Did you know how quickly the K-12 education business is expanding in India? Yes. That’s right. Now is your chance to be a part of this rapid expansion and grow your k-12 education business in 2024.
In 2021, the Global K–12 Education Market was worth about USD 107 billion. It’s projected to grow to USD 132 billion in 2022 and then to around USD 324 billion by 2030, with a compound annual growth rate (CAGR) of about 20%. And what are the market drivers leading to this tremendous growth?
Our blog will give you insights about the key market trends driving the rise of the k-12 education business in India, benefits associated with grabbing this opportunity to grow yours as well, any challenges you may encounter, and how we can help you overcome them easily.
About K-12 Education Business in India – Market Drivers, Benefits & Challenges
Due to the pandemic, schools and major educational institutions were compelled to switch to the online learning platform. This led to the rise of the K-12 platform. In simple terms, this is a platform which provides resource planning tools which can make learning more effective as well as easily accessible.
Here are some key market trends that are enhancing the growth of this industry.
- Rise in middle class aspirations – India’s middle class is growing, and these people put a lot of value on education and are willing to pay a lot for their children to get a good one. Parents look for schools that offer good education because they want their kids to have better job prospects.
- Initiatives by GOI – The government has launched many initiatives under the NEP like, RMSA, SSA which are contributing to an increased investment in educational structure as well as circular reforms.
- Advances in Technology – Technology has made it possible for digital learning, interactive classes, and personalized education, especially in cities where it is used in schools. These changes have caused Edtech businesses and online learning platforms to pop up.
- International Exposure – People who want to study abroad or are exposed to global education standards want to use foreign curricula like IB, Cambridge, and IGCSE instead of the traditional Indian boards.
- Advanced Teacher Training and Development resources – The quality of education in India may greatly benefit from investments in teacher training and development. Educators who are both qualified and inspired are crucial to the success of any school.
- Quality Education Awareness – Both parents and students are increasingly picky about the schools their children attend. Parents’ decision-making is heavily influenced by accreditation and quality certificates.
Over time, these market trends have helped the K–12 education business in India grow and change. To meet the changing wants of students and parents in the Indian education market, entrepreneurs and education providers should keep these things in mind.
Also Read: K-12 Education Market Future Growth & Opportunities
These are just a few of the many market trends leading to the growth of the K-12 Education business in India. But with every business to grow successfully, you may come across certain benefits tagged with some challenges.
Challenges Associated With Growing Your K-12 Education Business in India
Like every business, the K-12 education business also comes with a fair share of challenges. So as a business owner, it is important for you to be aware of these challenges and have a strategy in place on how you will overcome them and grow successfully.
Here are some of the common challenges you may come across and their possible solutions.
Challenge #1. High level of competition
Solution: Focusing on a unique educational approach, new ways of teaching, or specialized programmes that meet the needs of specific students can help your school stand out. Branding and marketing that work well can also help you stand out.
Challenge #2. Legally Compliant
Solution: To get through the complicated regulatory situation, you should hire an experienced lawyer. Make sure that your school follows all local and national rules and laws about education. Set up a strong way to keep records and send reports.
Challenge #3. Delivering Quality Education
Solution: Spend money to hire and keep teachers who are highly qualified and driven. Set up ongoing programmes for teacher training and career growth. Focus on a method of education that is centred on the student and focuses on their overall growth.
Challenge #4. Proper facilities and Infrastructure
Solution: Investing in facilities and equipment should be based on what your target market wants and needs. To keep costs down, think about developing in stages. Look into forming relationships with real estate developers or applying for grants from the government to build up infrastructure.
Challenge #5. Budget Friendly
Solution: Offer different fee systems and ways to pay so that people with different amounts of money can use your services. Think about giving students who deserve it scholarships or other forms of financial help. Keep fees reasonable by managing operating costs well.
Challenge #6. High level of competition in Ed tech
Solution: Accept that educational technology can be used along with standard ways of teaching. Adding ed-tech tools to your lessons will help students learn more. Come up with a way to learn that uses both online and offline tools.
Challenge #7. Regional & Cultural Diversity
Solution: Adjust your curriculum and the way you teach to fit the needs of people from different cultures and areas. You should do a market study to find out what the people you serve really want and need.
To sum up, dealing with these problems effectively needs a mix of smart planning, good execution, and a dedication to giving students a good education.
For the K–12 education business in India to keep growing, you need to keep looking at your tactics and changing them based on how the market is changing and what people are saying.
Benefits of Franchising Your K-12 Education Business in India 2024
Now let us take a look at some of the benefits that you can acquire when you franchise your K-12 education business in India.
We can assure you that after reading this, you will also feel that 2024 looks to be a promising and profitable year to expand.
- Expand your business rapidly – If you have a proven business model which is ready for franchising, you need to know that this mode of expansion can help you reach a wider market quickly without the need for any significant capital requirement. This will help you penetrate into untapped markets and is a source of revenue generation.
- Scalable business model – Through franchising, the business owner can grow the business without having to manage all of the sites themselves.
- Economies of Scale – As the number of franchises grows, the owner may be able to save money on things like marketing, buying supplies, and running the business. This could lead to lower costs and more money in the bank.
- Local expertise – Depending on where you plan to expand your business, the potential investor you choose, comes with a deep understanding of the local market. This will help your business model adapt easily and meet the needs of the specific area.
- Reduces your capital investment – Since the investment is done by the potential investor, therefore you would not need to invest a major amount of money. This will reduce your financial burden, helping you to use the free capital for further improvement and development of your business.
In short, each new unit you start contributes to building the brand’s reputation and recognition. This in turn increases the trust level and credibility amongst the parents and students, creating a bigger clientele for your business.
Future Of The K-12 Education Business in India 2024
IMARC Group forecasts that the market will reach $87.3 billion by 2028, expanding at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2028. India holds an essential position in the global education industry, with approximately 1.55 million K-12 schools and 218 million students.
Recent reports, state that the K -12 education market industry in India will likely continue to grow because of the many benefits of the personalized and interactive learning atmosphere that the internet offers.
The use of Artificial Intelligence [AI] and OER [open educational resources] will be driving the growth of the online K-12 market in India. Also, students, teachers and parents have been adopting the online learning platform, preferring it to the traditional method of learning, thus increasing the market for future growth.
To conclude, it is definitely a booming opportunity for all those business owners in the education sector to consider franchising their business in the coming year. For more guidance on the steps to grow your education business, feel free to reach out to our experts at Sparkleminds.
Click here to fix a one-to-one quick consultation with our experts and become a part of this growing market as quickly as possible.
