Future Requirements and Challenges of Universities and Higher Education Institutions in the Knowledge-Based Economy: Literature Reviews

Abstract

This research provides a general review to identify the requirements and challenges that universities and higher education institutions face in adopting a knowledge-based economy approach. The mission of universities and higher education institutions has undergone a fundamental change in order to respond to the economic needs of societies and now moving towards the paradigm of a knowledge-based economy. The future requirements and challenges of universities in the knowledge-based economy approach can be categorized into four major axes: transformation in human capital, revision of missions, modification and change of infrastructures, and responding to challenges. As key players in the knowledge-based economy, universities have undergone significant changes in their missions, strategies, and infrastructures.