The education industry in India is experiencing rapid growth. This is primarily due to the increase in a number of schools and colleges in the country and also due to the higher number of children being enrolled in schools. For this tech-savvy generation, all information is available online. They also prefer studying on their tablets or laptops. To cater to this demographic, many companies have started offering online courses so that students can study from the comfort of their homes. It also helps them to study at their own pace. One of the most popular education technology company in Khan’s Academy, which offers free videos of various topics online. In India, Byju’s classes offer online coaching on tablets, and they also obtained a large investment from Facebook recently. All these factors and the changing dynamics of the education system has led to the growth of these companies.
RedSeer Consulting had recently released a report which stated that the current online education technology market in India is worth $2.5 billion. The report also mentioned that the market would have a steady growth of 15% over the next three years. The primary market for supplement education in India are the students in the age group of 11 to 18 years (Class 6-12). There are over 20 million students in this age group, and they are willing to access the online material to understand their subjects better. Most of the students in this group reside in Tier-II and Tier-III cities and are currently attending offline classes.
It would be easier for educational technology companies to reach this group of students and provide more accessible information. One of the few disadvantages of offering services in small cities is the slow internet connectivity and the lack of awareness among the folks about online education.
A vital strategy in spreading awareness and increasing market in smaller cities would be to offer free trial periods on the courses and improving the service so that it can be viewed using slower internet connections, too. A few tie-ups with government schools could also help.
Mukesh Kumar, RedSeer Consulting Associate Consultant, said that the major drivers for the growth of this sector are the inventive methods of teaching, engaging material, and ability to reach out to the students in remote locations.