The need for Career Skilling platforms among graduates and Working Professionals is continuously growing over the years in the country.
Pain Points of fresh graduates, newly recruited individuals, Colleges and Employers highlighted the need for skilling required to secure desired jobs in the future.
~% of the students is currently looking for a job in India and ~% of the students will look for a job after completion of their course. Lack of course comprehensiveness and career counseling at college level made it difficult for the students to perform the key responsibility areas at the companies they have been recruited. Students get limited guest lectures and workshops through college authorities which made it difficult for them to make relevant career choices.
Disappointments from Employers: Employers are facing continuous challenge of attitude, skill and knowledge misalignment which resulted in high attrition rate of over ~% in hired entry level recruits due to expectation mismatch. ~% employers in 2020 felt the gap in Talent available vs Talent Employable as industry requirements are moving at a rapid pace and academic Curriculum often tries to chase them rather than becoming proactive.
Placement process in colleges is also not being professionally managed & prioritized and is usually handled by faculty rather than hired seasoned professional. Tier 2, 3 & 4 colleges recorded poor placement ratio of ~% in India.
Working Professionals: ~% of working professionals are looking for a job change as most of these candidates latched on to the first option as they are often unaware of their career path or what kind of jobs match their skill set and end up taking the first job offered to them. In this dynamic technology times, Working Professionals require constant up-skilling to stay relevant and to effect career transitions and internal career growth. They make around 2-3 career hops within first 5 years of working span to reach their desired job roles.
Government launched various initiatives and skill programs to bridge professional knowledge and skill gap among Students and Working Professionals wherein they planned on training ~Mn people by the end of 2022.
In order to solve the problem through the integrated platforms and their programs, government required private career skilling platforms companies to extend their support to bridge the targeted gap.
Shortage of Employable talent (Students) resulted in demand for career skilling platform to make them employable.
Skill Needs by Sector
Skill needs are evolving among various sectors in the country wherein ~Mn jobs are created every year for entry level professionals.
Online Education Market Landscape, India
The India Online Education Market that include Test Preparation, Language and Casual Learning, K-12 Online Market, Higher Education and Professional Skilling market is valued at INR ~ Cr in 2019.
Professional Skilling Market Segmentation
Technical skills segment dominate the market with ~Cr revenue in 2019 and remaining accounted by Soft Skills domain.
COVID-Impact on Online Skilling Landscape
Strong Rise in Demand for Online Courses were seen from Working Professionals & Graduates as flexibility in working hours allowed additional time for career skilling among individuals.
Skilling Companies recorded strong growth during this period. Revenue of UpGrad increased by ~%, Udemy by ~%, Great Learning ~% and SimpliLearn by ~% during March-April Lockdown period.
Snapshot of GIG/Freelancing Industry
Need for Career Skilling Market Landscape in India
India is the leading country in the Online Labor Market with ~% share at global level in terms of workforce.
A GIG Worker generally takes ~Months to choose a career skilling platform to enhance existing their skill sets.
Sector Wise Hiring by Sectors
Survey Analysis- Job Seekers (Graduate)
Survey Analysis- Working Professionals (0-1 Year)
Preference of Career Skilling Platforms
Survey Analysis- Employers
Survey Analysis- Colleges
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)
By Sectors (Employment Workforce)
IT & ITES
Retail & FMCG
Pharma & Healthcare BFSI
Telecom & Allied
Eruditus & Emeritus
Hughes Global Education
Key Target Audience:-
Career Skilling Companies
Professional Skilling Companies
Corporate Training Companies
Venture Capital Firms
For More Information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications