Globally, the Indian education sector is one of the largest industries, with an extensive network of more than 1.4 million schools (with over 260 million students enrolled) more than 850 universities and 40,000 higher education institutes. The industry is expanding rapidly considering rising income levels and growing demand for quality education in the country.
With approximately 28.1 percent of India’s population in the age group of 0-14 years, the educational industry in India provides great growth opportunities. The spending in the higher education sector is expected to grow at 18 percent from Rs 46,200 crore (USD6.78 billion) in 2016 to reach Rs 232,500 crore (USD34.12 billion) in the next 10 years. Approximately 34.2 million students are expected to be enrolled in around 42,047 colleges and institutions for pursuing higher education. India’s higher education segment is the largest in the world.
Technology is transforming education in various ways. It helps students to learn more and better anytime anywhere, empowers teachers to develop innovative instructional aides and methods, and drives educational institutes to cross the digital divide.
India is anticipated to become the world's youngest country by 2020 with 64 percent of its population in the working-age group. The working-age group requires skill development and learning platform to enhance their skill set and to find better jobs. With the revolution in the field of digitalization ed-tech industry has a huge opportunity to meet the demands of the youth in India. Ed-tech start-ups like BYJU's, Coursera.com, and analyticsvidhya.com are a great learning platform for students and job seekers to upscale their careers.
Indian Education sector – Segmentation
The Government and the private sector both are stepping up to invest in the Indian education sector, and thus the number of schools and colleges are observed to have witnessed an uptrend over the past few years. The government’s initiative to increase awareness between all sections of society has played a major role in improving higher education among the youth.
India has become the second-largest market for e-learning after the US. The sector is currently pegged at USD2 billion and is expected to reach USD5.7 billion by 2020. The user base of online education in India is expected to reach 9.6 million by 2021 from 1.6 million in 2016. The education market in India is currently valued at USD100 billion and is expected to nearly double to USD180 billion by 2020. Currently, the school division is valued at USD52 billion and adds 52 percent to the education market in India. Currently, the higher education system in India is observed to be the largest in the world having over 70 million students in less than two decades.
STEM is a curriculum based on the idea of educating students which focuses on four specific disciplines viz-a-viz science, technology, engineering, and mathematics. It helps in developing critical thinking, problem-solving skills, and next-generation innovation capabilities in students. As per the National Science Foundation, it is predicted that 80% of the jobs created in the next decade will require some form of math and science skills. The education sector is growing beyond smart classrooms towards hands-on learning.
Artificial Intelligence (AI) and the Internet of Things (IoT) in Education
Digital media has deeply impacted youth and the 4Ls of Learning: Lecture, Library, Laboratory, and Life. The availability of laptops and Wi-Fi on campuses has enhanced the student’s learning experience considerably. Over the years, several educational services portals have sprung up to capture this opportunity: Minglebox.com, 24X7guru.com, Extramarks.com, 100percentile.com, SmartClassOnline.com, WebDunia.com, Prabhasakshi.com, and the Ministry of Human Resources Development’s own Sakshat. Indian universities and colleges can access journals online via INFLIBNET (Information and Library Network). The e-learning industry is set to disrupt the higher education industry by solving three major issues
1. Access: E-Learning helps to connect to people all over the world through mobiles and computers. Skills like artificial intelligence and machine learning have potential in India but these domains are not available to a lot of students owing to various limitations. E-learning is an easy way to tackle this problem and cater to students as educators can’t be present everywhere, especially in rural areas and Tier-II/III cities.
2. Quality: Through online learning, students obtain access to quality education on their fingertips imparted by seasoned professors and professionals. It also gives personalized content to the students. Online learning not only brings quality education to students but also makes the entire learning experience joyful. Gamified education with quizzes and challenges holds the interest of students and is more engaging than classroom learning.
3. Affordability: To provide quality education to their children, parents ought to shell out money right from school to college education. The associated cost of a degree in a college is comparatively higher than the one-time cost associated with online learning. Quality learning comes at a high cost, but with the advent of e-learning resources, students can access it at a much lower cost through e-learning.