Education Market Globally

Overall education Industry worth 700 billion US dollars

Total students in higher/tertiary education globally is over 250 million
Over 200 million students opting for studying abroad with more than half in China and India alone.
The world spent an average of 4 to 5% of their respective country’s GDP in Education, 2019.
E-learning/ Online Education Globally

The online education a 2 decades old market. Online education market currently worth US$187.877 billion and expected to reach up to USD 665.12 billion by the end of 2026

Around 50% of students in various higher/ tertiary education i.e. over 150 million students consumed online courses in 2019 and when asked and out of which 60% students reported them to be useful and complimenting their lifestyle and schedules.

Education Technology

Education technology is another promising segment to consider and becoming a global phenomenon, and as distribution and platforms scale internationally, the market is projected to grow at 17.0% per annum, to $252 billion by end of 2020 also because of the changed work styles due to Covid 19.

Almost 80% of corporates uses online learning platforms like; Udemy, LinkedIn, Skillshare, Treehouse etc.(most preferred internationally)

Virtual and augmented reality education software is projected to reach $300 million USD in revenue by 2020.

Education Industry in India

India has the world’s largest population of about 500 million in the age bracket of 5-24 years and this provides a great opportunity for the education sector.

Over 36.64 million students enrolled for higher education with a gross enrollment ratio of 25.8% in 2018.

The education sector in India stands at US$ 101.1 billion in FY19.

India spends around 3% of its GDP in Education sector as per 2019.

India has over 52,000 institutions and 903 universities as per 2019

Online Education in India

India is the second largest market for e-learning after the US and stands at US$ 2 billion in 2020 with more than 9.5 million users

Currently 15% universities to offer degrees online, excluding engineering and medicine, according to a report in Mint, 2018

INDIA’s finance minister stated that India’s Top 100 institutions to offer full time online degree courses (March 2020, Budget Meet)

Number of Indian Students study abroad

Over 753,000 Indian students studied abroad with over (72%) go to five leading destinations: the United States (211,703), Canada (124,000), Australia (87,115), Saudi Arabia (70,800), and the United Arab Emirates (50,000) (Indian Ministry of External Affairs, 2019)

India is the second largest in outbound education market after China.

Shift in preferences in 2020

Majority of Indian students choose their universities on the basis of affordability and potential for employment in that country as countries that restrict work visas automatically become less attractive to Indian students.

Why do Indian Students Study Abroad?

Image removed by sender. Best Degrees for Jobs Abroad

Around 25% universities in India offering online degree programs this will reach to 50% by 2035.

Indian government has provided permission to Foreign universities to provide online degrees and courses but that only is up to 20% of the online market. As only specific courses can be delivered through online platforms and not the ones which need more practical approach like medical, engineering, law, mechanical etc.

MAJOR SHIFT DUE TO COVID 19 # Online Education # A trend to stay for long

The government of India, for the first time, is allowing Indian universities to offer online degrees which previously was limited to foreign universities. Now, to encourage and widen the access to higher education, this restriction has been lifted from 20% to offer 100% courses online.

Some stats according to the Brookings Survey, March 2020:

COVID-19 has thrust universities into online learning⁠—how should they adapt?

• The impact of COVID-19 on studying abroad
  • Only 4.7% of prospective students intend to cancel their study abroad plans in light of COVID-19
  • 47.2% of students who are returning home earlier from their studies abroad intend to resume their studies at a later date
  • 68.2% of students currently studying abroad would be interested in studying their program online instead
• Impact of COVID-19 on study planning
• 45% students would be interested to enroll for online programs
• 68% would be interested to continuing their programs than postponing it for later

Conclusion:

Here is one golden rule for flying with an infant or toddler: do whatever it takes to get through the flight peacefully with no harm done. Every parent knows this means relaxing their standards. Planting your kid in front of an iPad screen or giving them not so healthy treats might not win you a “parent of the year” award, but it’s what is needed in the moment.

Similarly, the global higher education community is suddenly thrust into an unplanned, unwanted, and fraught experiment in online learning with the COVID-19 pandemic. For many of those participating—institutions of higher education (IHEs), faculty members, and students⁠—it’s not what they want, but it’s what they are stuck doing through the end of this academic year.

Problems are Opportunities: Currently universities across the world have roughly only put 30% of their efficiency in establishing online education, the trend will change by the end of Pandemic as around 185 countries has closed their colleges and affected 90% of world’s students and giving rise to leaving with no other choice but to continue learning through online education.

Steps taken to Implement Online Education during COVID 19 phase:

1. Minimum Viable Product (MVP): Intact the most user friendly online interfaces and software support

2. Preparing for long haul: Universities to outsource program management companies (OPMs) who have the knowledge and resources to be ready for fall

3. Currently universities across the world have only put 30% of their efficiency in establishing online education which they will increase to meet industry demands

Overall Picture:

While almost 165 countries are closed off due to COVID 19 which has impacted all industries massively and education is one major segment, therefore, the global authorities across the nations taking their respective measures to restructure online education portals, apps and committees to establish and strengthen technology and telecom in order to facilitate students and working professionals in each and every possible region in 2020. Education Industry plans to investment more in EdTech, IT, Program Management, Telecom and Digital Marketing to serve more than 250 million students.

Some important Q&A:

• • What would a student consider value? – Continuing whichever way possible is the priority for students. Streams like; Medical, Mechanical and Engineering students would prefer Top Indian institutes whereas, Hospitality, Banking, International Business, High Education courses like MBA, Economics etc..can consider International online courses
  • Are Indian students willing to pay for online courses from International Universities? – Yes, these are the students who have plans to study abroad in a hope to get a work Visa or a degree from an international university for better employment opportunities overseas.
  • How much are they willing to pay? Can Universities still charge the same fees. If not what discount do students think is value? A certain amount of discount on the tuition fees is provided which is completely variable as per university and market scenario.
  • What courses are most popular in the online space? – Management, Technology, Hospitality, Life Sciences, Economics, Banking, International Business, Agriculture and Automobile Engineering etc.
  • Which are the top Universities providing recognized online courses? – Top 50 universities: https://www.learnhowtobecome.org/online-universities-and-colleges/best/
  • What is the scope of employment after completion? Scope of getting employment depends on various factors like which stream you have opted for, how much does that country needs to strengthen in that category here are some list of commonly required and opted streams to which have a classic demand in the respective region? Most Opted Streams: https://www.stoodnt.com/blog/best-subjects-to-study-to-get-jobs-overseas-top-10-courses-to-improve-your-international-job-opportunities/
  • Do Universities provide PR / working opportunities (Canadian Uni doing this)? This depends on the type of course like if its a full time course or not, stream of course, and how much recognized and authority a university has over it.

Shift in choosing Foreign Program Preferences:

In 2020, a major share of students are now looking for best courses and universities of Canada, Australia, NewZealand and Singapore where US & UK coming to secondary choices, after Donald Trump has revised Work Visa policies and UK universities revised their fees structures and PR policies for Indian students.
Most preferred courses in Canada: MBA, IT, Finance & Business, Engineering Management & Core Engineering, Medicine, Biosciences and Healthcare and Media & Journalism

Australia is another favorite destination of international students for many reasons. The universities provide a fun, challenging and innovative environment. Students who complete their studies here can hope to get a Permanent resident status post their studies.

Top courses in Australia: Hospitality, Nursing, IT, Engineering, Automotive and Media & Communication

(Source: elearningindustry.com/top-elearning-statistics-2019, www.researchandmarkets.com, www.brookings.edu, www.bestcolleges.com, www.indiatoday.in/education-today, www.ibef.org, economictimes.indiatimes.com, news.itu.int/covid-19-how-digital-learning)
 
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