Online Education: Only Industry to boom before and after COVID-19
The paradigm of education was seen to be slowly transferring online in the last 5 years, but the pandemic of COVID-19 made the world shift majorly online. When industries all over the world in the different genres were tumbling and seeking the bare minimum to survive, the education industry was facing a major boom. To be specific, online education was seeking exponential growth during the COVID-19 lockdown period and is continuing to grow. Let’s explore the growth and the reason for the growth of the Online Education Industry:
Online Education: The Upward Going Industry
Education though seen as important for the overall development of an individual is one of the biggest industries. Education will see a rise in the market share from $6T in 2020 to $10T in 2030. The rise in the industry of education is mainly contributed by Online education. Online Education Industry has been a significant mode on which the major global population is pursuing. The surge of the Online Education industry has seen a rise up to 200%. Over 1.2 Billion students who were left stranded with incomplete education were shifted to the online platform. Though the online platform was a preventive measure now it is seen as the main platform of education. Be it at the level of the school, college, or skill development the majority of students are now up for online education.
Many Online Market aggressors across various countries have capitalized from the opportunity created due to the COVID-19 pandemic.
Tencent Classroom, Alibaba Distance Learning Solution in China have invested heavily in the infrastructural development in Distance Learning since Feb 2019 as the Chinese Government instructed a quarter billion students to resume their education during the lockdown.
Companies like BYJU’s, White Hat Jr. have also seen a certain spike during the lockdown. Not only on the school level but to provide higher graduation and postgraduate degrees platforms like UpGrad, College Vidya have risen up to the occasion to provide Online Degrees. The online or distance education degrees are regulated by the highest education regulatory body UGC-DEB so the degree programs are up to a standard and students get proper knowledge and skill set so as to compete in the job market.
Summing up in short, Online education was on the rise with the technological revolution. The feasibility and Accessibility of the infrastructure that is the IT sector has significantly contributed to this. With everyone locked in their homes, Online Education saw significant staggering growth. Also, the misconception of Online education among the common populous is getting cleared and online education will see a cent percent acceptability among the peeps.
Online Education: Why It Is Rising And Will Continue To Rise
Online Education is rising pre and posts the COVID era due to some of the key important factors. Online education creates leverage to a wider base of audience at a single point in time. The scale of online teaching is huge as it delivers in-person lessons and creates a grip over an extensive student base. Online Education removes the geographical constraint and students of every corner around the world can get training and knowledge of any course. A teacher potentially reaches thousands of students as compared to location- specifies training.
Also, online education brings a range of flexibility when seen from a student’s point of view. A student literally turns his study room into his classroom. Online education facilitates learning at your own pace. When a student is exposed to classroom learning, he has to keep up with the general pace of the class. But in online learning, a student can revisit his lesson whenever and many numbers of times until his doubts are cleared.
Other advantages include interactive learning, cost-effectiveness, and time-saving in between the commute of students. Online learning includes the cost associated with per-student education and also saves time between the unproductive chores.
The students have the power to choose the timetable of subjects according to their interest level and are not bound by the school or college management.
Power players of the Internet such as Google, Facebook, etc. are inclined towards the online education market. These companies have invested heavily in various companies that are a start-up in the online education field.
Why Online Learning is Big in India
According to the survey, the report showed some of the promising figures. In 2016, the size of the e-learning market was 1.6 million users contributing a total of $247 Million. This figure witnessed a growth of 8x to reach $1.96 billion with 9.6 Million users till 2021. A whopping CAGR of 44% is seen in the e-learning market. India is only second the US in the online education market, where the US tops the growth chart of e-learning.
There are some factors that have contributed to the sharp rise of e-learning market in India. Let’s see the factors one on one so that you understand the swift rise of the online market:
- Growth of Internet and Smartphone: The user base of mobile has just doubled when compared to last decade. Also, India cellular network service providers provide very cheap data which is now available to the masses of India.
- Low Cost of Higher Education: It must be hard to believe, but the same course when pursued through offline mode cost 175% higher than the online mode. The higher cost of offline education and the lower purchase parity of Indian population has also led to online education.
- Regular Mode Inability to cater education needs: The current model of schooling and colleges don’t have the capacity to fulfill the educational need of India’s humongous population. E- learning has opened the way to the students to get higher education and schooling directly from their home. E-learning is an effective way to abridge the education gap
- Digital-friendly government policies: The government policies have promoted the e- learning and e-learning platforms so as the e-learning system and courses have standards that are up to the world standards. Some of the government initiatives that are some of the solid steps to solidify the distance Education are:
• e-Basta (schools books in digital form)
• e-Education (all schools connected with broadband and free WIFI in all schools and develop MOOCs – develop pilot Massive Online Open Courses)
• Nand Ghats (digital tools as teaching aids)
• SWAYAM (MOOCs based on curriculum taught in classrooms from 9th class till post-graduation)
• India Skills Online (learning portal for skill training)
In order to establish digital infrastructure, the government has also launched National Optical Fiber Network (NOFN) which aims to expand broadband connectivity and faster network
The path-breaking innovations are caused by major world events. For example, enigma machines that form modern-day computing were invented on the verge of the Nazi Invasion of England. Online Education is certainly the path-breaking convention that has emerged when the whole world was facing the global pandemic situation. Online Education starting from elementary level to the higher post graduate degrees everything is now easily feasible through online education. Online education is still in the baby phase and a lot has needed to be worked on. User Experience is one of the most important factors that is needed to be made more lifelike so as the students have a better learning experience. Many ed-tech startups have come a long way to produce a better learning experience for the students still there is a lot to be explored and done.
Undergraduate students such as BBA, B.Com, BCA have been in greater demand among the recent pass out school students. Also Distance/Online MBA have seen a surge of applicants, as it is getting importance in the job market.
What this pandemic has taught is that even when the whole world stops, education and knowledge couldn’t be stopped. Education is one the very few industries that saw a heavy induction of investments and e-learning saw a quantum leap during the corona pandemic period. The full potential of online education is yet to be explored and it is a sleeping giant industry that has just woken up.
Manish Pandey is an author at College Vidya. After pursuing MBA, Manish Pandey pursued his passion for writing and has been in Digital Marketing for four years now. In the four years of work span, he has done copywriting for brands, content creation, website writing, blog writing, and SEO.