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28 Oct 2024, 04:10
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After several years of declining test volumes, GMAT testing showed signs of recovery in 2024, with global volume increasing by 5.9% (to 115,286) compared to 2023. However, this recovery reveals a dramatic shift in the global landscape of graduate management education.
The Big Picture & A Historic Shift
The total number of GMAT test takers increased from 108,851 in 2023 to 115,286 in 2024. But perhaps the most significant story is the near-parity between the two largest markets: the United States (27,731 test takers) and India (27,015 test takers). With only 716 test takers separating these markets, we're witnessing a historic moment in GMAT testing history.
Where is the Growth Coming From?
The increase in testing volume is predominantly driven by two markets:
Regions Facing Decline
Several traditionally strong GMAT markets continued to experience declining volumes:
The US Market: Signs of Recovery from Historic Lows
While the US showed a modest 6.1% increase in 2024, this growth comes after years of declining volumes. To put this in perspective: US testing volume peaked at around 80,000 test takers annually in the late 2000s. Current volumes of around 27,000 represent a dramatic decline from these historic highs. The slight increase in 2024 might signal the bottom of this decline, but volumes remain at historically low levels.
India's Rise
India's 20.1% increase in 2024 added over 4,500 test takers year-over-year. With nearly 27,000 test takers, India now represents approximately 23% of global GMAT testing volume and is poised to potentially become the largest GMAT testing market for the first time in the exam's history.
Western Europe: GMAT Focus (Now GMAT) drives growth?
While Western Europe showed a 6.0% increase in 2024, this growth comes after a significant period of decline. To put this in perspective, Western European testing volume peaked at over 20,500 test takers in TY2021 before falling sharply to around 14,500 in TY2023. Current volumes of approximately 15,400 represent a significant decline from these recent highs. The increase in 2024 might signal a potential stabilization, but volumes remain well below the levels seen just a few years ago. Notably, Western Europe has shown strong adoption of the new GMAT format, which accounted for more than half of all tests taken in the region in 2024, suggesting potential for continued recovery despite the overall lower testing volumes.
What Does This Mean for Test Takers?
For Candidates in Growth Regions:
For Candidates in Declining Regions:
Potentially less regional competition for spots at top business schools
Where do you think the overall testing volumes will go in the next 12-24 months?
Rajat Sadana
Co-founder, e-GMAT
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The Big Picture & A Historic Shift
The total number of GMAT test takers increased from 108,851 in 2023 to 115,286 in 2024. But perhaps the most significant story is the near-parity between the two largest markets: the United States (27,731 test takers) and India (27,015 test takers). With only 716 test takers separating these markets, we're witnessing a historic moment in GMAT testing history.
Where is the Growth Coming From?
The increase in testing volume is predominantly driven by two markets:
- India: Leading the recovery with a remarkable 20.1% increase, adding over 4,500 test takers year-over-year. India now represents nearly 23% of global GMAT testing volume.
- United States: Showing modest recovery with a 6.1% increase, contributing approximately 1,500 additional test takers.
- Emerging Markets: Countries like Uzbekistan showed significant percentage growth, though from a smaller base.
- Western Europe: Showing steady growth with a 6.0% increase from 14,534 to 15,409 test takers in TY2024, driven primarily by strong gains in Germany (+242) and Sweden (+198), while the UK experienced a modest decline (-94). The region demonstrated strong adoption of the new GMAT format, which accounted for over half of all tests taken.
Regions Facing Decline
Several traditionally strong GMAT markets continued to experience declining volumes:
- East Asia: Led by China's 9% decline and Hong Kong's 28% drop
- Western Europe: Sustained declines across major markets including France, Germany, and Italy
- Australia/New Zealand: Continued weakness in testing volumes
The US Market: Signs of Recovery from Historic Lows
While the US showed a modest 6.1% increase in 2024, this growth comes after years of declining volumes. To put this in perspective: US testing volume peaked at around 80,000 test takers annually in the late 2000s. Current volumes of around 27,000 represent a dramatic decline from these historic highs. The slight increase in 2024 might signal the bottom of this decline, but volumes remain at historically low levels.
India's Rise
India's 20.1% increase in 2024 added over 4,500 test takers year-over-year. With nearly 27,000 test takers, India now represents approximately 23% of global GMAT testing volume and is poised to potentially become the largest GMAT testing market for the first time in the exam's history.
Western Europe: GMAT Focus (Now GMAT) drives growth?
While Western Europe showed a 6.0% increase in 2024, this growth comes after a significant period of decline. To put this in perspective, Western European testing volume peaked at over 20,500 test takers in TY2021 before falling sharply to around 14,500 in TY2023. Current volumes of approximately 15,400 represent a significant decline from these recent highs. The increase in 2024 might signal a potential stabilization, but volumes remain well below the levels seen just a few years ago. Notably, Western Europe has shown strong adoption of the new GMAT format, which accounted for more than half of all tests taken in the region in 2024, suggesting potential for continued recovery despite the overall lower testing volumes.
What Does This Mean for Test Takers?
For Candidates in Growth Regions:
- Increased competition, particularly in India, where the growing volume suggests heightened competition for top business school spots
- Potentially greater need to differentiate through strong scores and compelling applications
- More peers to connect with for test preparation and application support
For Candidates in Declining Regions:
Potentially less regional competition for spots at top business schools
- Possible opportunities to stand out in application pools
- May need to seek out online resources and communities for test preparation due to decreased local testing volumes
Where do you think the overall testing volumes will go in the next 12-24 months?
Rajat Sadana
Co-founder, e-GMAT
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poojaarora1818
Joined: 30 Jul 2019
Last visit: 14 May 2026
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Location: India
Concentration: General Management, Economics
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28 Oct 2024, 04:15
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Thank you so much for sharing, Rajat!
Quite helpful!
Quite helpful!
28 Oct 2024, 17:39
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Thank you Rajat! Appreciate you putting the details!
This is awesome. not sure how much users are interested in these details but this is definitely interesting to me and I am sure AjiteshArun will appreciate the new data.
But the India market has already overtaken the US market a while ago :angel
The data you used was residence but if you look at the citizenship details, it has been since 2022 testing year, which is up till June 2022.
citizenship-gmat-volume.gif [ 110.96 KiB | Viewed 8261 times ]
Source: https://www.gmac.com/-/media/files/gmac ... ty2024.pdf
This is awesome. not sure how much users are interested in these details but this is definitely interesting to me and I am sure AjiteshArun will appreciate the new data.
But the India market has already overtaken the US market a while ago :angel
The data you used was residence but if you look at the citizenship details, it has been since 2022 testing year, which is up till June 2022.
Attachment:
citizenship-gmat-volume.gif [ 110.96 KiB | Viewed 8261 times ]
Source: https://www.gmac.com/-/media/files/gmac ... ty2024.pdf
