LONDON--(BUSINESS WIRE)--The online education market in India is expected to grow at a CAGR of around 20% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the online education market in India by product (services and content) and by end-user (higher education segment and K-12 segment). The online education market in India by content accounted for the largest share in 2016. This is due to the increasing proliferation of mobile devices, which is enabling easy access to data by anyone, from anywhere, and at any time.
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Market driver: cost effectiveness of online programs
The cost associated with online education programs is lesser than that for conventional or traditional mediums of instruction. Universities providing online degree programs have fewer expenses to incur as they do not have large buildings, property, land, or infrastructure to build and manage. Conventional courses are expensive not only in terms of tuition fees but also have considerably high-living expenses along with costly books and other instructional materials. Students who cannot afford to pay such high tuition fees are expected to adopt cost-effective online courses over traditional degree courses in the subjects they prefer to study.
According to Akash Pandey, a lead analyst at Technavio for education technology research, “Online courses can be taken up by students on their own mobile devices such as smartphones, tablets, laptops, or personal computers without having the need to commute from their homes to colleges or institutions. This saves them from incurring significant traveling costs and cuts down on transportation expenses both for colleges and students, thus, reducing the overall fees for courses.”
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Market trend: emergence of cloud technology
The cloud computing technology has enabled players to save a significant amount of content, data, and information on a single platform, thereby, making it easier for users and providers to process, procure, access, and manage information from anywhere and at any time. The cloud technology offers key benefits such as reduced capital expenses and speed for implementing Software as a Service (SaaS)-based solutions. In the current scenario, cloud solution providers are delivering features such as hacking protection to protect learning material that can be accessed by outsiders. Other system security measures such as secure sockets layer (SSL) connection are also implemented to protect learning modules procured by educational institutions.
Market challenge: lack of essential learning environment
The setting and atmosphere of classrooms helps in building the learning environment. A distance learning or online learning platform fails to deliver the classroom scenario/experience and the campus spirit in students. In addition, the scope of online education is restricted due to the absence of teachers or lecturers. The traditional classroom pattern offers benefits to students such as the ability to clear doubts the moment they arise. With distance learning, students must wait for the feedback until instructors have reviewed their work.
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Some of the vendors in the market
- Educomp Solutions
- NIIT
- IGNOU
- BYJU's
- Next Education
The online education market in India is a fragmented market with a significant presence of niche and established players. This is intensifying the competitive rivalry by continuously launching innovative online education content and services. The pricing of online education courses varies widely depending on programs and services offered and the coverage provided. Courses offered by vendors are either available for free or are charged. Eklavya provides a free package of exam preparation, including certain services for a month as well as enterprise package as paid services.
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