Education and Training Sector

Education and training sector in India is undergoing a huge change with the focus shifted from public to private sector. The private sector is actively involved in education and its role will become more poignant, soon. The private sector’s role in higher education has been growing at a rapid pace over the last decade and needs to further expand at an accelerated rate.

The education sector has seen a host of reforms and improved financial outlays in recent years that could possibly transform the country into a knowledge haven. With human resources increasingly gaining significance in the overall development of the country, the development of education infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade. With great responsibility education institutions also face a wide range of risks, from campus security and safety to compliance with government regulations, cyber risk, and more. Therefore to minimize these risks, there are several insurance solutions for the education sector in India.

As of now, the education market is worth US$ 100 billion. Currently, higher education contributes 59.7 percent of the market size, school education 38.1 percent, pre-school segment 1.6 percent, and technology and multi-media the remaining 0.6 percent. India’s online education market size is expected to touch US$ 40 billion by 2017.

The higher education system in India has undergone rapid expansion becoming the largest in the world enrolling over 70 million students while in less than two decades. India has also managed to create additional capacity for over 40 million students. At present, higher education sector witnesses spending of over Rs 46,200 crore (US$ 6.96 billion), and it is expected to grow at an average annual rate of over 18 percent to reach Rs 232,500 crore (US$ 35.03 billion) in next 10 years.

India’s IT firms are working with academic institutions and setting up in-house institutes to groom the right talent as these companies move to Social media, Mobility, Analytics and Cloud (SMAC) technologies. Various government initiatives are being adopted to boost the growth of distance education market, besides focusing on new education techniques, such as E-learning and M-learning.

The education market is now thriving on the back of the workforce proving itself equal to their counterparts elsewhere in the world in productivity. Given the predominantly young population, the education market is bound to accelerate rapidly.

According to the Investor Relation Society research, skill and vocational training are fast throwing good amount of employment opportunities in the education space in India.

Desired Insurance Policy Product for entities in Education sector:

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