India holds an important place in the global education industry. The country has more than 1.4 million schools with over 227 million students enrolled and more than 36,000 higher education institutes. India has one of the largest higher-education systems in the world. However, there is still a lot of potential for further development in the system. The distance education market in India is expected to grow at a Compound Annual Growth Rate (CAGR) of around 34 percent during 2013-14 to 2017-18. Moreover, the aim of the government to raise its current gross enrollment ratio to 30 percent by 2020 will also boost the growth of the distance education in India.
In FY 2015-16, the Edtech market was worth about US$ 100 billion and is expected to reach US$ 116.4 billion in FY 2016-17. Currently, higher education contributes 59.7 percent of the market size, school education 38.1 percent, pre-school segment 1.6 percent, and technology and multi-media the remaining 0.6 per cent. Higher education system in India has undergone rapid expansion. Currently, India’s higher education system is the largest in the world enrolling over 70 million students while in less than two decades, India has managed to create additional capacity for over 40 million students. At present, higher education sector witnesses spending of over Rs 46,200 crore (US$ 6.78 billion), and it is expected to grow at an average annual rate of over 18 per cent to reach Rs 232,500 crore (US$ 34.12 billion) in next 10 years.
CodeYeti Software Solution has worked with many ventures that have targeted this sector to groom the right talent as these ventures move to Social Media, Mobility, Analytics and Cloud (SMAC) technologies.
One of the biggest challenges that many past startups in this sector have faced is of scaling up. Particularly the startups that were selling solutions or products to schools and colleges. They quickly realized the enormous challenges of convincing a school system to buy into new solutions and even the most basic challenge of getting past the school gatekeeper to meet the decision maker. Only a very few startups were able to find innovative ways to scale up, with a number of high-quality innovations lingering on the sidelines as small-scale, local businesses. It is almost always hard to find investors for startups that have not been able to feel initial traction and education start-ups are among the top of the list. Thanks to YouTube!!!
In this sector, incremental solutions are invariably met with a tepid response from educators, students and parents alike. This makes it important for edtech entrepreneurs to look at developing solutions that show at least a 10x improvement by fitting seamlessly into existing systems. An easy source for start-ups to gain traction is to get the established player in their journey. It is much critical to harness the brainpower of entrepreneurs using technology to help solve the most pressing problems facing education in India. Such initiatives are required that bring together relevant enablers (investors, mentors, service providers, stakeholders, etc.) in the edtech industry with a view towards pooling and coordinating their assistance to identify and enable high-potential companies to increase their chances of success.
India’s tryst with universal education must not remain a vaunted ambition. It must be realized post haste. Equally, the caliber of teaching and education must be realigned to global realities and market needs. India desperately needs more innovation and a more enterprising spirit in the education sector to address the challenges in the sector. India needs more entrepreneurs to enter this sector and as established players, it becomes CodeYeti’s responsibility to ensure that many more startups succeed in their enterprise through our technical development. More the quality the entrepreneurs will provide in this sector more they will gain through this sector.
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Using mobile based application to track child’s performance, communicate with school and attend parents-teachers meetings is really awesome.
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