Due to globalization and other factors, traditional methods of education are becoming obsolete. The traditional model of education has us spending many formative years cooped up in a classroom before venturing out into the real world to put what we’ve learned into practice.
With the current rate of progress, however, what we study today may be obsolete tomorrow.
To better prepare ourselves for the dynamic modern world and adapt to the change in the education industry in India, we must adapt our methods of education by incorporating new technologies and ideas like life-long learning.
Here is an overview of the key trends in the education industry that we anticipate will fuel this shift over the next year and beyond. But before we get started let us understand more about the Education Industry in India, the key segments, statistics and facts governing the growth in each segment.
Education Industry in India – Stats & Facts
The education industry in India consists of both publicly and independently run schools, as well as companies that provide supplies and services related to education. With such a large youth population, India needs a strong education system to fully tap its human resource potential.
Furthermore, government programmes and policies that aim to raise educational standards and increase funding for schools have had a significant impact on the industry.
When it comes to education on a worldwide scale, India ranks high. India is home to the largest concentration of higher education institutions in the world.
Over 117 billion dollars in value was placed on the education industry, with projections of growth to 225 billion dollars in value by 2025 and an ed-tech market of roughly $30 billion by 2031.
Here’s the Education Industry Segmentation:
- Schools & Higher Education Institutes – Comprises Kindergarten To 12th Standard [K-12]
- Non-formal Education – Comprises Preschools, Coaching classes & candidates appearing for examinations.
The education sector in India, was tremendously affected when the pandemic hit and has had adverse side effects on the education system. Read on to know more about how the country’s education was affected.
- Number of schools shut down because of non-enrollment of students.
- Non availability of resources and facilities led to decline in teaching, as not all schools were properly equipped to provide online education.
- Outcomes of students suffered leading to increase in the repetition rate.
- Writing skills of children was adversely affected with no regular writing habits.
In short, there were about 360 million students in India whose schooling was hampered. Children were kept inside their homes and schools were shut down. Although we redirected our educational efforts in a different direction, that new direction is not open to all students.
Popular preschool franchises that are gaining market share are Kidzee, EuroKids, Shemrock, BachPan and more.
After preschool popularity, another leading trend is the K-12 concept in the education industry which has been revolutionized by the entry of corporates and a number of institutes under an umbrella brand. In other words, corporations are using a franchisee/company-owned school strategy to expand their reach.
The Indian coaching classes market is another segment in the education industry gaining popularity. The Indian Coaching classes market has expanded greatly due to the rising number of students in the country as well as the development of new curricula and challenging examinations.
The private coaching classes market includes businesses that offer preparation for a wide variety of standardised tests and entrance examinations, from those taken at the high school and college levels to those administered by government agencies and professional schools.
Students can also prepare for exams in foreign languages and standardized assessments abroad with the help of a tutor.
To summarize, we will highlight the key drivers for each segment in the table below:
| Preschool | K-12 | College / University [ Higher Education] | Coaching Classes / Vocational Courses |
| 1. Rise in Income Levels. | 1. Growing awareness of quality education at enhanced affordable rates, leading to rise in private schools. | 1. More women oriented courses. | 1. Adopting technology based teaching methods. |
| 2. Rapid Urbanization | 2. Introduction of government schemes. | 2. Variety of courses offered at high fees. | 2. Provision of computer literacy is boosted in schools. |
| 3. More working women. | 3. Mid day meal schemes for schools | 3. Education as a prosperity driver | 3. Preparation towards meeting the competitive market skill set. |
| 4. Importance of need of education at an early level. | 4. Willingness to spend on quality education. |
5 Top Education Trends in 2023 that are changing the way of learning
1. Artificial Intelligence [AI]
The education sector is being reshaped by Artificial Intelligence (AI), which has been called the most revolutionary technology of the twenty-first century. Here’s where it is commonly used:
- In the classroom in the form of virtual assistants that can help students and teachers manage their time and get their work done
- Tutoring systems that can provide individualized learning experiences for students of all ages and skill levels
- Fueling remote and online learning systems that can adjust the pace of teaching to meet the needs of individual students
- Language translation in classrooms where students speak a wide variety of languages
- Machine learning algorithms that can analyze large amounts of student data and identify patterns.
2. Distance, Virtual, and Hybrid Learning
Did you know, currently, nearly 270 million children do not attend school because they are located in rural or remote areas?
Also because of the worldwide spread of the Covid-19 pandemic, educational institutions and course providers were compelled to perfect the art of distance learning. Massive open online classes, however, had already been on the rise in the field of online education for some time.
Furthermore, teachers can now reach students in even the most remote areas thanks to remote and online learning. This could be a monumental step towards ensuring that all children, regardless of where they live, have equitable access to a quality education.
3. Vocational & Technical Skill Set Courses
In 2023, secondary schools will devote more time and money to preparing students for careers that do not require a four-year university degree. As schools collaborate with businesses to find solutions to issues brought on by the skills gap, enrollment in vocational and technical programmes that teach students a wide variety of skills is expected to rise.
Moreover, we can expect to see this shift in the future as the demands of the new labour market shift from seeking solely college-educated graduates to creating a workforce with the required skills.
This acknowledges that in the face of a global slowdown or recession, creating new drivers of economic growth may require an emphasis on vocational education and training in addition to conventional academic, subject-based training.
4. VR & AR
The use of extended realities (XR) like virtual reality (VR) and augmented reality (AR) in classrooms is on the rise.
In VR, the user is transported to a computer-generated environment where they can engage in a wide variety of activities, from reliving historical events to practicing repairs in potentially risky settings.
Virtual classrooms, which facilitate the delivery of distant education and the conduct of classroom activities in a more immersive and experiential environment, are another application that is expected to rise in popularity throughout the year 2023.
Moreover, Virtual reality (VR) is already being used in healthcare training for everything from teaching students how to administer emergency care to teaching physicians how to perform surgery.
5. STEM and soft skills
Communicating effectively, thinking creatively, resolving problems with others, managing relationships, and resolving conflicts are all examples of soft skills. In other words, these are competencies that will remain uniquely human for the foreseeable future.
As AI takes over more and more of our mundane technological tasks, their importance will grow. Because of the growing importance of these skills in the workplace, they will be incorporated into formalized professional education programmes.
Experts in human resources say that “soft skills,” such as communication and teamwork, are more crucial to a company’s performance than “hard skills” like math, science, and technology, but are much more difficult to assess.
More and more attention will be paid to measuring and assessing organizational capabilities in 2023, and STEM education will place a greater focus on developing these crucial skills.
Trending: As per an article published in the Times Of India, read all about how edtech companies in India are gaining popularity, and more people are making it part of their career start or job skill set requirements.
Way Forward in 2023 – Education Companies looking to expand? Now is the right time!
While the industry as a whole took a hit as schools and universities resumed classes, the adult learning segment reportedly maintained its rapid expansion.
Lifelong learning, also known as adult learning, is a sizable subset of the education industry that has been shown to improve students’ employability and open up more doors for them in the job market.
One of the potential expansion areas is the foreign market, in addition to adult education. Businesses are increasingly looking overseas for growth opportunities.
YourStory reported recently that edtech company Simplilearn had purchased Fullstack Academy, a provider of coding bootcamps in the United States. The business claims that this purchase will help both its domestic expansion and its plans for international growth.
So if they have taken the step forward, now it’s your turn. Take advantage of the growing demand for education business opportunities in India and lead your company ahead to faster growth.
Key Takeaways,
With more than 1.4 million schools (and more than 200 million pupils enrolled) and more than 850 universities and 40,000 higher education institutes, India’s education industry is among the largest in the world.
Key drivers include things like
- increased enrollment and efforts to reduce dropout rates in schools
- growing middle class population with rising incomes and spending more of their own money on education.
Education Business In India FAQs
Q.1 What is the future of education businesses in India in 2023?
Education technology has expanded rapidly over the past decade, but its full potential is only now beginning to be realised. EdTech has played a crucial role in revolutionizing access to education at all levels, from K-12 e-learning platforms and classroom tools for student involvement to higher education’s opportunities for skill building and lifelong education.
Q.2 Which are the top Edtech companies in India?
Companies like Byju’s, Henry Harvin, Numerique Academy, NNIIT are some of the top edtech business opportunities in India.
Conclusion,
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