In the next few years, almost 18 lakh Indian students will choose to attend colleges and institutions outside of the country. Students’ amount of money on education is expected to rise to $75-85 billion by 2024. Due to international border closures in the fight against Covid, the industry’s growth was slowed in 2020-21.
- Students’ amount of money on education is expected to rise to $75-85 billion by 2024.
- Due to international border closures in the fight against Covid, the industry’s growth was slowed in 2020-21.
- An estimated 7,00,000 pupils expressed an interest in studying abroad in 2019.
- The number of Indian students studying abroad has increased by 20% since 2016.
The number of Indian students studying abroad is expected to rise to over 18 lakh by 2024 when international borders reopen due to the easing of the Covid situation in India.
While the number of students who want to study overseas is rising, and the number of students leaving the country is also growing, student spending is surging. It is expected to reach $75-85 billion by 2024, a two-fold increase from 2019.
While international borders were closed to combat Covid in 2020-21, the sector is now likely to regain speed as things return to normal, according to a report by Bengaluru-based market research firm RedSeer.
“We’re optimistic about the future growth of this market area. According to our estimates, there would be roughly 18 lakh Indian students studying overseas by 2024, “Engagement manager Abhishek Gupta at RedSeer echoed this sentiment.
An estimated 7,00,000 pupils expressed an interest in studying abroad in 2019.
“Around 420k students left for the first time this year, but the overall number of applicants was around 1.7 times greater. One reason for the huge growth is that GDP has risen over the last two decades, which has led to more consumption and knowledge of international schooling. “Gupta brought up the subject.
In 2016-19, outflow rates grew six times faster than domestic student growth, demonstrating the enormous demand in this particular market area today.
“We found that the number of Indian students studying abroad has increased by 20% since 2016, from 440K to 770K. The domestic region’s rise, on the other hand, has been only 3 percent when compared to the demand for education abroad, “informed the expert.
While the demand for studying abroad is increasing and the outflow is also increasing, student expenditure is also soaring and is likely to touch $75-85 billion by 2024 which will be an increase of >2x from 2019. This shows the high potential of this segment in the coming years.— RedSeer (@RedSeer) October 1, 2021
The growth in the outflow rates has outpaced domestic student growth by 6x in 2016-19 which shows the massive demand that this segment is witnessing. On the other hand, the growth in the domestic region has been merely 3% when compared to the demand for education abroad. [4/n]— RedSeer (@RedSeer) October 1, 2021