Test Preparation Market in US 2015-2019

2015-2019
Test Preparation Market in US
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2015-2019
Table of Contents
01. Executive Summary ........................................ 1

02. List of Abbreviations........................................ 2
03. Scope of the Report ........................................ 5
03.1 Market Overview .................................................... 5
03.2 Product Offerings.................................................... 5
04. Market Research Methodology..................... 6

04.1 Market Research Process ...................................... 6
04.2 Research Methodology ......................................... 6
05. Introduction ..................................................... 8

06. Market Landscape ....................................... 10
06.1 Digitization of Education in US: An Overview .... 10
06.2 E-learning Delivery Model ................................... 12
06.3 Market Size and Forecast .................................... 13
Market Size and Forecast......................................................... 13
06.4 Five Forces Analysis ............................................. 15
07. Market Segmentation by Product ............... 17

07.1 Test Preparation Market in US by Product .......... 17
07.2 Test Preparation Market in US by University Exam
Segment ................................................................ 20
07.3 Test Preparation Market in US by Certification

Exam Segment ..................................................... 21
technavio insights
2015-2019
07.4 Test Preparation Market in US by High School

Level Exam Segment ........................................... 23
07.5 Test Preparation Market in US by Other Exam

Segment ................................................................ 24
08. Buying Criteria............................................... 25

09. Market Growth Drivers .................................. 26
10. Drivers and their Impact ............................... 28
11. Market Challenges ....................................... 29
12. Impact of Drivers and Challenges .............. 32
13. Market Trends................................................ 33
14. Trends and their Impact ............................... 35
15. Vendor Landscape ....................................... 36
15.1 Competitive Scenario .......................................... 36
15.2 Market Share Analysis 2014 ................................ 36
15.3 Other Prominent Vendors .................................... 37
16. Key Vendor Analysis..................................... 38

16.1 ArborBridge........................................................... 38
Key Facts ..................................................................................... 38
Business Overview...................................................................... 39
Service Segmentation .............................................................. 39
Recent Developments ............................................................. 39
SWOT Analysis ............................................................................. 40
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2015-2019
16.2 ClubZ ..................................................................... 41

Key Facts ..................................................................................... 41
SWOT Analysis ............................................................................. 43
16.3 Pearson ................................................................. 44

Key Facts ..................................................................................... 44
Business Segmentation by Revenue 2013 ............................ 46
Business Segmentation by Revenue 2012 and 2013 .......... 47
Geographical Segmentation by Revenue 2013 ................. 47
SWOT Analysis ............................................................................. 48
16.4 The Princeton Review ........................................... 49

Key Facts ..................................................................................... 49
SWOT Analysis ............................................................................. 51
17. Other Prominent Vendors ............................. 52

17.1 Barron's Educational Series ................................. 52
17.2 Becker Professional Development ..................... 52
17.3 Huntington Learning Center ................................ 53
17.4 Kaplan ................................................................... 53
17.5 Knewton ................................................................ 54
17.6 Manhattan Review ............................................... 54
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2015-2019
17.7 Peterson's Nelnet .................................................. 55

17.8 Revolution Prep .................................................... 55
18. Other Reports in this Series ........................... 56
technavio insights
2015-2019
List of Exhibits
Market Research Methodology.................................. 6

Key Developments in E-learning Market ................. 11
Key ICT Developments in Education Market 20122022 ...................................................................................... 12
E-learning Delivery Model .......................................... 13
Segmentation of Test Preparation Market in US by
Product ................................................................................. 17
Product 2014 ........................................................................ 18
Product 2019 ........................................................................ 18
Product 2014-2019 ($ million) ............................................. 19
Product 2014-2019 ............................................................... 19
Test Preparation Market in US by University Exam
Segment 2014-2019 ($ million) ........................................... 20
Test Preparation Market in US by Certification Exam
Segment 2014-2019 ($ million) ........................................... 21
Test Preparation Market in US by High School Level
Exam Segment 2014-2019 ($ million) ................................ 23
Test Preparation Market in US by Other Exam
Segment 2014-2019 ($ million) ........................................... 24
ArborBridge: Service Segmentation....................... 39
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2015-2019
ClubZ: Service Segmentation.................................. 42

Pearson: Business Segmentation by Revenue 2013 .
..................................................................................... 46
Pearson: Business Segmentation by Revenue 2012
and 2013 ($ billion) .............................................................. 47
Pearson: Geographical Segmentation by
Revenue 2013 ...................................................................... 47
The Princeton Review : Service Segmentation ..... 50
technavio insights
Test Preparation Market in US 2015-2019
01. Executive Summary

Market Size
2014:
2019:
$3,892.0 million
$4,340.0 million
Market Growth Rate
2015:
2019:
1.53%
2.83%
CAGR
2.20%
Key Customer Segments
Educational Institutions
Individual Customers
Key Market Drivers
Reliance on Standardized Testing

Government Initiatives
Changes in Standard Exam Structure
Rise in Employment Opportunities
Key Market Challenges
Credibility Issues
Advocacy against Standardized Test Culture
Threat from Open Sources
Sustainability Issues
Key Market Trends
Increased Focus on K-12 segment

Rigorous Marketing
Growing Online Distribution Channels
Investments in Test Preparation Start-ups
Key Buying Criteria
Brand
Coverage
Quality
Customer Service
Key Vendors
ArborBridge
Club Z! Inc.
Pearson
The Princeton Review Inc.
02. List of Abbreviations

ACCA
Association of Chartered Certified Accountants
ACT
American College Testing
AP
Advanced Placement
AVSAB
Armed Services Vocational Aptitude Battery
BFSI
Banking Financial Services and Insurance
BYOA
Bring Your Own Access
BYOD
Bring Your Own Device
CAIA
Chartered Alternative Investment Analyst
CD
Compact Disc
CFP
Certified Financial Planner
CIMA
Chartered Institute of Management Accountants
CMS
Content Management System
COMLEX
Comprehensive Osteopathic Medical Licensing Examination
CPA
Certified Public Accountant
ESL
English as a Second Language
FRM
Financial Risk Manager
FT
Financial Times
GED
General Educational Development
GMAT
Graduate Management Admission Test
GRE
Graduate Record Examination
ICT
Information Communications Technology
IELTS
International English Language Testing System
IoT
Internet of Things
ISEE
Independent School Entrance Examination
LMS
Learning Management System
LSAT
Law School Admission Test
MCAT
Medical College Admission Test
MNC
Multinational Company
MOOC
Massive Open Online Course
NAAC
National Assessment and Accreditation Council
NAPLEX
North American Pharmacist Licensure Examination
NCLB
No Child Left Behind
NMSQT
National Merit Scholarship Qualifying Test
PANCE
Physician Assistant National Certifying Examination
PSAT
Preliminary Scholastic Assessment Test
ROM
Read-only Memory
SAT
Scholastic Assessment Test
SHSAT
Specialized High Schools Admissions Test
SOOC
Short Open Online Course
SSAT
Secondary School Admission Test
SSATB
Secondary School Admission Test Board
TOEFL
Test of English as a Foreign Language
TOEIC
Test of English for International Communication
USMLE
United States Medical Licensing Examination
VCR
Video Cassette Recorder
03. Scope of the Report

03.1 Market Overview
This report covers the present scenario and the growth prospects of the test preparation market
in the US for 2015-2019. To calculate the market size, the report considers revenue generated by
test preparation service providers with a workforce of more than 20 employees. The report does
not consider individual private tutors. The product segments considered to determine revenue
generated are:
University exam
Certification exam
High school level exam
Other exams
It also presents the vendor landscape and a corresponding detailed analysis of the top four
vendors in the market. In addition, it discusses the major drivers that influence the growth of the
market. It also outlines the challenges faced by vendors and the market at large, as well as the
key trends that are emerging in the market.
03.2 Product Offerings

Company
Products Offered
ArborBridge
Test Preparation Services

Counseling Services
Club Z!

Academic Tutoring
Pearson
Pre-K-12 Education
Higher Education
Professional
The Princeton Review
04. Market Research Methodology

04.1 Market Research Process
Technavio has collected and analyzed key data related to the test preparation market in the US
using a variety of methods. The market dynamics have been ascertained following a detailed
study of the micro, meso, and macroeconomic indicators of the market.
04.2 Research Methodology

This report is based on in-depth quantitative and qualitative analyses of the test preparation
market in the US. The quantitative analysis involved the application of various projection and
sampling techniques. The qualitative analysis involved primary interviews, surveys, and vendor
briefings. The data gathered as a result of these processes were validated through experts'
opinions.
Market Research Methodology
Test Preparation
Market in US 20152019
Source: Technavio Research
Based on the research results and technical insights thus gathered, Technavio analysts have
provided a comprehensive analysis of the varied aspects of the market. The impact of global
economic conditions and other macroeconomic indicators were also considered when assessing
the market.
05. Introduction
The increasing phenomenon of benchmarking in education is highly useful in measuring the
performance of students, teachers, and schools, and consequently evaluate and compare the
education system. The test preparation industry has emerged concomitantly with the extensive
standardization of the education sector in the US. This standardization essentially refers to the
provision of exam preparation services for students to help them score well in entrance tests. The
test preparation providers make available supplementary educational materials, mock tests, and
guides in classroom-based or online learning modes to help the students in their endeavors. Apart
from that, test preparation companies in the US help the students prepare for various university
and high school level exams such as SAT and ACT, as well as certification exams such as MCAT
and GMAT. The scope for such test preparation companies is high, driven by the rise in demand
from students seeking admission in better schools and colleges.
The test preparation market in the US is performing well and is growing steadily with a CAGR of
2.20%. It is expected to reach $4,340.0 million in terms of revenue by 2019. The market is
experiencing huge demand for preparatory courses for high school level exams, which is the
fastest growing segment. Further, as a result of the standardization of K-12, the market is gaining
considerable momentum. The portfolios of vendors present in the market range from large
vendors operating globally to small vendors offering specific services. The onset of online
preparation methods is also helping them create new markets to compete.
Reliance of the US education system on standardized testing has increased. In addition, the
announcement of NCLB, a government initiative, to make education more quantifiable in terms
of student performance, has boosted the adoption of a standardized testing regime. As a result,
several students have become dependent on these test preparation companies.
Notwithstanding the above, credibility issues pertaining to educational institutions have increased.
The influx of several players offering instructional materials to facilitate test preparation in the
market has resulted in increased resistance among customers. This hesitance stems from factors
such as poor quality of content, lack of good coverage and extensiveness of the study material,
and lack of comprehensiveness of the service. Apart from that, accreditation issues have seen a
rise, further leading to customers' shift to known brands. Not all people are convinced about a
standardized test culture, which remains a cause of concern for market growth.
The market offers promising growth options because its true growth potential is yet to be
unlocked. The emergence of many positive trends is expected to help the market grow and
circumvent the challenges. Focus on the K-12 market has increased in the US. Although, K-12 is
considered to be a lucrative market, it is still decentralized and difficult to capture. Therefore,

vendors are interested to expand their businesses in the K-12 market by developing customized
products that suit the specific needs of customers. Apart from that, rigorous marketing campaigns
by educational institutions are expected to have a positive impact on overall market growth.
10
06. Market Landscape

06.1 Digitization of Education in US: An Overview
The emergence of e-learning is one of the most powerful developments in the education market.
E-learning has improved access to educational opportunities for students who seek to pursue a
specific course but are restricted because of the lack of availability of such courses within their
reach or because of factors such as distance, time, and affordability. Online education, however,
has the potential to trigger a third wave of internationalization for educational institutions and
training institutes across all segments of the education market. In the corporate segment, demand
for e-learning has increased significantly, the economic scenario of many companies changed
considerably following the global financial crisis. As a result, to control training and travel budgets,
companies have begun to adopt e-learning in all feasible functionalities.
The adoption of e-learning courses is on the rise as it is less time-intensive, while the content
retention rate is much higher than classroom training. Also, the growth of mobile devices,
enhanced internet connectivity, and the incorporation of rich content have significantly
improved the method of learning delivery. All these factors have resulted in wide acceptance
and increased credibility of e-learning courses across all segments in the education market.
E-learning courses are broadly classified as follows:
Synchronous e-learning: virtual classroom with the capabilities found in real classrooms. The
trainer and trainee interact in a virtual meeting place. Various technologies used in this form
of learning include slide presentations, audio and video conferencing, application sharing,
and shared whiteboard
Asynchronous e-learning: provides students with the flexibility to study the course in their own
time and to their own schedule. It does not require live interaction with trainers. These courses
are largely delivered in two forms, which are self-paced learning and facilitated discussions
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Key Developments in E-learning Market

The exhibit below explains the key ICT trends that have played an important role in the
development of the e-learning courses market.
12
Key ICT Developments in Education Market 2012-2022
06.2 E-learning Delivery Model

Content for e-learning can be generated through various sources such as libraries, journals,
publishing houses, content developers, and open-source models. The content is developed
according to the requirements of corporate and other e-learning consumers. The next step after
content generation involves the development of an e-learning module for its deployment on
software platforms. CMS and LMS are generally software or suites of applications and tools that
allow organizations to create, edit, review, and publish content. The published content is then
distributed to end-users through virtual classrooms, computers, tablets, and smartphones.
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E-learning Delivery Model
Content
Management
Systems
Distribution
End-users
06.3 Market Size and Forecast

Market Size and Forecast
The test preparation market in the US was valued at $3,892 million in 2014 and is expected to reach
$4,340 million by 2019, growing at a CAGR of 2.20%.
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Education is compulsory for all students in the US, until they are sixteen or eighteen, depending on
the regulatory requirements and structure of local school districts. The US education system is meritbased with the student population having to write at least two competitive exams during their
education. The US has become a lucrative market for test preparation providers because of
favorable government policies, which play a pivotal role in developing the test preparation
market. As a result, the country represents a resilient and stable demand for test preparation
services. The highly fragmented market attracts many enterprises and individual vendors as the
demand for these services has gradually risen because of tough entrance exams.
Rising demand and the need to ensure equality in education has changed the market structure
to a large extent. Traditionally, this market was represented by a few large and reputed
enterprises, who charged exorbitant fees and provided a standard package of services, including
specific subject training, career counseling, and mock tests. These expensive courses were
unaffordable among a large section of students. However, the advent of online media in
receiving test preparation classes and materials, followed by a rise in independent private tutors,
and non-profit organizations, who customize courses as per students' educational requirements
and financial capacities began to attract a wider learner base. This resulted in large enterprises
tweaking their course offerings to remain competitive in the market. This has helped the students
preparing for professional exams significantly. Currently, most students preparing for entrance
exams use the blended learning approach. They enroll in schools and colleges, study in traditional
classroom-based teaching environments, and simultaneously access various MOOCs and
subscription-based online platforms.
Apart from traditional test preparation services, other niche segments have also significantly
benefited from advances in technology. Institutes have begun to create product and service
innovations for disabled students as well as students who need special care and attention as they
cannot be properly judged with the standard exams for other students. To ensure the right
assessment of these learners, institutes, in partnership with technology service providers such as
Intel and Apple, have begun to create new platforms to train such students to successfully
compete in respective entrance exams. Hence, the demand for new tools and technologies to
create content is expected to drive the market. All these factors would strongly contribute in the
test preparation services market, which is expected to maintain low but steady growth during the
forecast period.
15
06.4 Five Forces Analysis
Bargaining Power of Suppliers

(Moderate)
The providers of test preparation
materials and online classes
develop the course content
themselves. However, they are
dependent on the technology
service providers for hardware
and software for online courses.
Threat of Substitutes
(Low)
Threat of Rivalry
The market is
dependent on
mainstream education.
Therefore,
strengthening of
education system
poses a threat to the
test preparation
market.
The competition level

in test preparation
market is high as it is a
niche market. This has
also raised the industry
standards.
(High)
Bargaining Power of
Buyers
(High)
The bargaining power
of buyers is high with a
plethora of options for
the vendors to choose
from.
Threat of New
Entrants
(High)
The lucrative market is
attracting new players
to enter the market.
Moreover, the market is
not capital -intensive.
16
Key
The impact of the five forces is graded on the basis of the intensity and duration of their influence
on the current market landscape. The magnitude of the impact has been categorized as
described below:
Low
- Negligible or no impact on the market landscape
Moderate
- Medium-level impact on the market
Moderately High - Significant impact on the growth of the market
High
- Very high impact, with radical influence on the growth of the market
17
07. Market Segmentation by Product

07.1 Test Preparation Market in US by Product
The test preparation market in the US is categorized into the following segments based on
products:
Segmentation of Test Preparation Market in US by Product
Test
Preparation
Market in US
University
exam
Certification
exam
High Schoollevel exam
Other exam
18
Segmentation of Test Preparation Market in US by Product 2014
Segmentation of Test Preparation Market in US by Product 2019
19
Segmentation of Test Preparation Market in US by Product 2014-2019 ($

million)
Segmentation of Test Preparation Market in US by Product 2014-2019
20
07.2 Test Preparation Market in US by University Exam Segment

The test preparation market in the US by the university exam segment was valued at $1,853.4
million in 2014 and is expected to reach $2,075.4 million by 2019, growing at a CAGR of 2.29%.
Test Preparation Market in US by University Exam Segment 2014-2019 ($

million)

One has to clear standardized tests such as SAT, ACT, GMAT, ASVAB, GRE, PSAT/NMSQT, MCAT,
LSAT, and AP exams to gain admission to colleges and universities in the US. These tests are either
generic in nature, such as ACT, or are domain specific, such as GMAT and MCAT, which are tests
that help gain admission to business colleges and medical colleges in the country. Most universities
and colleges admit students to undergraduate courses based on SAT and ACT scores. Students
take these exams mostly in their senior year of high school. As a result, being a mandatory
requirement, the potential for the SAT and/or ACT entrance exam preparation services market is
as high, driven by the widening high school learner base. Therefore, these courses represent the
biggest share of the market and this should continue even at the end of the forecast period. The
surge in demand observed for these tests is evident from the increase in SAT test centers in the US.
It increased from 11,000 in 1998 to more than 22,000 in 2012. With the rising student population,
and limited seats, universities and colleges will make the selection process more rigorous and
21
stringent. This could lead to an increase in the minimum SAT/ACT scores in institutes. To ensure
enrollment in the best colleges, students will enroll in institutes that provide the right training to
successfully crack such tests. However, this market should witness stable growth to an extent
because of some level of effect by open online courses.
07.3 Test Preparation Market in US by Certification Exam Segment

The test preparation market in the US by the certification exam segment was valued at $1,182.4
million in 2014 and is expected to reach $1,327.6 million by 2019, growing at a CAGR of 2.34%.
Test Preparation Market in US by Certification Exam Segment 2014-2019 ($

million)

The US economy has recovered to an extent from the financial crisis of 2008-2009. The government
has taken steps and kick-started adequate initiatives to ensure stability in the employment market.
Although the employment market is improving, it is yet to garner the confidence of students and
other learners. In such a scenario, to gain expertise in a particular field and remain competitive,
employees and students who have just passed out of colleges are taking certification exams. The
test preparation companies are offering preparatory courses and classes for exams such as FRM,
CPA, CFP, CAIA, NAPLEX, NCLEX, and PANCE. Most of these courses are technically complex,
22
apart from being expensive. Apart from that, some of the courses have limited attempts and
negative markings, which could affect the students' education credentials. As a result, most
students opting for such courses enroll in centers that provide assistance in successfully clearing
these exams. The rising student populace across segments, including students, fresh graduates,
and employees showing keen interest in such courses, should strengthen the demand for test
preparation services. Chartered courses such as CFA, CPA, and CS will also enjoy strong demand,
owing to their high credibility in the job market.
Also, globalization and IoT has led to the emergence of various niche and parallel industries giving
rise to new knowledge requirements from the technology and concept perspective. For instance,
Big Data, which was almost non-existent a decade ago, is thriving in almost all large organizations.
Various companies are seeking professionals such as data scientists, who have in-depth
knowledge of Big Data tools such as Hadoop and NoSQL. Meanwhile, e-commerce has led to
substantial demand for social media analytics, digital marketing, SEO, website development, and
management to name a few. These are non-traditional courses, which students learn from
certified training institutes. Also, large universities have begun to offer certification programs in
such fields. As the seats are significantly limited, students go through a rigorous selection process
for these programs. All these factors necessitate students to enroll for training to help them groom
for such niche roles. As a result, apart from a rise in the training of students to clear traditional
certifications, the segment will also witness the establishment of new entities catering to niche
requirements. Also, as few institutes offer such training, the training institutes have the leverage to
charge premium fees and garner better margins as against traditional training institutes.
23
07.4 Test Preparation Market in US by High School Level Exam Segment

The test preparation market in the US by the high school level exam segment was valued at $566.3
million in 2014 and is expected to reach $639.7 million by 2019, growing at a CAGR of 2.47%.
Test Preparation Market in US by High School Level Exam Segment 20142019 ($ million)

This segment includes exams that are conducted for the purpose of getting admission to high
schools, such as SHSAT, ISEE, and SSAT. SHSAT is used as a criteria to gain admission to eight
specialized high schools in New York. This exam is organized for all eighth and ninth grade students.
The SSAT is another test organized by SSATB for students in 3-11th grade to gain admissions to
elementary, middle, and high schools. ISEE is another entrance test that is used to administer
students into schools. This test is organized at three levels for different grades, including 5-6 grade,
7-8 grade, and 9-12 grade.
Enrollments into preparation of such exams are increasing rapidly. The revenue generated from
this segment is growing rapidly compared to other mentioned segments. Due to the
standardization of course material, most institutes compete in terms of price or fees. In this
segment, a large portion of learners concentrate on a few leading institutes as these organizations
have a legacy reputation of providing best-in-class training. As high school education is
24
mandatory to achieve complete school education, most students enroll for the training. Therefore,
despite a decline in course fees, the market should witness sustained demand, driven by the rise
in student enrollments.
07.5 Test Preparation Market in US by Other Exam Segment

The test preparation market in the US by the other exam segment was valued at $290.0 million in
2014 and is expected to reach $297.3 million by 2019, growing at a CAGR of 0.50%.
Test Preparation Market in US by Other Exam Segment 2014-2019 ($ million)

Apart from all the exams mentioned above, test preparation companies are also offering their
services to students to enhance their performance in other exams pertaining to language
proficiency. This includes helping students in Pre K-12 to improve learning and retention. As a result,
the students gain a better understanding of the subjects and enhance their cognitive abilities in
subjects. The rate of enrollments to prepare for these exams is lower compared with the
abovementioned segments. The lack of appropriate and adequate products available for Pre K12 students has lowered market penetration to an extent. This provides opportunities for vendors
seeking to create new products for this untapped segment. This segment mainly covers tests such
as TOEFL, TOEIC, and IELTS, which are used to measure cognitive ability, intelligence level, and
also to understand psychology.
25
08. Buying Criteria

Parameter
Brand
Coverage
Quality
Customer
service
Details
Customers
are
giving
preference to the brand
name of vendors while
purchasing.
Hence,
vendors should improve
brand visibility.
The
test
preparation
material should cover
each and every aspect of
exams and subjects.
Vendors should make sure
that
there
is
no
discrepancy
in
the
information
and
also
ensure
that
the
information provided to
students
is
comprehensive.
Good customer service is
essential in resolving any
confusion of customers.
Test preparation providers
should have a system for
redressing grievances and
complaints.
Customer Segments
Significance Attached
Educational institutes
Individual customers
Low
Low
Low
Low
High
1
High
51
High
High
High
Low
High
Low
Low
High
Key
The impact of the buying criteria is graded on the basis of the intensity and duration of their
influence on the current market landscape. The magnitude of the impact has been categorized
as described below:
Low
Moderate - Medium-level impact on the market
High
26
09. Market Growth Drivers

Some of the major drivers of the test preparation market in the US are discussed below:
Rise in Employment Opportunities

Education standardization and benchmarking initiatives are fueling the growth of the test
preparation market in the US. Following the enactment of the NCLB act, emphasis on a standardsbased education system has increased significantly. The act makes sure that education is
available to each and every child. In order to monitor the growth of the learning quotient of
students, a range of standardized tests such as SAT and ACT are used at various levels. Notably,
schools and colleges have been entrusted with the responsibility of enhancing the performance
of students in these tests. The US government has strict laws in place to deal with non-performing
educational institutions. The measures that the country could take against such institutes include
curtailment of funding. Therefore, some educational institutes have begun to incorporate such
tests to comply with rules and regulations laid down by the US government. Nonetheless, the
resources available for students to prepare for these tests are inadequate in some institutes, which
has fueled the demand for test preparation services in the country. Apart from that, an increasing
number of schools, universities, and students are taking help from the providers of test preparation
tools and courses.
The US government has shown keen interest in building the technical capabilities of students to
make them more employable. In line with this strategy, it has introduced TechHire in 2015, which
is an ambitious plan to hire and provide training for new technical positions by around 300
employers including Google, Goldman Sachs, and Bank of America. The program will be run in 20
cities with the help of a $100-million fund, which will be provided by the Department of Labor. The
fund will be available for companies engaged in the training and hiring of disabled people,
women, and weaker sections of society. Apart from that, YesWeCode, a company that provides
technical training to young people seeking funds, has also decided to contribute $10 million to
the TechHire program to support scholarships, and companies such as Treehouse Island, Dev
Bootcamp, and Udacity are also offering training for students for free or at a discount. All these
factors are expected to boost the growth of the market during the forecast period.
27

There is a direct correlation between structural changes brought about in standardized exams
such as SAT, MCAT, LSAT, and ACT and the demand for test preparation instructional programs
and materials. For instance, in 2015, recent changes in MCAT, an admission exam for medical
students, has further pressurized students to aim for high test scores. These changes are quickly
resolved and incorporated in the materials and services provided by test preparation companies.
Also, students are increasingly relying on test preparation service providers to understand the
requirements and perform well in exams. Hence, the profitability scenario for test preparation only
gets better under such circumstances.
Rising Employment Opportunities
The growth prospects of the market lowered during the financial crisis of 2008-2009. However, the
US did manage to register a steady recovery in the past few years, which bodes well for the overall
employment scenario of the country. The US has not reached a stage in its economic scenario
wherein its job data matches that of the pre-recessionary period. Although lot of investments have
been made, which has led to positive changes in the employment scenario, it has still not gained
the confidence of the youth and working population in the country. As a result, candidates who
have work experience are pursuing certification courses and diplomas such as CFA to gain
expertise and distinguish themselves from others. The growing enrollment in test preparation
courses is also because of the government's initiatives to improve the talent pool and make
students more employable.
28
10. Drivers and their Impact

Impact on Key Customer Category
Driver
Education Institutions
Reliance on Standardized
Testing
Low
Low
Changes in Standard
Exam Structure
Low
Rise in Employment
Opportunities
Low
Individual Customers
High
1
Low
High
High
1
Low
High
High
Low
High
High
Low
High
Impact on Geography
Driver
US
Reliance on Standardized
Testing
Low
Low
Changes
in
Exam Structure
Low
Standard
Rise
in
Employment
Opportunities
High
1
High
High
Low
High
Key
The impact of the drivers is graded on the basis of the intensity and duration of their influence on
the current market landscape. The magnitude of the impact has been categorized as described
below:
Low
Moderate - Medium-level impact on the market
High
29
11. Market Challenges

Some of the major challenges in the test preparation market in the US are discussed below:
Credibility Issues
Credibility Issues
Several test preparation solution providers have forayed into the market, driven by the expansion
of the market in the US. Growth in the number of service providers has resulted in the availability
of various test preparation courses. Hence, learners are hesitant and suspicious about the quality
of the program while procuring these services from unknown and small vendors. Notably, quality
of program content coupled with faculty and industry experts, who design the test material and
guide, has gained immense significance in the market.
Large organizations possessing knowledge about the content of a specific course and having a
reputed name in the industry for training are able to differentiate their products from vendors in
terms of quality. However, the test preparatory programs of smaller organizations are facing
difficulties in terms of financial capability to deliver test preparatory courses and programs in terms
of the quality, comprehensiveness, and reliability. In addition, the lower brand visibility of small
companies compared to the larger ones has not allowed the vendors to unlock the true potential
of the market. Apart from public and private schools, individual students are unconvinced about
the course coverage and course quality of small-scale test preparation centers. Therefore,
accreditation from a reputed organization such as the NAAC is expected to help small test
preparation centers attract more students into their fold.
A significant percentage of people in the education industry are against the use of standard tests
for measuring the performance of a student. They reckon that such a test-taking culture,
especially for K-12, will not prove beneficial in the long run. Notably, the tests conducted are not
creating a conducive environment for the overall development of students. This is leading to a
dearth of opportunities for encouraging and fostering the individual talent of a given student.
Although tests develop the competency of students, they are not completely recognizing the
individual needs of students, which is affecting their learning potential.
30
Even educationalists are unconvinced of the use of tests for judging the standing of teachers and
educational institutions. The US government is granting funds based on the performance of
schools and other educational institutions. Consequently, some teachers have developed a
resentment of sorts because they do not deem this as the appropriate criterion to judge an
educational institution. If the same trend continues, more teachers are expected to develop
resentment, which is not an ideal scenario for the overall market to thrive. The US government is,
therefore, required to take adequate measures to address the underlying concerns of teachers.
The providers of test preparation materials and mock tests are witnessing increased competition
from open source providers of the same. The number of open source content providers has seen
a marked increase during the past few years. The growing support from non-profit organizations
such as the Hewlett Foundation and the Gates Foundation has further fueled the demand for
open source content.
The instructional materials developed and delivered by open source providers are posing a
significant threat to vendors such as Kaplan and Houghton Mifflin Harcourt, who charge a fee for
instructional programs and courses. The services offered by open source providers are less
expensive and are readily available in the market. They are also easily accessible for students. The
comparatively lower pricing for test materials and digital products is negatively affecting the
demand for products that are charged for a fee or subscription. Although this phenomenon will
not have a widespread impact on the sales of huge vendors such as The Princeton Review, as
schools and colleges mostly procure their test preparation requirements through them, it will
certainly contain absolute market penetration. This could limit the sales potential of large vendors
and hinder the expansion of their customer base.
31
The market is expanding rapidly, which is attracting many players to tap the high potential of the
market. Several test preparation start-ups are foraying into the market. They enjoy an
overwhelming support of investors seeking to leverage the untapped market to increase their
profits. Also, the market is not capital intensive in terms of course material designing and faculty
required for guiding students in their test preparation. However, small players and start-ups are
experiencing tough competition from large vendors such as Pearson in terms of expansion of
distribution channels to reach out to a larger consumer base and provide unique services.
Notably, huge players such as Pearson have established themselves by forming tie-ups with
various schools and universities. Apart from that, new entrants need to innovate swiftly to withstand
the financial strength of the leading vendors. Therefore, many players entering the market are
facing issues pertaining to sustainability, which is a key hindrance to continued operations and
long-term profitability.
32
12. Impact of Drivers and Challenges
Key
The impact of the drivers and challenges is graded on the basis of the intensity and duration of
their influence on the current market landscape. The magnitude of the impact has been
categorized as described below:
Low:
Negligible or no impact on the market landscape
Moderate:
Medium-level impact on the market
Moderately High: Significant impact on the growth of the market
High:
Very high impact, with radical influence on the growth of the market
33
13. Market Trends

Some of the major trends in the test preparation market in the US are discussed below:
Increased Focus on K-12 Segment
Rigorous Marketing
Increased Focus on K-12 Segment

Test preparation material providers have tapped the potential of the market for certification and
university level exams. The high potential of the K-12 market is attracting a lot of vendor attention.
Also, the opportunities in the market have increased, driven by steady growth of the K-12 market.
The K-12 segment is quite decentralized and accommodates multiple public and private schools
with different customization needs, which is fueling the adoption of test preparation materials.
However, companies need to establish tie-ups and maintain long-term working relationships to
consolidate their market reach in the long run.
The market performance essentially depends on student enrollments in schools. Notably, the US
government has taken several steps to standardize K-12 education in public as well as private
schools. It has introduced Common Core state standards, which are academy standards set for
measuring improvements in student knowledge and learning in math and English. Nonetheless,
such initiatives may take time to show results, which necessitates the vendors to design customized
products.
Rigorous Marketing
The test preparation market in the US is characterized by the presence of multiple vendors. The
large vendors are spending high amounts on the marketing and promotion of their products and
services. These activities are an important part of their strategy to establish their brands in the
market and attract target customers. Apart from that, they are engaged in organizing fairs and
forging partnerships with other companies to spread brand awareness and increase brand
visibility.
The companies that develop test preparation content have also kick-started initiatives to gain a
better understanding of market trends, target customers and their needs, and products and
services offered by the competition. They factor in the obtained customer insights and
accordingly formulate their design strategy, which paves the way for the development of unique
products, thereby attracting more customers to the market.
34

The changing demand patterns and a dynamically changing external environment has forced
test preparation firms to adopt various other means to make their products available. Therefore,
they have opened many distribution centers at different locations to enhance service delivery.
The increased influence of the Internet on the education sector in the US has shifted companies'
focus to the use of online media for a gamut of purposes. This has created a viable option for
providers and customers. Effective use of online media enables providers to reach out to a large
set of customers, while incurring minimal costs. Students, especially those enrolled for certification
exams such as CFA and FRM, are finding it a flexible option, through which they can study anytime
and anywhere. Apart from that, the increased use of mobile devices such as tablets and iPads
among students has accelerated accessibility. Hence, a growing online distribution platform is
expected to unlock a whole new method of market penetration.
Test preparation start-ups are swiftly picking up momentum and attracting the attention of venture
capitalists primarily in the high school and university space. The US government is actively
promoting standardized learning environments in schools and colleges. Investors in the country
are interested in expanding the education ecosystem in terms of technology used in schools and
colleges. Apart from that, small companies with unique ideas are gaining traction among investors
that are facilitating the development of their back-end infrastructure and are enhancing their
delivery methods. For instance, Discovery Communication has invested $20 million in Grockit
through Learnist, a social learning platform for students. The funds received will help Grockit
improve the distribution, marketing, and promotion of its products and services.
35
14. Trends and their Impact
Key
The impact of the trends is graded on the basis of the intensity and duration of their influence on
the current market landscape. The magnitude of the impact has been categorized as described
below:
Low
Moderate
- Medium-level impact on the market
High
36
15. Vendor Landscape

15.1 Competitive Scenario
The test preparation market in the US enjoys the presence of several players catering to the needs
of schools and individual students with the help of tie-ups with various schools, colleges, and
universities. The revenue generated is mainly underpinned by the number of enrolled students for
test preparatory classes.
The market can be best described as a growing market. Previously, M&A was used by the large
organizations as a strategy to penetrate the market. Over the years, small vendors have also
started following suit to establish a sizeable market presence. It is attracting considerable private
equity, driven by factors such as long-term visibility and advanced cash inflows. Apart from that,
investments in start-ups trying to capture a niche market area have increased. For instance,
Grockit has received an investment of $20 million from Discovery Communications, which is
expected to help the company build and improve its product, Learnist, a learning board for stepby-step learning on different topics.
Several new players are foraying into the market, especially in niche areas such as the IT,
healthcare, and BFSI sectors. These vendors are innovating to develop new tech-centric course
materials. They are focused on delivering their products through multiple distribution channels,
and designing specific products for Pre K-12 schools as well as disabled students needing special
care and attention. Apart from that, partnerships with technology service providers have gained
momentum, driven by the need to capitalize on online delivery platforms.
15.2 Market Share Analysis 2014

ArborBridge is one of the major vendors in the market. The company is trying to increase its market
share in some of the niche segments and invest in advanced technologies, including cloud
computing. In addition, it has intensified its efforts to increase its brand visibility. It offers quality
products at competitive prices and is adapting well to the dynamically changing technological
landscape. Apart from that, it has been actively involved in building a pool of industry experts and
academicians.
Club Z! Tutoring Services is another important player in the test preparation market in the US. The
company caters to the varying needs of a wide range of industries through its products and
services. It is successfully growing its customer base by providing good customer service and has
a strong R&D division, in which it is investing significantly to deliver technologically advanced
products, while ensuring high quality.
37
Pearson is another important player in the test preparation market in the US. The company caters
to the needs of a diverse range of industries through its products and services. It has been
continually introducing new products and services to the market. It focuses on expanding its
network by partnering with institutions, and it is targeting a high number of schools, colleges, and
universities.
The Princeton Review is a key vendor in the test preparation market in the US. The company has
a diverse product portfolio and focuses on expanding its marketing and distribution channels in
the US. It is investing mainly in new markets and is increasingly focused on developing a team of
skilled and creative professionals by hiring and retaining talent. Apart from that, it is increasing its
market penetration through M&A.
15.3 Other Prominent Vendors

Company
Description
Barron's Educational Series
Publisher of school directories

preparation textbooks
Becker Professional Development Corporation
Provides training and other professional

education solutions for project management,
accounting, and finance
Huntington Learning Center
Provides tutoring and test preparation services

for high school level exams
Kaplan
One of the leading vendors in providing

services related to career and education
Knewton
US-based online test preparation company
Manhattan Review
MNC that offers educational services
Peterson's Nelnet
A
US-based
company
educational content
Revolution Prep
Provides
software
education-related
that
and
test
provides
services
and
38
16. Key Vendor Analysis

16.1 ArborBridge
Key Facts
39
Business Overview
ArborBridge was established in 2011 and is headquartered in Santa Monica, US. It provides online
and offline K-12 test preparation and essential skills development programs and courses.
The company's services are categorized as follows:
SAT and ACT programs: Offers various learning packages in a price range of $2,495 - $8,995
Counselors: The institute, in collaboration with independent college counselors, provides

services to its students to ensure successful admissions in leading US colleges and universities
ArborBridge has strong faculty base and best-in-class online teaching methods. It serves students
in over 40 countries worldwide.
Service Segmentation
ArborBridge: Service Segmentation
Recent Developments
Company Details
Description
Key Highlights
April 2015: Enters into a partnership with ChaseFuture

(an admissions outfit based in China) to train students
for SAT and ACT exams and perform well in colleges
August 2014: Ranked 2,156 on the 33rd annual Inc. 5000
ranking scale
40
SWOT Analysis
41
16.2 ClubZ
Key Facts
Business Overview
ClubZ was established in 1995 and is headquartered in Tampa, Florida, US. The organization
primarily offers in-home tutoring services to the K-12 students through a network of franchises in
the US. The institute provides customized learning program and selects its tutors and trainers
through the proprietary method known as Z! Tutor match.
The institute also offers tuition services at school campus, libraries, and community centers. In
addition, ClubZ conducts online tutoring courses in selected locations. In addition, the institute
addresses the educational needs of ESL students and children with learning disabilities.
ClubZ is one of the approved supplemental educational service providers under the NCLB act of
the US government.
The institute mainly provides the following services:
42
Test preparation: Provides tuition services to prepare for the SAT, ACT, PSAT, GRE, and GMAT
exams.
Academic tutoring: Offers tuition services for the K-12 students through ClubZ's highly qualified
academic tutors, certified teachers, and college graduates who are experts in their respective
subjects
The institute serves more than 300,000 students and runs by franchise owners in more than 500
North American cities in the US.
ClubZ: Service Segmentation
Recent Developments
Company Details
Description
Key Highlights
February 2015: Completes 20 years in the education

and in-home tutoring sectors
October 2014: Updates diagnostic test formats of SAT
and ACT
43
SWOT Analysis
44
16.3 Pearson
Key Facts
Company Details
Description
Stock Listings
London Stock Exchange
Ticker Symbol
PSON
45
Business Overview
Pearson was founded in 1844 and is headquartered in London, England, UK. It is a media and
education company. It offers learning materials, technologies, assessments, and services to
professionals, teachers, and students.
The company operates through the following business segments:
North American Education: Offers adaptive learning capabilities in more than 200 MyLab and
Mastering products across 11 subjects. In 2013, the total number of MyLab registrations were
11 million. It also offers Pearson clinical assessment, Q-interactive (a portable digital tool
enabling mental health professionals to automatically manage the administration of clinical
assessments, digital stimuli, and response recording through stylus notes and audio)
International Education: Has achieved a strong underlying performance in emerging markets,

particularly in South Africa and China. In China, student registrations at Wall Street English was
65,000 in 2013
Professional: Focuses on training, testing, publishing, and certification for professionals. It also
offers vocational training
FT Group: Includes contents and advertisements. This segment offers education products such
as FT Newslines (an annotations tool). It has 415,000 digital subscriptions
As of December 2013, the company had 39,964 employees. It has operational presence in 80
countries.
46
Business Segmentation by Revenue 2013

Pearson: Business Segmentation by Revenue 2013
Source: TechNavio Analysis
47
Business Segmentation by Revenue 2012 and 2013

Pearson: Business Segmentation by Revenue 2012 and 2013 ($ billion)
Geographical Segmentation by Revenue 2013

Pearson: Geographical Segmentation by Revenue 2013
48
Recent Developments
Company Details
Description
Key Highlights
October 6, 2014: Selects 13 of the most promising

education start-ups in Africa to begin the next stage of
its "Edupreneurs" program along with its partners Village
Capital and the Omidyar Network
September 30, 2014: Partners with busuu to launch
Global Scale of English test
September 24, 2014: Partners with Camfed to train 5,000
learner guides in Sub-Saharan Africa
July 21, 2014: Announces its strategic partnership with
the Chicago incubator, 1871 (an entrepreneurial hub
for digital start-ups)
SWOT Analysis
49
16.4 The Princeton Review

Key Facts
Business Overview
The Princeton Review was established in 1981 and is headquartered in Natick, Massachusetts, US.
It is a tutoring institute that provides online and in-person tutoring services. On July 2014, IAC's
Tutor.com acquired The Princeton Review. Tutor.com is a leading global online tutoring company
that delivers over 6,000 one-to-one training sessions daily.
The Princeton Review provides test preparation services to the K-12 and higher secondary
education segments with its strong network of over 5,000 teachers and tutors. Apart from the US
and Canada, The Princeton Review has international franchises in 14 other countries.
The institute's services are categorized as follows:
50
College: Includes tutoring services for the SAT, ACT, PSAT, and AP Tests
Graduate: Provides test preparation services such as GRE, GMAT, LSAT, MCAT, and DAT
Academic subject: Offers services for the K-12 segment for math, science, and English
College rankings: Helps individuals to determine the right college and get information on
financial aid
K-12 and community partnerships: Includes services such as professional development, ISEE,
and TOEFL preparation
The Princeton Review served over 3.5 million students in 2014.
The Princeton Review : Service Segmentation
51
SWOT Analysis
52
17. Other Prominent Vendors

17.1 Barron's Educational Series
Overview
Barron's Educational Series was founded in 1941 and is headquartered in New York, US. The
company publishes school directories and test preparation textbooks, and delivers all its books via
the online media. Apart from publishing books for children, it publishes books encompassing
cooking, business, employment, art, and learning of foreign language. The company also offers
test preparation materials for exams such as SAT, ACT, AP, TOEFL, GMAT, TOEIC, GRE, and IELTS,
and profiles of American colleges. It provides the learning materials for these exams in both audio
and video forms, including CDs, DVDs, audio cassettes, and CD-ROMs.
Strength
It offers a wide range of books
Weakness
It is heavily dependent on the domestic market
17.2 Becker Professional Development

Overview
Becker Professional Development was established in 1957 and is headquartered in Illinois, US. The
company provides training and professional education solutions for project management,
accounting, and finance. It operates as a subsidiary of DeVry Education Group. Notably, the offers
the CPA exam review through online courses and classes. In addition, it offers courses for people
seeking to continue their professional education, and also for CIMA, and ACCA. Other key
offerings of the company include COMLEX Exam Review and USMLE Exam Review targeted at
physician training.
Strength
It has a diversified geographical presence
Weakness
It has a limited product portfolio
53
17.3 Huntington Learning Center

Overview
Huntington Learning Center was founded in 1977 and is based in New Jersey, US. The company
offers tutoring and test preparation services for high school-level exams. Notably, it has multiple
test centers providing tuition in math, vocabulary, writing, study skills, and reading. Apart from that,
the company possesses experience in guiding students for exams such as PSAT, SAT, ACT, and
state standardized tests.
Strength
It has a strong presence in the domestic market
Weakness
It offers test preparation solutions only for high schools
17.4 Kaplan
Overview
Kaplan was founded in 1938 and is based in Florida, US. The company offers services related to
career and education to businesses, students, and education institutions. It operates as a
subsidiary of Graham Holdings. It helps students prepare for exams pertaining to medical licensing,
graduate admission, bar review, college admission, nursing, financial services, and high school
admission. Apart from that, the company has established a sizeable market presence in the
professional education space, wherein it offers continuing education,
learning after post-
secondary education, and licensing to businesses and individuals for appraisal education
(education for people engaged in the evaluation of real-estate and property), home inspection
services, architecture, and insurance licensing. It also has facilities that provide private tutoring
services.
Strength
It offers new and unique products that incorporate quality and technology
Weakness
It operates in a highly competitive market and, therefore, has limited scope to alter its pricing
structure
54
17.5 Knewton
Overview
Knewton is as an online test preparation company that was founded in 2008 and is based in New
York, US. It caters to education-related technological requirements of publishers, companies,
technology start-ups, and institutions. It also helps in building infrastructure platforms to facilitate
the development of adaptive learning applications. Apart from that, the company helps students
to prepare for exams such as SAT, GMAT, and LSAT. The technological solutions offered by the
company help in assembling content graphing, data science, infrastructure, psychometrics,
machine learning, tagging, and statics.
Strength
The technology offered by the company can be used with any third-party learning solution
Weakness
It is facing high competition in the market, which is weakening its market positioning. Hence,
the company is required to forge partnerships with other companies to fortify its market
presence
17.6 Manhattan Review

Overview
Manhattan Review was incorporated in 1999 and is based in New York, US. The company is an
MNC that offers education services and education consulting services. The consultancy services
cater to admission-related queries for graduate programs, colleges, and business schools. Apart
from that, the company also helps students in making well-informed decisions while applying for
admission in colleges through test preparation courses such as LSAT, GMAT, TOEFL, GRE, and SAT.
Strength
It is an established vendor in the market and is a well-known brand
Weakness
It has limited exposure in emerging markets such as China, especially in the test preparation
space
55
17.7 Peterson's Nelnet

Overview
Peterson's Nelnet is a US-based company that provides various education content. The company
was founded in 1966 and is headquartered in New Jersey, US. It is a subsidiary of Nelnet. It offers
career exam guides, directories, and test preparation books online. It enables students to prepare
for college and graduation-level exams such as TOEFL, PSAT, SAT, AP Exams, and ACT.
Strength
It has a diversified product portfolio
Weakness
It has minimal presence in the test preparation market for professional customers
17.8 Revolution Prep

Overview
Revolution Prep provides education-related services and software. The company was founded in
2002 and is based in California, US. It delivers education solutions through private online tutoring,
live online training, self-paced online courses, private tutoring, hybrid courses, and traditional
classroom training. It offers test preparation courses for GMAT, SAT, and ACT that enables the
students to avail expert instructions, collaborative classes, study sessions, and booster classes.
Strength
It offers courses through technologically advanced methods
Weakness
It faces stiff competition from market leaders
56
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DISCLAIMER
This report has been prepared from sources and data that we believe to be
reliable, but we make no representation as to its accuracy or completeness. Any
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as at the date of the report issue and are subject to change without notice.
All trademarks and copyrights remain the sole ownership of their rightful
owners/licensees. In no event shall Infiniti Research have any liability to any party
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Copyright 2015 Infiniti Research Limited. All Rights Reserved.
Reproduction without written permission is completely forbidden.
ABOUT TECHNAVIO INSIGHTS

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