Online higher education and lifelong learning market to reach $5B by 2025: Survey
The macro-economic factors that will drive this growth include relaxation in regulations on degrees, supply-side capacity gaps, and the realisation of the need for higher education among students and professionals.
Online higher education and lifelong learning market are expected to reach $5 billion by 2025, a report by consulting firm says.
The report added that one of the causal factors behind this growth is the relaxation of regulations governing college degrees. This has enabled edtech companies to partner with universities to offer online degrees and democratise access to higher education. Another factor driving the growth is the credit system that allows students access education on specialised courses which are not available in India.
The importance of higher education, among students and working professionals, is also rising as careers require upskilling.
The report further stated that the user base for online higher education grew by 75 percent in 2021, despite a 3X growth in the average ticket size compared to the K12 segment. In fact, the market size for online higher education is now comparable to the largest edtech segment which is K6-12 including test prep.
Abhishek Gupta, Engagement Manager at Redseer, said, “India’s booming edtech market, which saw multiple startups and increased funding during the pandemic, is expecting further boost on the back of growth in higher education and lifelong learning segments. It's safe to say that online higher education has impressed us all by emerging as the fastest-growing sub-segment”.