Industry adopts innovations-technologies
With the increasing adoption of the Internet and rise in awareness about e-learning, the online education industry is expected to witness promising growth during the forecast period.
The online education market in India is set to expand at a CAGR of ~43.85% during the 2019-2024, reaching a value of Rs.360.3 billion by 2024, up from Rs.39 billion in 2018.
Ease of learning, flexibility, and a wide range of study materials have influenced the overall growth of the industry, said the “Online Education Market in India 2019” report of ResearchAndMarkets.com, released 17 Apr 2020.
The industry is moving towards the adoption of innovative technologies like Artificial intelligence (AI) and machine learning (ML), Big Data Analytics, Blockchain and others to improve the learning experience.
However, the lack of formal recognition and accreditation, and abundance of freely available content presents a critical threat to the growth of the sector.
The online education market is segmented into primary and secondary supplemental education, test preparation, reskilling and certification, higher education language, and casual learning.
The online primary and secondary supplemental education segment is expanding at a CAGR of ~46.48% during the 2019-2024 period. It is projected to reach Rs.123.65 billion by 2024 from Rs.11.99 billion in 2018.
The change in consumer behavior towards detailed learning and surge in demand from tier II and tier III cities are driving the growth of this segment, according to the report.
The online test preparation market is expanding at a CAGR of ~50.84% during the 2019-2024 period. It is expected to reach INR 94.75 Bn by 2024.
This segment’s fast growth trend is driven by growth in career-focused population, enhanced Internet infrastructure and increased penetration of digital payment methods.
The online reskilling and certification market is expanding at a CAGR of ~36.95% during the 2019-2024 period to Rs.93.81 billion by 2024. The growing business landscape has widened the skill gap among employees, which is why the demand for reskilling courses is picking up.
The online higher education market is expanding at a CAGR of ~40.74% during the 2019-2024. It is expected to reach Rs.40.63 billion by 2024 from 2018’s Rs.5.01 billion.
The conventional education system is insufficient for the growing population, and therefore students are switching to online higher education courses.
Gamification is one of the most prevalent trends among online education providers to encourage learning through immersive experiences. Simulation of concepts, level advancement badges and incentive-based learning are driving user engagement on online education platforms.
Online learning players, nowadays, are continuously competing to offer differentiated products to the target audience, mostly by offering value-added services with regular courses. Value-added services like internships, live projects, group discussions, and career counselling sessions, offered along with regular courses enhance users’ experiences.
The Indian online education market is highly fragmented with around 3,500 edtech start-ups operating in the country, said the report.
Many foreign players are entering the Indian online education industry. BYJU’s, Udemy, Coursera and Duolingo are a few prominent players in the industry, catering to the requirements of different target audiences.
Competitive landscape: NIIT Limited, Aeon Learning Private Limited, Coursera Inc, Duolingo Inc, Individual Learning Private Limited, Simplilearn Solutions Private Limited, Sorting Hat Technologies Private Limited, Think & Learn Private Limited, Udemy India L.L.P and upGrad Education Private Limited. fiinews.com
