COVID-19 pandemic posed a huge threat on the lives & businesses across the globe. Number of cases reached 10.4 Mn in India as a result of this pandemic, making the country one of the most affected among others. In order to reduce the number of cases, government lifted lockdown restrictions in phases while the shutdown of operations took a toll on the country's economy. According to IMF projections, India’s GDP will contract by 10.3% during FY 2020-21, making India one of the biggest hit countries.
Economy Slowdown
The halt
in most of the economic activities presented unforeseen outbreak and huge
losses across all the major industries especially Logistics, Hospitality,
Travel and Tourism. More than 50% companies are not yet fully operational in
India and are still working on limited capacity and workforce they have.
10%-20% decline is still anticipated in the revenue for some of the companies
in the country. Economic uncertainties like this have forced companies to lower
down their costs and consider delaying long-term capital expenditure plans. Majority
of the companies have implemented cost containment initiatives, some cancelled
planned investments and others have made modifications in their investment
plans to overcome the impact of the situation.
COVID-19
outbreak in India and at Global level was a major turning point in Education
and Skill Development sector. According to data
published by Centre for Monitoring Indian Economy (CMIE), one in four employees
in India lost their jobs in just two months of the pandemic i.e. March-April
2020.
The
outbreak that resulted in massive layoffs and pay cuts forced many graduates
and working professionals in India to utilize the career skilling options and
rethink on their career options. Fresh graduates who have just entered the
corporate world or are just entering the workforce would need to constantly
up-skill themselves as layoffs would be the maximum in their scenario.
Growth
across different Ed-Tech Platforms
On the
other hand, the pandemic resulted in an exponential growth in Internet usage
among Indians. More than 40% of the population used to spend more than two
hours a day on the Internet during these lockdown months. The percentage number
was even higher among young population as a result of the realization of
importance of online education systems and e-learning platforms. Education
platforms like BYJU and Vedantu recorded double digit growth rate in terms of
users and revenue on these platforms while Skilling platforms like Unacademy
recorded 3 times growth in revenue in just one month of the lockdown period.
India is
the leading country in the Online Labor Market with 24% share at global level
in terms of workforce. 80% working adults believe that freelance work is a
viable alternative to full-time employment and would consider taking up
freelance work in the near future. Percent of Companies aiming to Hire GIG
Workers have also increased in all the sectors as the current pandemic have
opened a new GIG workspace as a result of the flexible timings in Work from
Home scenario. Freelancing has become the next best opportunity for some of the
graduates to enter as many campuses across the country are witnessing job
offers being rescinded, specifically in Tier-2 & Tier-3 colleges.
Revival of New Job Opportunities & Sector Growth in India
Employment
workforce across all the sectors is anticipated to grow in future, wherein a
significant proportion of fresher hiring is estimated to happen across sectors
such as FMCG/Retail and Pharma & Healthcare. Initiatives like “Make in
India” and several others, increased number of domestic companies across
various industry domains resulting in higher number of jobs in the marketing,
sales and support, production roles.
The
growth in job opportunities will create a high competition among graduates owing
to low skill proficiency since finding an employment is still considered a
challenge among them as they generally take more than 10 months to find an
appropriate or desired job.
Future of Career Skilling Platforms
In the
future, the career skilling platforms will foresee intense competition in terms
of the optimal course structure in order to increase the number of enrollments
or retain existing users. Sectors are also rapidly growing and are in need of
professionals with good business aptitude and communications skills, interpersonal
skills, basic technical skills and others. First time job seekers on the other
hand across different education levels in the country have now understood the
complexity & uncertain environment in the job industry and hence are
thinking of acquiring new skill sets to make them stand out in the crowd and to
increase their success rate to secure job in a post COVID world. Basis all
these factors, the professional skilling market is anticipated to grow with a
CAGR of 30%-35% on the basis of revenue during the forecast period 2019-2025.
Key Segments Covered:-
Demand Supply Gap
(Number of Job Seekers and Jobs Available)
Target Addressable
Market
Service
Addressable Market
Service
Obtainable Market
Online Ed-Tech Market (Revenue)
Higher
Education
Professional
Skilling
Technical
Skills
Soft
Skills
By Sectors
(Employment Workforce)
IT &
ITES
Retail
& FMCG
Pharma
& Healthcare BFSI
Manufacturing
Automobile
Telecom
& Allied
BPO, KPO
Others
Companies Covered:-
Major Companies
Eruditus & Emeritus
NIIT
Simplilearn
Upgrad
Great Learning
Talentedge
Coursera
Jaro Education
Edureka
Hughes Global Education
Talent Sprint
Imarticus Learning
Udacity
Edx
Harappa
Mentorica
Key Target Audience:-
Career Skilling Companies
Professional Skilling Companies
Ed-Tech Companies
Independent Investors
Government Ministries
Industry Associations
Universities
Corporate Training Companies
Venture Capital Firms
For More Information on the research report, refer to below
link:-
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