Benjamin Franklin once said that “An investment in knowledge pays the best interest”. This quote fits soothingly well for the investments in the Indian Education Markets as the following facts shall confirm that education markets in India are thriving and shall continue to thrive over a longer period of time and thus an investment in the education sector shall reap great dividends in future for the deserving education entrepreneurs.
Education Market Size-An Overview:
According to the report published by IBEF, Following are the key highlights of the burgeoning Education Sector in India;
- India has the world’s largest population in the age bracket of 5-24 years of about 500 million people, which provides a great growth opportunity for the education sector. The education sector in India was estimated to be worth US$ 117 billion in FY20 and is expected to reach US$ 225 billion by FY25.
- Number of colleges in India reached 42,343 in FY20. As of June 24, 2022, the number of universities in India stood at 1,047.
- In 2021-22, there were 8,997 total AICTE approved institutes in India. Out of these 8,997 institutes, there were 3,627 undergraduate, 4,790 postgraduate and 3,994 diploma institutes.
- India had 38.5 million students enrolled in higher education in 2019-20, with 19.6 million male and 18.9 million female students.
- In FY20, Gross Enrolment Ratio (GER) in Indian higher education was 27.1%.
- The Indian ed-tech market size is expected to reach US$ 30 billion by 2031, from US$ 700-800 million in 2021.
- According to KPMG, India has also become the second largest market for E-Learning after the US.
- The online education market in India is expected to grow by US$ 2.28 billion during 2021-2025, growing at a CAGR of almost 20%. The market grew by 19.02% in India in 2021.
Advantages of Owning an Education Franchise in India:
The franchise business is not a new concept in India; it has a decades-old legacy. For ages, big brands in all segments have thrived with the help of their franchises. The segment was flourishing and moving north until the Covid-19 pandemic-induced lockdowns and restrictions put a halt to the growth. However, with economies coming back on track and picking up the pace, the franchise business is all set to thrive again. Experts believe that franchise businesses are set to flourish again, with the industry witnessing a rise in entrepreneurship in almost all segments. As per the Global Entrepreneurship Monitor (GEM) India Report (2021-22), “India’s entrepreneurial activity expanded in 2021 and increased to 14.4% in 2021, up from 5.3% in 2020.”
Why IAS/UPSC Coaching Franchise Makes Sense?
IAS/UPSC Exams-An Overview:
Despite the surge in employment opportunities in the private sector, the aura around the Indian Administrative Service (IAS) and the Indian Police Service (IPS) is intact and, in fact, has been growing in recent years. Every year, the Union Public Service Commission (UPSC) receives more than 1 million applications for the Civil Services Examination (CSE).
In the last few years, we have seen a large number of graduates and young professionals after having experienced the lure of corporate jobs in MNCs, considering joining the Civil Services of India. The number of applicants appearing in the Civil Services Exam (CSE) has more than doubled in the last few years. When it comes to career choices, the Civil Services exam has always been considered the best career choice for Arts graduates! But, of late, graduates and young professionals from Science, Commerce, Business Management, etc., all have started appearing for UPSC Civil Services Exam (CSE) to get into the prestigious Civil Services because the exam is now designed in a way that any one from any stream can participate. This phenomenon has now been accelerated further.
IAS/UPSC Exam Market Size – Numbers
Union Public Services Commission (UPSC) is the responsible body for conducting Civil Services Examination in India and thus conducts the same at 356 centres across India.
UPSC Conducts Civil Services Examination in 3 phases in a Year – Preliminary, Mains and Interview.
Every year apparently a little more than 1 million eligible aspirants apply for the Civil Services Exam
At the same time there is an equal number of (1 million+) aspirants preparing for the exam but are not eligible to write the exam
Thus the consolidated market size of the IAS aspirants is 2 million+ aspirants per annum.
IAS/UPSC Exam Market Size – INR
Following is the market size of IAS Coaching in INR
Growth Catalysts of IAS Coaching Franchises
As mentioned above, there are lakhs of students who appear for UPSC exam every year. The number of posts offered by the government for the IAS is generally 1000. So, it is evident that there is a huge competition among students, that’s why students need strategies to clear this exam along with the hard work and resilience. Thereby, it creates the urge to have more and more coaching institutes catering to the IAS aspirants.
Not only the huge number of applications is making the coaching institutes a paramount need for students; but it is the competitiveness that adds to their urgency. As per recent reports, the success rate of UPSC exams is generally 0.2 per cent. With such a low success rate, it becomes essential for students to take extra coaching to crack this examination. This is also one of the biggest reasons why students enroll in the IAS coaching institutes to ensure their success in this examination.
Classic IAS Academy is one of the IAS coaching Franchisee in India as it gives a well-planned route map to crack the upcoming UPSC Exam. Candidates get clarity on the approach, topics to cover, focus on the individual strengths and weaknesses. This helps them to improve their success rate and reduce the number of attempts. Thus it’s an opportunity to be the part of the growth story of IAS preparation market and join Classic IAS Academy as Franchisee partner. For more information the interested parties may log in at www.classiciasacademy.com or contact us at helpdesk@classiciasacademy.com or call us at 9350034030.
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