Five Business Opportunities Indian Edupreneurs can explore to make a mark
As per a recent study, around 24 million children are born every year in India. Currently, 259 million children go to one of the 1.4 million schools every day. What with India boasting of having the world’s largest population in the age bracket of 6-17 years, the India education market is well poised to double to $180 billion by 2020. With a humongous demography, the education sector continues to be impacted by poor infrastructure and paucity of trained teachers. News Today lists out five business opportunities that ‘edupreneurs’ in India can use to make a mark in the education sector.
Day Care/ Pre-School
Technavio, the Market Research Analysts had forecasted that the preschool or child care segment in India will witness a robust growth during the forecast period and will also log a CAGR of 33% by 2020. A plethora of compelling reasons that make the parents concern, along with awareness being generated through media have opened up immense business potential for the pre-school and playschool sectors in India. This segment also has immense scope as working parents, who do not find time at their disposal to spend quality time with their wards, sending them to playschools is the only alternative.
A recent report from the Department of Education, Government of Tamil Nadu found that two out of three children do not complete class 12 and many opt for private tutorials to get the elusive pass mark to complete higher education.
According to Global Industry Analysts, the global private tutoring market is projected to surpass $ 102.8 billion by 2018. The mentoring industry existing in India has had a record growth of almost 35% in the last five-six years. The competition in education field has out passed the fight for survival this forever growing anxiety of children as well as their parents have let a space, for the private tutorials to grow their business, says the NT report.
E-library/ E-Book Club
Amazon kindle and other e-book readers have created a revolution in the industry and many have opted for the eco-friendly electronic books as an alternative to paper books. TechNavio’s analysts predict the Global E-book market to grow at a CAGR of 17.40% over the period 2014-2019. Technology has spread its roots in every nook and cranny of business, leaving no room for old schools techniques or outdated modes of learning. What is more, e-book has opened the flood gates of opportunities for owners of e-library and e-book clubs because knowledge knows no limits and everyone is equally curious to know anything and everything available under the sun.
Skill development /Training School
Many students are also breaking out of the mould of main-stream education to develop their skills in their fields of interest.
Recently, India and Germany have signed an agreement on vocational education and skill development with a budget of $ 3.37 million, which will eventually help create and improve cooperative workplace-based vocational training in India’s industrial clusters. The Union Government has also allocated around Rs 17,000 crore ($ 2.55 billion) towards skilling, employment generation, and providing livelihood to millions of youth, in order to boost the Skill India Mission. Preparing the future generation for their career opportunities is another field, where the edupreneurs can make a lot of business.
Education tours for school children are relatively a new segment largely untapped by many entrepreneurs. In other European and North and South American countries however, this has become a fledgling business. For the aspiring edupreneurs and businessmen, this is going to create revolution as the education is not limited to classroom teaching and there is a vast field waiting in the educational tour industry, notes the report.