The education market in India has been in comparatively higher growth orbit for a long time. There are multiple reasons for such growth in addition to the growing disposable income and the growth of nuclear families in both urban and rural India. The education market was forecasted to be worth about $180 billion by 2020, growing at 20%, much higher growth rate compared to any other industry.
Online education is not new to India. There are multiple entities that were offering online education in India for a long time. Many such institutions replaced distance education by adopting the element of technologies. However, the acceptability of online education was limited to those classes to complement classroom studies. The market size was mostly estimated to around 10% of the total education industry. The estimate was done with the same growth rate as of the education industry by most of the Industry Analysts including DART Market Research Analysts.
The COVID pandemic and alternate mode of education have pushed 100% of education online. There are multiple far-reaching effects for this compulsory online education in the coming years. Children who were tutored through online education will be widely adaptable to online education in the coming years as well. Now, they will demand technology in pedagogy and in all learning environments. Even with a short duration exposure of 3 – 6 months is sufficient to mold the thinking pattern of children which will be lasting for years.
The students who are exposed to online education will find the least resistance while enrolling for any sort of online course in the coming years. This gives online education entrepreneur’s new stream of opportunities to develop short term and long terms courses using the online medium. Technology consulting can help online education to remain up-to-date with the changing technology. The parents and society who have witnessed this new mode of education fall in line without any further resistance.
On the other side, the scale of learning will improve in society. Other than the school curriculum, children will be taking up courses on presentation, communication, drawing and even swimming online of course with practical contact sessions at much lesser fees. Even tutors who have a good ranking or popular in a particular topic can start online classes and will find wider acceptability. This will reduce the cost of learning since one online session can admit a higher number of participants. We can even find online aggregators of skill trainers and tutors platform booming in the coming year.
The online higher education and test preparation market are going to be widely benefited. The test preparation market is estimated to be around $5 billion in the Indian market in 2020. The test preparation market was estimated to grow by $7.14 billion during 2018-2022, growing at a CAGR of around 16%. Prior to the pandemic, nearly 1 crore of entries were estimated to have done in online degree/diploma programs and re-skilling programs. With the wider acceptance of online education, this industry is also going to boom in the coming years with or without the pandemic. DART’s market intelligence report can provide the latest online education market data along with its interpretation and can present such information with the help of the right charts and graphs to make the report interesting.
The underlying reason is the adaption of the methodology or the forced implementation of online education among a generation during the pandemic which freed the minds of both children and parents about the acceptance of online education.