Indian education system is by far the largest and the most complex in the world. The rapidly growing Indian Education market presents a huge $ 40 Billion opportunity and is still in its initial stages of growth. The market in India – is still very strongly dependent on the traditional learning tools (Books, Blackboard Teaching, Handwritten Theory papers etc.), and this presents an opportunity to disrupt and create a scalable business. No doubt the Indian Startup ecosystem is excited to leverage this. Not only India, the global companies have an eye on the fast growing middle class population with an increasing purchasing power. While the new government has taken initiatives to enable a ‘Go Digital’ approach, there are still huge reforms to be done to have an inclusive strategy for the major chunk of the rural population. There is a big need to fill the gaps in the learning ecosystem. A typical student in a traditional educational system, starts the learning journey which in a Non Personalized and Non Adaptive manner. This is a key problem which a major chunk of the EdTech startups are trying to solve.
Indian internet penetration currently stands over 35%, which looks promising with a YOY growth of 44%. The learning consumers are getting smarter by the day, Students online are looking for free content; there has been a significant jump in queries like ‘How to …’ ‘What is….’ Queries on google – people are searching online for free mock tests, assignments and video lectures. E-learning in India is the next big thing after the ecommerce success story.
Currently, a broad answer to why Digital should replace books and traditional ways of learning is – Flexibility in learning, adaptability and affordability. Students are often deprived of best resources due to geographical constraints. This makes online learning a game changer. A traditional system charges anywhere between INR 50,000 to INR 200,000 for the courses delivered offline whereas an online platform can offer the same at one third of the cost. It is Very important to use the content hook to drive sales – Education market has consumers which are often smarter than the companies which are into learning business, thus the quality of content becomes very important.
The Indian Government spends around $100 billion on education which shows this sector is a priority for them. However, currently most of the education market in India is dominated by the traditional ways of classroom teaching. The education sector – especially test Preparation is highly unorganized. So unless you are an Edtech Startup solving some big problems, you may need to redraft your strategy.
This article is part of the #2016defynd series where we have experts from the industry talk about what digital marketers need to do to keep up with Digital Marketing in 2016. You can check out the entire series here.