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India has become the second largest market for e-learning after the US. The e-learning sector is currently pegged at $ 2-3 billion, and is expected to touch $ 40 billion by 2017. The distance education market in India is expected to grow at a Compound Annual Growth Rate (CAGR) of around 34 per cent during 2013-14 to 2017-18. Moreover, the aim of the government to raise its current gross enrolment ratio to 30 per cent by 2020 will also boost the growth of the online education in India.
Market Size
The education sector in India is poised to witness major growth in the years to come as India will have world’s largest tertiary-age population and second largest graduate talent pipeline globally by the end of 2020. In FY 2015-16, the education market was worth about $ 100 billion and is expected to reach $ 116.4 billion in FY 2016-17. Currently, higher education contributes 59.7 per cent of the market size, school education 38.1 per cent, pre-school segment 1.6 per cent, and technology and multi-media the remaining 0.6 per cent.
Its acceptance
The education sector in India is no longer bound to just classrooms. New edupreneurs along with higher internet and smartphone penetration have led to manifold growth in the online learning space in India.
There has been a transition in the thinking of students preferring e-courses over classroom teaching. Primitively, students and parents were very hesitant to let their child pursue any course online due to its credibility regarding learning, value of degree and acceptability in the market.
Online education helps people get access to a world-class learning experience when traditional higher education is simply not possible due to financial or personal constraints. For those who suffer from physical or mental disabilities that make learning in a classroom impossible, e-learning proves to be an effective platform. For these students, online courses, specialisations and degree programs can offer an incredible opportunity to continue their education and build careers for themselves.
Future prospects
These days, employers look for more than just the basic skill set in their employees, they look for a long-term relationship with the organisation. Often, appraisals and promotions are awarded on the basis of reskilling. This is where companies like Embibe and Simplilearn enter the picture with their courses for mid-level professionals. Similarly, UpGrad, which was launched in July 2015, also aims to create a flexible, industry-relevant learning experience for professionals.
According to Ashish Virmani, Vice President, Simplilearn, "Online learning has gained popularity over the last few years and with technologies like Big Data, Cloud and Digital Marketing changing the face of Indian IT industry today, the shift has enabled more and more professionals to come forward and up-skill themselves for assured career growth. We have been meeting the learning needs of professionals through innovative learning methods like the Flexi-Pass, a first of its kind in the market that lets our customers learn via multiple online classrooms at their own flexibility. We have achieved an industry-high course completion rate of 72 per cent by helping 500,000 professionals get trained and certified through 400 courses across 10 categories, which have been developed and taught by a dream team of globally acclaimed course advisors and trainers."
For startups in e-learning space to flourish, for the adoption of e-learning in schools and by massive consumer base, for capital to be poured in this space and for the whole industry to mature, one must understand the hassles and problems of the industry. In this highly interwoven e-learning market, there is a necessity to understand the challenges and to collaborate across verticals. Startups working in e-learning content industry, cannot provide value in the absence of highly efficient management and distribution systems. Technology also plays a vital role here.
Management systems have to be efficient, should support simple and seamless integration of content from different sources and should be scalable to support the needs of growing demand. Distribution and delivery systems can take the form of immersive and game based learning, MOOCs, learning portals and hardware based delivery. Inclusion of adaptive learning models is also on rise these days with startups trying to bring in this model to make e-learning very personalized.
Talking on e-learning for young children, Manoj Barot, Director Marketing, AppyStore says, "It’s easy to see how technology is changing how we manage our daily lives but in the education space, technology is not only changing how we live from day-to-day, it’s also changing how we learn and the schools we attend. Edtech startups are helping toddlers learn in a fun and entertaining way. It’s a combination of entertainment & education. AppyStore guarantees a secure environment for kids on its platform, where the child is able to develop life skills, communication abilities and hone math-learning skills. It also provides ample opportunity to investigate and experiment with videos on drawing, colouring, craft and origami which nurtures creativity. Children can improve logical thinking with fun puzzles and videos on nature and science."
Collaboration is definitely needed in any industry but the greater need for the e-learning industry stems from the very nature of the learning process. With people vying to gain industry experience, e-learning is set to become the future of education.