demand for automated management of various business activities in academic institutions, the education Enterprise Resource Planning (ERP) market is gaining substantial traction among various users. As a result, greater use of education ERP solutions in the academic sector and the high connectivity rate offered by these solutions, are driving the SIS market. However, several academic institutions are facing problems from increasing operational complexity and quick changes in business strategies. These student information systems alleviate the work stress of the administrators as they are better equipped to deal with business contingencies, with enhanced technologies with ready synchronizations and interoperability.


Student Information System Market Segmentation

Grand View Research has segmented the global student information system market based on component, deployment, application, end use, and region:


Based on the Component, the market is segmented into Software, and Service.

  • The software segment led the student information system market with a revenue share of over 70% in 2021. Educational institutions are increasingly looking for solutions that can easily align with their internal processes and improve their efficiency. With the growing emphasis on operational efficiency, for educational institutions, the demand for student information system software sees a significant uptick.
  • These services help educational institutions bridge the gap between legacy systems and modern applications, and deliver connected experiences to students and parents while maintaining control and reliability. Moreover, rising organizational needs for penetration of cloud computing, improving the potential of the existing system, and necessitating significance for automation are some prominent factors, fueling the segment’s growth globally.

 


Based on the Deployment, the market is segmented into Cloud, and On-premise.

  • The cloud segment accounted for the highest revenue share of over 60% in 2021. The growth can be attributed to the increased institutional agility, provision of flexible access to solutions, and reduced costs associated with the storage of solutions and technical staff. Moreover, cloud-based solutions allow effective knowledge delivery to students and efficient management of business processes, resulting in better collaboration among stakeholders, easy access, and data security.
  • The on-premise segment is anticipated to register a significant CAGR of 15.3% over the forecast period. The on-premise student information system makes operations possible by storing the data in one location, which effectively manages end-to-end student information. 

 


Based on the Application, the market is segmented into Financial Management, Student Management, Admission & Recruitment, Student Engagement & Support, Others.

  • The admission & recruitment segment accounted for the highest revenue share of over 30% in 2021. Several schools and universities are unifying their technology portfolio into one integrated software solution. The software helps institutions with the admission procedure, admission form collection, listing, and admitting the students with the help of a single data entry in the centralized database.
  • The financial management segment is expected to register a significant growth of 20.3% from 2022 to 2030. The segment growth can be attributed to the digitization of fee payments, advanced analytics, easily customizable, and reduced administrative cost. In addition, these systems allow schools and universities a broad selection of features that empowers them with the ability to manage and control the accounts more effectively.

 


Based on the End-use, the market is segmented into K-12, and Higher Education.

  • The higher education segment accounted for the largest revenue share of over 60% in 2021. The growth in the number of universities worldwide, rise in educational hardware (virtual reality headsets, podcasts, and interactive whiteboards), the shift toward digitized learning content, and gamification are driving the growth of the segment.
  • The K-12 segment is anticipated to register a significant CAGR of 18.6% over the forecast period. The evolving student demographics, demand for skill-oriented education, increase in online and distance education in emerging economies such as the Asia Pacific and Africa are some of the key factors driving the growth of the segment.

 

Key Companies & Market Share Insights

Some of the key players that dominated the global market in 2021 include Oracle Corporation; Workday Inc.; SAP SE; Jenzabar Inc.; Skyward, Inc.; Illuminate Education; and Beehively. Strategic mergers, acquisitions, and partnerships are anticipated to be the most effective ways for industry players to gain quick access to emerging markets and enhance technological capabilities.

For instance, in November 2021, Campus Management Corp. (Anthology Inc.) announced the partnership with Together We Rise, a nonprofit organization, to provide service opportunities for Anthology employees and monetary support for Together We Rise initiatives. This partnership includes virtual service opportunities for Anthology employees to build education-related kits for students in foster care, including back-to-school, tech, and STEM packs. Additionally, product differentiation and upgrading in the form of cloud services are expected to pave way for the growth of companies in the market.

In December 2021, Illuminate Education announced the partnership with the Association of Supervision and Curriculum Development (ASCD), to expand its CaseNEX (an online course powered by Illuminate Education) professional development course offerings with resources from ASCD, such as the ASCD Activate Professional Learning Library. With the help of this partnership, CaseNEX offers professional development opportunities for educators to enhance their skills, maintain certifications, and earn university credits.Some of the prominent players in the global student information system market are:

  • Oracle Corporation
  • Workday Inc.
  • SAP SE
  • Jenzabar Inc
  • Skyward, Inc.
  • Illuminate Education
  • Ellucian Company L.P
  • Campus Management Corp. (Anthology Inc.)
  • Foradian Technologies
  • Beehively

 

Order a free sample PDF of the Student Information System Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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