With the increase of internet use and the affordability of smartphones, learning is not anymore confined to just classrooms. Lately, the education sector is experiencing rapid changes. Likewise, the e-learning market is also seeing a lot of changes in technology and its learners.
According to Technavio, an international research firm, the Indian online education market is expected to increase at a compound annual growth rate (CAGR) of 19.05 percent in 2016 to 2020.
Based from Technopak’s analysis, the digital learning market in India is now at $2 billion for 2016, increasing at a CAGR of 30 percent, and is predicted to get to $5.7 billion in 2020.
Players in the e-learning market
Nikhil Sinha, the Chief Business Officer of Coursera, said that India is expected to have around 100 million people looking for higher education during the next 10 years. He added that online is the only place that can educate them, since there is an inadequate number of institutions.
Coursera is the biggest online higher education and learning platform. All its courses offer videos, and some features are there to allow interaction with other people. Sinha mentioned that they have a peer-grading feature, grading done by other people currently taking their courses. They also have experts who grade, with everything done online, free of human intervention.
Simplilearn offers more than 400 courses related to new-age disciplines like Agile-Scrum, Data Science and Big Data. It is growing at a 100% rate year-on-year. In the next fiscal, it is planning to start courses in Digital Selling, Design, Product Management and IoT.
Kashyap Dalal, the Chief Business Officer of Simplilearn, said that the continuous learning culture is growing within the corporate industry, thus the adoption of new learning technologies at offices. He added that fast internet connectivity is a catalyst for the e-learning growth. For him, online learning is playing a huge role in making millions of employees digitally ready.
This is an important indication that education and training is moving forward through e-learning. Companies, as an example, should start to look at the numerous e-learning players to help them with employee training software for their employees continuous learning and growth.