Assessing Market Potential and its Impacts on the Education: A Vision for Growth

Nirmal Singh

“Our primary focus in the education economy has been to assess the total addressable market and the total serviceable market. Moreover, we aim to examine how organizations can impact students and contribute to the economy through positive outcomes”, shared Nirmal Singh, Founder & CEO, Wheebox.

“India presents a fascinating market scenario, with approximately 83% of students enrolled in K-12 education. It is intriguing to contemplate the potential that awaits us in the next 10 years when these students enter the job market. The opportunities they create and their contribution to the economy will be substantial”, he added.

“Furthermore, higher education holds a significant market share, but vocational education is poised for tremendous growth in India. Currently, vocational education accounts for only 3% of total student enrollment. However, this sector is expected to experience a significant boom. Additionally, online education in both K-12 and vocational sectors presents enormous growth potential for edtech companies, system integrators, and universities”, he further added.

“By recognizing the percentages—3%, 14%, 11%—we understand the substantial economic impact that companies entering these spaces can achieve. This growth potential extends beyond India and includes the Middle East and North Africa region as well”, said Singh.

“When we consider the decade ahead, specifically from 2020 to 2030, we see tremendous opportunities in the Middle East and North Africa market. Our analysis primarily focuses on the period up until 2020 and 2022, during which the acceptance and adoption of online learning experienced significant growth. Although the full transition to online education fluctuated as schools and colleges gradually reopened, reports indicate that by 2030, this market will generate approximately nine billion dollars in revenue from online learning, including online simulations and assessments”, he added.

“Our approach involves viewing the market through a ten-year lens, allowing us to strategize and make a substantial impact on the digital transformation of education in India. We collaborate with over 430 large and medium-sized enterprise customers, providing assessment solutions for their hiring processes. Additionally, we work closely with approximately 250 to 260 higher education institutions to enhance their learning methods and facilitate entrance examinations. One of our notable initiatives is the India Skills Report, a collaborative effort between VBox, the Ministry of Skills, the Ministry of Education, Pearson, Amazon Web Services, the Confederation of Indian Industry, and PeopleStrong. This report assesses the employability index of students in higher education and vocational institutions through a comprehensive 90-minute test. Simultaneously, we gather hiring intent data from over 150 to 160 large corporations. Combining these insights forms the India Skills Report, which serves as a vital resource for the education and industry sectors”, he added further.

“Building upon this success, our next endeavor aims to create a GCC Skills Report, specifically tailored to countries in the Gulf Cooperation Council. We will engage candidates preparing to enter the job market and inquire about their employability, while also consulting employers in the GCC market to gauge their hiring intentions. This data will drive our future strategies and cater to the specific needs of the region”, shared Singh.

“India’s employability index has witnessed remarkable growth, increasing from 40% to 50% over the past six years. This trend signifies India’s ability to produce a significant proportion of employable talent, which directly contributes to the country’s GDP growth. We aspire to replicate this success in the GCC countries, employing a robust sample size and a comprehensive approach to enhance the employability landscape in the region”, he concluded.

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