New Delhi, NFAPost: According to a report published by transaction advisory firm RBSA Advisors, India’s Edtech industry to become $30 billion in size in the next 10 years with the growing demand and strengthened business models.
The report significance as not only in India but also globally Indian ed tech companies have started establishing their foot print. The industry has attracted private equity investments of $4 billion in the last five years, leading to the emergence of global edtech leaders like Byju’s which now commands a valuation of $15 billion.
India has emerged to be among the top three countries in the world after China and the USA to get venture capital funding in the edtech sector. India has the advantage of having the English-driven education system and taking along with other regional languages.
As per the research report, online education offerings for Classes 1st to 12th are projected to increase 6.3x by 2022 from the base of 2019, creating a US$ 1.7 billion market, while the post-K12 market will grow 3.7X to touch US$ 1.8 billion.
The new normal after the Covid-19 second wave people have started to adopt learning methodoligies as per the new normal. This has really given a boost to the digital education and content transmission on the top of the existing infrastructure.
Teachmint CEO Mihir Gupta said the massive adoption in the K-12 segment is being driven by access to smartphone. Mihir Gupta also stated that the live interactive classes, which are crucial to K-12 learning, have become accessible.
According to the report, India’s education system is multi-fold and one of the largest in the world with more than 271 million students enrolled in more than 1.5 million schools and around 37.2 million undergraduate and postgraduate students enrolled in over 39000 colleges across India.
RBSA Advisors Managing Director and CEO Rajeev R. Shah said lockdown because of the pandemic has resulted in a massive increase in the private equity investments in the edtech sector because of increasing inclination of students and parents to opt for getting an education from home through various learning platforms.
“Further, lockdown imposed due to Covid – 19 has increased the demand for edtech products multifold. It has broadened the landscape of edtech products from supplemental education platforms, test preparation and vocational training apps to B2B products helping the conventional educational infrastructure to go online,” said Rajeev R. Shah.
He said the pandemic has been a shot in the arm of edtech and we strongly believe that the current edtech product landscape will keep on evolving with new products focusing on providing more customised and personalised learning experience for users.