Education plays a pivotal role in the overall development of an individual in a developing country like India. Indian Education system is growing and developing continuously with Indian Coaching Industry being its significant part. Classroom coaching is the major segment of the Coaching Industry and is responsible for generating the most significant chunk of revenue of this industry.
The Indian Classroom Coaching Industry is further segmented into Private Tutorial Industry and Entrance exam preparation. The private Tuition Industry involves students from grade 5 to grade 12, who supplement their formal education along with coaching classes for various subjects. The entrance test Preparation Industry on the other hand involves coaching for various entrance examinations like IITJEE, AIEEE, AIPMT, and CA exam levels. This preparation is very process-driven and involves engaging students with proper study materials. This industry witness fierce competition with various established market players operating and competing with differentiated strategies. This industry is expected to grow further due to increasing competition for various competitive exams. The Indian Classroom Coaching Industry is expected to grow exponentially in the future due to an increase in income of people, the percentage of their spending on education, and increased awareness. Moreover, the growing demand for engineering and medical as a career has increased the number of students opting for entrance test preparation classes. Increased proportion of working parents is another factor that has motivated the students to take up supplementary coaching classes as parents can’t help and assist the school-going students along with their professional work.
Indian Coaching Industry is a $40 Billion industry growing at a CAGR of 35%. These numbers might look promising to many entrepreneurs but we are yet to see some significant strife towards doing something good in this industry. India, having a literacy rate of only 73 percent compared to the world average of 84 percent, presents an opportunity for private players to explore the untapped market.
Coaching Industry is like a stock market. It is a place for risk-takers. We have witnessed many entrepreneurs who entered this industry but have burnt their hands and now are too afraid to continue. The problem with the existing players in the industry is the lack of knowledge about the industry. Indian Coaching Industry is a $40 Billion industry growing at a CAGR of 35%. With the increasing peer pressure, the majority of parents are forced to rely on private tuitions in addition to attending classes in school. Over 86% of parents think that they are ill-equipped or lack time to teach their children on their own and here's where coaching classes come in handy.
The statistics reveal that middle-class parents have been spending 1/3rd of their monthly on their wards' private tuition. In addition, India is leading the way in online tutoring by offering professional linguistic and academic coaching capabilities at an affordable cost. So the opportunity is enormous. Exam phobia is a major attributor for enrolling in coaching classes as it is seen as the most common solution amongst children who want to excel academically. Even the best of the best students have room for improvement, keeping this thought in mind even school teachers sometimes recommend classes as they have little time for individual attention. Signing up for tuition to score higher grades is also seen as a signal of high -intellect these days, it's a matter of pride. So by focusing on these three factors we can outplay the competition.
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