2016 has been an evolving year the Indian Education system with various improvement in reforms, introduction of new courses, providing funds for research and internationalization of education. Being a nation where maximum number of citizens belong to the age group of 19 to 31, a strong education system is much needed.
Although various steps are being taken to improve the education system of India, there is a lot of work that still needs to be done. The Indian education market currently stands at $100 billion but experts say that the value will almost double itself by 2020 and is estimated to reach $180 billion.
Technopak, a management consulting firm stated in its 2016 report that the education market will boost up by 2020 as a result of the expansion of the digital learning market.
Here’s what the firm reported:
- The digital learning market that currently is at $2 billion is expected to rise up to $5.7 billion by 2020 as there is a rapid increase in the number of internet users.
- Internet users in India will sum up to 550 million by 2020 with 40% penetration approximately which currently stands at 35% currently.
- The K-12 segment (sum of primary and secondary education) sums up to $52 billion and holds 52% of the market. It is the largest and most attractive segment for digital learning providers in India where the enrollments are 260 million currently for segments such as smart online tutoring, class solutions, online preparation for exams, STEM learning, simulation and virtual reality, etc.
- According to UGC, it was recorded in 2016 that there are 751 universities and over 35,539 colleges in India. A quarter of the students enrolled in higher education i.e. 29 million students have opted for distance education.
- There have been only 42 private investments in the education sector in 2016 so far. This is the lowest count in the last five years, stated News Corp VCCEdge, the data and research platform of VCCircle.
- The deal value in private investment has increased and has been the second highest in last five years with huge funds coming from Byju, incorporated as Think & Learn Pvt. Ltd.
- The public expenditure on education is a little less than 6% of the entire GDP of the nation, stated Central Statistics Office (CSO), India.
The report also stated that there is a huge gap between the number of teachers that are required to keep the academia running properly and the number of teachers that are currently part of the education system. This gap can be filled with the help of distance and digital learning.
However, digital learning cannot replace the original and more reliable brick and mortar model of education, it can help make education more flexible and available to a larger bandwidth of students. The report also said that there are a lot of bright economic opportunities in the education sector but in order to seize them, the challenges must be addressed carefully.