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. Due to the restriction in movements and the New Normalworld, online education/tution is the future gateway for learning. The online education market in India was valued at INR 39 billion in 2018 and is expected to reach INR 390.5 billion by 2024, expanding at a CAGR of ~60.85% during the 2019-2024 period. Ease of learning, flexibility, and a wide range of study materials have influenced the overall growth of the industry. 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.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 was valued at INR 11.99 Bn in 2018 and is expected to reach INR 123.65 Bn by 2024, expanding at a CAGR of ~46.48% during the 2019-2024 period. 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. The online test preparation market is expected to reach INR 94.75 Bn by 2024, expanding at a CAGR of ~50.84% during the 2019-2024 period. This segment is expected to be the fastest-growing segment in the online education market, owing to growth in career-focused population, enhanced Internet infrastructure and increased penetration of digital payment methods. The online reskilling and certification market is expected to reach INR 93.81 Bn by 2024, expanding at a CAGR of ~36.95% during the 2019-2024 period. 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 was valued at INR 5.01 Bn in 2018 and is expected to reach INR 40.63 Bn by 2024, expanding at a CAGR of ~40.74% during the 2019-2024 period. 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 online education segment is set to become a multi-billion dollar opportunity in India. There are many factors driving this growth including the perceived convenience, increased reach and personalisation offered by online channels.
There are several evolving trends in the Indian online education segment that are contributing to the growth opportunities ahead. These include emergence of hybrid learning channels, continuous need for working professionals to learn new skills as well as emergence of technologies such as big data and artificial intelligence that is enabling online education vendors to design customized content
Online education is an electronically supported learning system, which relies on the Internet for interaction and distribution of course material between students and teachers. Growing demand to reduce the cost of education, increasing government initiatives supporting online education, and increasing penetration of smartphones and the Internet are the factors contributing to the growth of the global online education market. Additionally, the market is also expected to be boosted owing to the increasing demand for adaptive learning. However, the availability of abundant free content and lack of awareness is limiting the market growth. The Indian online education market is highly fragmented with around 3,500 edtech start-ups operating in the country. Many startups are now actively persuing to enter the segment after lockdown. As the market is wide open, we should focus on the right age group and category of the students and create the strategy for the particular segment. Its not possible to create a general marketing strategy to all those potential markets. Main advertisements can be run through the formal groups and other social media platform. Online education goes beyond the realms of secondary, post-secondary and tertiary education. It also includes courses and modules for competitive exam preparation, professional skill enhancement, and other non-academic subjects.
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