Bootcamps have taken the edTech industry by storm. Recent BootCamp market statistics show that the coding BootCamp market size alone has reached 418.08 million USD in 2022. Moreover, the number is expected to reach over 1 billion USD by 2030. These are just some of the cool figures about the BootCamp industry. Follow the article till the end to learn all about your opportunities as eduprenuers.
Read more: 20 Best Online Coding BootCamps of 2022.
What is a BootCamp?
A Bootcamp is a series of focused and specialized courses. The idea originally came from specialized military training. Later, this strategy was used to teach skills with rapid employment demand. It can vary from subject matter to its intensity of training. However, the common thing among all is that all bootcamps aim to train learners at the highest level of their expertise. These can be about coding programs or about lifestyle coaching. One can find endless kinds of bootcamps.
Boot camp is a short, intensive, and rigorous course of training.
- Oxford Languages dictionary.
Compared with regular courses, Bootcamps concentrate the content in such a way that learners can grasp the most knowledge in the shortest amount of time. Bootcamp market statistics now show that young professionals are keen to add such certifications to their resumes to bump up their skills. Not only are they quick, dependable, and relatively cheaper than traditional degrees, but they also offer higher salaries. In fact, reports show that Bootcamps deliver an average salary increase of $22,000 compared to traditional degrees. All the more reasons for eduprenuers and learners alike to invest in them.
Reasons for BootCamp popularity
The idea of a boot camp is not new. Nevertheless, its peaking popularity is fairly recent. Upon looking at the trend reports, it appears that COVID has a huge credit. CareerKarma reports that the surge in boot camp enrollments from 2019-2020 was 30.32%. With remote learning taking over, it only made sense that learners took up an approach such as a boot camp to fill in the skill gap as per the changing market needs.
Moreover, one can hold the inability of traditional learning responsible here too. Traditional learning simply could not keep up with the dynamic needs of the learners. Hence, people turned to other methods. Then there has been a growing concern about the loss of jobs to automation. Upskilling became a necessity.
Read more: 8 Best Online Data Science Bootcamps of 2022.
Top BootCamp market statistics
Career Karma report on BootCamp market statistics tells that in 2020, 44,245 students attended a BootCamp. This translates to revenue growth of 9.48% since 2019 with BootCamp earning amounting up to $518,981,000 in 2020.
Just in North America in 2020, some 25,000 people graduated from coding bootcamps. This indicates a significant increase from the reporting of earlier years at 18,000. Since 2013, bootcamps in the region have recorded a 39% growth rate. This is incredibly high and one can understand the rising importance of bootcamps from this.
The number has further increased since then. Absolute market insights noted that the coding BootCamp market alone amassed up to $418.08 million in 2022 and is expected to grow further by 12.27% by 2030. Whereas other contrasting reports from Technavio say that the Bootcamp industry is likely to increase by USD 772.04 by 2025 with a steady growth rate of 16.88% (CAGR).
This unprecedented increase can be understood by the affordability of bootcamps in comparison with traditional degrees. The estimated average cost of bootcamps in 2021 was $13.580. Whereas, the average cost of an undergrad degree was around $36,000 per year.
BootCamp employability statistics
One of the salient features of bootcamps is their assurance of graduate employability. This has been the primary marketing determinant. And rightly so. According to Course Report, the average salary of a coding Bootcamp graduate is $69,000.
Similarly, Hired.com's 2021 state of software engineers report noted that 72% of Bootcamp graduates confirmed that they were able to get jobs after graduation. Proving that bootcamps indeed increase the likelihood of graduate employability.
To help you further understand which companies are constantly recruiting based on bootcamps, here is a little insight. The top 10 companies are Amazon (with 120.9% hiring increase since 2019), Google (18.5%), Facebook (70.8%), Microsoft (14.2%), Freelance (13.5%), and JPMorgan Chase & Co. (20.0%).
Top Bootcamps by statistics
According to the LinkedIn data surveys, the top bootcamps by student enrolments since 2020 are as follows:
Bootcamp2020 Students & Graduates
General Assembly 6,776
Flatiron School 3,347
Lambda School 2,935
Product School 1,344
App Academy 991
Out of these names, the ones that have managed to rank highest for graduate employability are General Assembly, Springboard, Lambda School, and App Academy. It should be noted that one of the major reasons for continued employability has to do with the collaborations between these schools and potential employers. Some of these bootcamps have official collaborations for graduate placements and thus rank higher than the others. This however does not necessarily translate into the learning performance of the graduates.
Top skills taught at bootcamps
This section in particular is especially significant for eduprenuers in determining their future bootcamps. These Bootcamp market statistics will help you focus your content according to the market demands.
In the case of the top sought-after non-language skills, React, Git, Node.js, jQuery, and Ruby on Rails rank on the charts. Besides these, the soft skills being vouched for including customer service, leadership, project management, social media, and management.
These Bootcamp market statistics are not exhaustive but merely look at the scale of the industry. All the above-mentioned trends point in the same direction indicating that the Bootcamp industry will swell and peak in the coming decade. It reports a critical time for eduprenuers to take in these statistics and make their potential investment decisions for future rewards.