Era of Online Executive Education: A $ 70 Billion Market for Colleges
In this era of “platform economy”, where the need to acquire certain skills & keep evolving with changing technological ecosystem, the question that every education/training provider needs to ponder over is whether they have enough offerings to satisfy the needs of the professionals.
The skills and knowledge that were inculcated in the traditional era used to remain relevant for at least 20 years, is no more the case. With changing times and evolving mindsets, there is a strong need to fill the gap between the traditional mindset of imparting education and the requirements of the ever evolving professional work space.
Be it the corporate trainers who tend to focus upon aspects such as communication, personality, leadership etc. or the education providers e.g. colleges looking to build skill sets mapped to the needs of the industry; the desire is to capture a pie of the market size slated to be more than $70b.
With such a huge proposition in place, Colleges cannot afford not to become a part of the band wagon providing executive education.
KPMG Report on Online Education 2021, finds that the paid user base will grow 6X from 1.6 million users in 2016 to 9.6 million users by 2021. It also predicts a 2x growth in online searches for education and a 3X growth in searches from a mobile device. Also, 44% of education searches are now seen to come from beyond the top 6 metros in India and there has been a 4X growth in education content consumption on YouTube in the last one year.
Image Below, shows a promising picture when it comes to the Indian education market.
If you are a college, not having any offerings in the executive education space, and are still wondering whether to have one, it’s high time that you start planning. Once decided that you want to be in the space, not that you have a choice when it comes to remaining relevant and sustainable, how to structure your executive offerings is another ball game altogether.
As with any other business proposition, the need is to understand what the target group, in this case professionals, want. Governed by peer pressure and the fear of losing their job, the professionals in this era are looking to work on their already acquired skill sets, at the same time develop new skills which will remain relevant in times to come.
With the realization that networking is the be all end all of any engagement, the professionals feel a strong need to belong to a community of influencers. For a college, how it enables the professionals to become a part of such group, be it through the skill sets and knowledge or by the very virtue of becoming a part of the distinguished alumni group, is the primary question that they need to find an answer for.
How to Design an Online Course
- Timeline: considering that time invested in any formal program is an opportunity cost for most professionals, the programs need to be short-term in nature which provides maximum value to the target group (focus on ROI)
- Curriculum: needs to be futuristic in nature, focusing upon building the skill sets which will remain relevant to the targeted sector in times to come.
- Faculty: imparting education need to have a strong base in contemporary research in the domain, which has implications for whom to hire in the ecosystem which in turn means having a forward-looking hiring policy.
- Peer group: with the desire to become a part of a community of influencers, the college need to think about creating an incentive mechanism to attract the best talent in the country, which in turn could boil down to:
a. Having great company collaborations to hire their students;
b. Becoming a platform where the who’s who of the industry gather to offer mentorship and an opportunity to engage with.
Top 5 Unique Courses that have high enrollments
Innovation of Products and Services: MIT’s Approach to Design Thinking
Career Development: Skills for Success
Digital Strategies for Business: Leading the Next-Generation Enterprise
Cloud Architect (AWS & Azure)
Applied Artificial Intelligence
Easier said than done, a considerable degree of thought needs to be put in planning and designing the variety of programs that colleges intend to offer. With the primary check-boxes in place and the desired brand campaigns implemented, colleges can look forward to tap into a market, which is increasingly becoming relevant for professionals, day-by-day.
Are you looking to explore going online with a few courses for your college or as a education provider?
Gain insights on how to go about designing your program by speaking to our Executive Education Expert ([email protected] | +91-9794542565)
Era of Online Executive Education | A 70 Billion Market for Colleges
A look into the Online Executive Education Sector and How colleges need to work towards going online with their courses before it gets too late. The Online Education Market is expected to grow to $70 Billion and the competition is still not intense in India.
July - 17,2019 | Posted by: Iosignite