According to Technavio September 2018 report the online education market in India is expected to grow at a CAGR of over 20% during the forecast period. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The Indian education market is expected to almost double to $180 billion by 2020, according to another report by management consulting firm Technopak. The later report states that India’s education market is valued at $100 billion currently while the digital learning market is estimated at $2 billion.
Digital Education – The Future of Education in India
The digital learning market is expected to reach $5.7 billion by 2020 as the number of internet users is increasing. India’s internet user base is estimated to reach 550 million by 2020 with an approximately 40% penetration, a significant increase from the 35% currently, the report compiled in partnership with as per Simplilearn research.
Digital education market so hot? Increased penetration of the Internet and smartphones in India are the primary drivers of growth. High-speed Internet has led to the creation of a richer and more loyal customer base for companies operating in the e-learning market to acquire and monetize this opportunity.
The traditional education system in India is unable to offer services to all the segments of the education and skill development market. Students lack the time and resources to avail of library resources.
India E-Learning Market Share, By Technology
Coaching classes are often too expensive and time-bound. Today’s learners are look for alternative sources of education, one of the primary reasons that have contributed to the growth of the online education market in India.
Digital learning in the K-12 space comprises segments such as smart class solutions, online tutoring, online preparation for exams, simulation and virtual reality, STEM learning, AR and robotics, and assessment. Online education providers like Edureka, Coursera, and Edurite are using this as a great opportunity.
They are ready with interactive study resources and educational programmes at all levels, making up a sizeable chunk of the alternative or supplementary education market in India.
Do we have enough digital resources? As per the ASSOCHAM’s survey, a whopping number of close to 87% of primary school children and up to 95% of the higher secondary attend private coaching classes. More than 86% of parents lack time or knowledge to teach their children on their own, explaining the pressing need for classroom coaching or online tutoring.
The supplementary education market in India for school students is estimated to be close to $25 billion and is expected to touch $30 billion by 2020. Currently, in the K-12 segment, there are 1.5 million schools with 260 million students. Of the 1.5 million schools, 1.1 million are run by the government. As per the University Grants Commission report published in 2016, India is to host to 751 universities and over 35,539 colleges.
Digital Education Market Size to Grow
The distance education system contributed a quarter of student enrolments in the higher education system, with over 29 million students enrolled in higher education systems. The demand for quality education exists at both levels: student and teacher. The education sector in India is still striving to meet the demand for good teachers. It is estimated that India currently has a shortage of 1.4 million trained teachers.
Renowned education providers such as Educomp, Tata Class Edge, Pearson, and TeachNext are coming up with interactive software to aid teachers in classroom teaching. However, usage of digital technologies in institutes of higher education is still in its nascent stages and efforts are being made to fine-tune these technologies to adapt to the needs of University students.
In short, content development is yet to mature in colleges and universities across India. Looking at the current trends, it is expected that online higher education market will witness considerable growth in the next five years and aid in distance learning programmes. However, since these courses are limited to theoretical content currently, adoption of virtual classroom concepts could bring a practical component in the online medium.
In addition, more students, especially from tier 2 and 3 cities are expected to adopt different online channels for competitive exams. Also, gamification, the approach of introducing fun elements like video game design in learning, is fast gaining acceptance, thanks to BYJU and Cuemath. Needless to say, all these online channels have opened up ways for teachers and trainers.
All they have to do is to upgrade them a bit to match up to the current digital education. Like our blog? Let us know. Comment below.
