The new decisions addressed by the government regarding the New Education Policy, 2020, (NEP), talks on improving the effectiveness of digital learning technologies and techniques which would mark the online higher education and learning market in India present a 10x increase in the following five years. The market of $5 Bn by FY2025, as per the new report by RedSeer Consulting.
On July 29, the Union Cabinet approved the new National Education Policy (NEP). The new policy has been focusing on digital education and distant learning.
As per the report, the increase in the sector would also be served by macroeconomic circumstances like ease the regulations for online degrees by filling the gaps and the understanding the need for higher learning.
The report further adds that the $4-6 Bn demand for online higher studies and lifelong education by FY25, 75% would be for digital higher education and 25% would be for lifelong education. Online higher education would increase public spending and it is targeted at 6% of the country’s GDP.
The expected values incorporate sales from edtech firms in India direct to consumer (D2C) sales particularly during reducing revenues from edtech companies.
The report mentions factors for the lifelong-learning market as a growing excess of skills, shortage of industry-focused learning and rising unemployment are some of the reasons that people might choose for short-term online programs to increase knowledge in in-demand skills.
The online higher education system will fulfil the supply requirements for the development of the students seeking higher education in the following years.
The online higher education system will fulfil the supply requirements for the development of the students seeking higher education in the following years. with a Gross Enrolment Ratio (GER) of 26% in higher education, of 40 Mn at present, if India reaches its GER mark of 50% by 2035 put forward in the NEP 2020. It would anticipate a body of 92 Mn students choose to take up higher education by 2035 which would increase at a CAGR of 6% according to government targets. Online higher learning would require to be scaled up to satisfy the needs of these diverse learners.
According to the ‘Future Of India’s $2 Bn Edtech Opportunity Report 2020’, as for the larger Indian edtech area, funds inflows in the K12 and test preparation sections are relatively higher. Collectively, K-12 and test preparation consolidated will obtain 66% ($1.3 Bn) of the total online education market by 2021.
Skill improvement and online education certification are foreseen to value for $463 Mn of the Indian edtech share, rising at a CAGR of 38% from 2016-21.