How Big is Indian Education Sector for Budding Edupreneurs?
The Indian economy has undergone various changes and is heading towards becoming the third largest economy in the world. A major share of nation’s GDP comes from the education sector; this is why it is one of the most captivating sectors of economy in terms of entrepreneurship.
The blackboard teaching days are gone; today is the age of technology and revolution. The recent developments in technology have led the education sector to witness some of the most mind-blowing ideas to enhance the quality of learning and teaching processes. It’s not the time to keep sticking to the blackboards; it’s now time to go beyond blackboards and books. Technological interventions in education were really important to match up with the fast-paced technologically driven world. And, all of this has paved the way for the budding entrepreneurs to fulfill their desires of plunging into the education sector.
Read on to know the major attractions of the education sector that are captivating the edupreneurs to the sector.
Rising levels of Education
Gone are the days when mere theoretical knowledge was enough for students. With each passing year, technology is penetrating deeper into the system, hence transformation is required. These days, students need more sophisticated learning systems to match up with other sectors of the economy.
For example, 3D printing has started to prevail in different arenas of economy such as IT, medical, prototyping and many more. Providing practical knowledge of such subjects has become mandatory in order to get the students employed in this field. The level of education has been constantly rising, and this has led to attract edupreneurs to invest in this sector.
Increasing Population of Students
According to a recent report, India has emerged as one of the largest consumer of education services with a target population of more than 445 million (that falls under the age group of 5-24 years), which is expected to increase to approximately 486 million by 2025, far exceeding the combined target population in China (354 million) and the US (91 million) in the same year.
Apparently, the market for education services is very huge in India with such a huge number of target population. As the market is huge, it encourages the education players to come up with new business ideas in the sector.
Variety of Business Ideas
The range of business ideas that are covered under the education sector is quite vast. For instance, educational services like pre-schools, secondary and senior secondary schools, colleges, universities, non-profit institutes, coaching classes, learning apps, digital learning, after-school programs and many others have so many opportunities for entrepreneurs who aspire to enter this niche. Apart from the mainstream business ideas, small business ideas could also be started in the sector, such as manufacturing and supplies of equipments like chalk-dusters, pen-pencils, desks, blackboards etc.
To sum up in a few words, the Indian education sector is quite forthcoming for budding entrepreneurs as it has a lot of scope for growth and innovation. A plethora of opportunities and challenges make this sector worth exploring, and this is why entrepreneurs are more and more interested in investing in this sector.