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The online education market in India was valued at INR 39 billion in 2018 and is expected to reach INR 360.3 billion by 2024, expanding at a CAGR of ~43.85% during the 2019-2024 period.
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Ease of learning, flexibility, and a wide range of study materials have influenced the overall growth of the industry.
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The Indian online education market is highly fragmented with around 3,500 edtech start-ups operating in the country. Many foreign players are entering the Indian online education industry.
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BYJU's, Udemy, Coursera and Duolingo are a few prominent players in the industry, catering to the requirements of different target audiences.
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The Indian Government also played an important role to promote e learning by offering free courses through portals like Swayam, Diksha, Nasscom. The AICTE launched an online portal “ENHANCEMENT IN LEARNING WITH IMPROVEMENT IN SKILLS”
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Portal which gives access to free online courses from 18 ed tech giants. A large number of ed tech giants also gave away online courses free of cost, based on a study on top 35 online learning platforms the ed-tech segment saw a 26% increase in online traffic between April 2019 to March 2020.
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BYJUs Learning app announced free classes till the end of April 2020, Like Uncademy founder Gaurav Munjal said that they have increased taking free online class.
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Some important factors for online learning are Students learn more than offline normal classroom courses, Important concepts can be discussed, Regular assessment can be made online.
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Some professors would argue that online presentations help create an efficient and effective communication model which could benefit students in the long run. Research suggests that online learning helps retain 25%-60% more information as compared to 8%-10% classroom teaching.
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Also E-learning requires a 40%-60% less time to learn than traditional classroom teaching as the course can be tailormade with our pace. So one can make the most out the time, also since these courses are self paced students can skip unnecessary stuff.
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E-learning also saves a lot of time commuting from one place to another. E-learning saves a lot of money as well by reducing time of commuting from one place to another. IBM is said to have saved $200 million by switching to e-learning.
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For students COVID-19 was one of the best opportunities to enhance their skillset with a lot of websites offering free certification courses.
Though these courses were offered before COVID-19, There was an increase in number of course takers in the pandemic period. It has been stated by DHE under MHRD recommended that even the teachers, faculty member may use this time in online learning,self development, writing research papers and other fruitful activities