According to a report titled “Online Education in India: 2021” conducted by KPMG along with insights from Google, the online education industry in India will be valued at $1.96 billion by the year 2021.
The research that highlights the ever growing influence of the internet on the education market in the country has found out that the paid user base will grow 6X from 1.6 million users in 2016 to 9.6 million users in 2021.
As per the research, there has been a 2X growth in online searches concerning education and a 3X growth from mobile devices, in the last two years.
In the last year itself, there also been a 4X growth in online educational content consumption on YouTube. 44% educational searches come from 6 metros in India.
Industry overview talks about how reskilling and online certifications is the largest category today valued at $93 million. Further, primary and secondary supplemental education will be the largest category by 2021 at $773 million, growing at a CAGR of 60%.
Moreover, competitive exams and other test preparation is a small segment in today’s present market but is likely to grow at a CAGR of 64% and become a $515 million industry by the year 2021.
The future of online education in India will include gamification concepts to enhance user engagement and knowledge acquisition. Moreover, a collaboration between online and offline channels to provide ubiquitous content and learning will be seen. Employability, social learning and entrepreneurship will evolve the concept of continuous learning under online education.
Under online education, business models will be driven according to the changing customer requirements and technological innovations will continue to take place in the supply and demand ecosystem.