Literature suggests that the international student industry faces increasing risk, given the substantial dependence on a few source countries. Inbound international student mobility (ISM) data of leading higher education (HE) destination countries were examined, with China and India as the source countries. This study classifies Australia, Canada, and the USA as host countries with a high international student source country dependency risk; the UK as a host country with a moderate dependency risk. By exploring the issue from a dependency risk mitigation perspective, this study identifies an elaborate two-step market diversification approach involving international market selection and marketing strategy.