If we were to just sit back and analyse the number of people who enrolled for online education programs in 2018, versus the number of people who now enrol for courses, we would notice that there has been a drastic surge in the demand for such programs.
Even before the onset of the pandemic, the online education space in India was valued at INR 39 billion in 2018 and was expected to expand at a CAGR of 43.85% during the period between 2019 and 2024.
Let Us Take A Look At Education Today
In the year 2021, with the advent of schools being shut and everything being taught online, there has been a never like before surge in the demand for online education.
Along with attending classes, parents are inherently enrolling children for online courses as well. Over a period of time there has been a considerable change in the education industry as technologies such as Artificial Intelligence, Machine Learning, Big Data Analytics and Blockchain have been adopted, to enhance the entire learning experience for students.
As per reports published by India Brand Equity Foundation, Indian education start ups have received an investment of $ 2.22 billion in 2020. The year 2021 seems even more favourable for the sector as there has been a recent infusion of $ 50 million in a series f round of funding for Byju’s.
As of June, 2021 Byju’s which is a leading online education company is the most valued start up in India, as it is now valued at $ 16.5 billion. Companies such as Unacademy, Upgrad, Toppr, Edukart, Whitehat Education Technology, Edukart, Vedantu and Extramarks are looking at promising times as people are now understanding the value of online education.
Upgrad had in the month of April secured a round of funding worth $120 million from Temasek. In addition, the company also raised another round of funding of $40 million from International Finance Corporation.
Concluding Remarks
If we were to take a look at education today, parents have shifted their focus on not only spending on the education of children through schools but are side by side looking to enrol children with the best of online courses which they feel will benefit them. Working professionals are also looking to consistently upgrade themselves and have little time to enrol in a university based brick and mortar program.
Keeping all these factors in mind, the Indian Education tech space is growing at a CAGR of 39% and is expected to reach a market size of $ 10.4 billion by 2025. According to Inc42 Plus analysis, the size of the online education industry in India is expected to grow 3.7x by 2025.
This article is authored by Medha Rijal. She is an active blogger and writes about topics such as financial planning, investments and wealth management.
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