Why is the online education Industry expected to reach 14400 Crores worth in 2021
Education is of paramount importance in India and apart from schools, colleges, and universities, education is also imparted online. Online education facilitates learning and teaching by using technologies like mobile devices and the internet. Using the online mode of education, students can learn from the comfort of their homes without having to go to their schools or colleges. The online education industry is growing at a fast pace in India and is predicted to grow almost eight times in the coming years thereby reaching almost 14,400 crores by 2021. This has been stated by a statement that was presented by Google and KPMG - “Online Education in India: 2021.”
Factors Causative to the enlargement of Online Education Industry
One of the major reasons is the flexibility and ease presented by the online mode of education. Online classes are offered by several platforms in India like Ziyyara Edutech, which offers online tuitions by expert tutors. Online tuition classes offer students with one-on-one sessions to comprehend and learn a specific concept thereby making learning more effective. Students taking online tuitions can study from the comfort of their homes and because of better understanding can perform better academically leading to an increasing trend of taking these tuitions. This is one of the major reasons why a large number of elementary, secondary, and primary level classes are held online. In fact, this section has a consumer base of almost 260 million users in India. This figure is anticipated to grow by almost 60% by 2021 to increase the number of users in this group to make it the largest group of the online education sector.
The Online Education sector is predicted to reach $773 million by the year 2021. Another reason why the Indian online education industry will see an unprecedented increase is that online education is far-reaching in the sense that students even in remote areas can access online education resources. With the help of portable devices and the internet, online tuition classes and online courses can be accessed by students living in the remotest of the areas thereby motivating the growth of this sector. Apart from the major cities and metros, the online education industry is also scattering its wings in tier-3 cities and villages.
Statistics reveal that more than 44% of education-based searches and questions come from outside the metro cities. Also, a larger number of students are looking for education-based topics on the internet and this number has increased by three times from mobile devices making online education accessible to perhaps the largest consumer base across the globe. The increasing number of online platforms that proffer online courses and online education videos is also a factor that contributes to the expansion of the online education industry. The number of students and tutors being linked with the online platforms is increasing day by day as are the searches for online educational videos. In fact, there has been a quadruple increase in the number of YouTube videos related to education that are looked for and used by students.
Special Courses and Certification Courses Online
Apart from learning the basic subjects, the students also take Home tuition classes for special subjects. Zara Edutech for instance offers online classes for Vedic Maths, coding as well as languages that are growing subject areas of interest for many students. The availability of expert trainers for special subjects is also promoting the augmentation of the online education industry. Also, online courses are becoming popular. These recorded lessons and courses in different subjects attract a large number of students and will continue to do so in the future leading to a significant increase in the share of the online education industry.
Many platforms also offer online certification courses and the popularity of these is growing. The online certificate courses are expected to grow to $463 million by 2021. Test preparation using the online method is also on the rise. A large number of potential candidates make use of various online courses to prepare for competitive and entrance exams as the online mode make available to them a wide range of practice material. This segment is likely to grow at a CAGR of almost 64% by 2021 and become a leading section of the online education industry.
Emerging Trends in Online Education Sector
The considerable augmentation of the online education sector in India is also attributed to the emerging trends in this sector. Many Ed-tech startups are evolving and taking online education to a new level and are also attracting a lot of interest and investment from some of the best companies. Further, the evolution of mixed learning channels is making online education accessible in every nook and corner of the country. Emerging technologies like artificial intelligence and big data are also making it possible for education companies to use new technologies to make available a wide range of learning material easily available online. The availability of customized educational content to facilitate effective learning is another factor contributing to the growth of the online education sector.
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