Executive Education Industry Registered a CAGR of 17% in the Last 5 years
The demand for executive education has increased on account of learning world’s best business strategies to compete with the global counterparts due to the emergence of international B-schools to India such as Harvard Business School and INSEAD. The growth rate of enrolment in this industry has declined in FY’2013 and FY’2014 due to the gloomy economic trends, continued euro-zone crisis and sticky inflation of the country but the market showcased resilience as compared to other higher education courses category. The demand has increased in lieu to the increased number of private institutes offering executive education and greater preference for online education, visit : www.kenresearch.com
The revenues engendered by executive education market grew at a promising growth rate of 16.7% in the last 5 years. The private players such as NIIT Imperia and Hughes Education services entered the market and with the use of the ICT have attracted a fair share of the market. The emergence of these private players has introduced the concept of virtual education in executive education sector. With the entry of foreign universities in India, the market for executive education has grown at a growth rate of 25.0% during FY’2014.
The market is expected to grow with healthy growth rate, backed by favorable outlook of the government towards the higher education and skill development. The awareness among the professionals for the executive education is on the rise. The professionals prefer executive education programs over full time MBA programs which usually involves more time and money. The professionals are keen on developing certain specified skills which will give impetus to their career development that are provided by management development programs. The entry of numerous private players in the market is likely to elevate the competition and the market is anticipated to shift from being oligopolistic in nature to competitive in the coming years.
In FY’2015, northern region of India has contributed the highest revenues to the executive education market. Many foreign players including Harvard Business School have chosen Maharashtra as their destination. The share of migrant population is highest from the Eastern zone of the country due to the lack of financial support by the state government. The entry through the entrance test has a maximum share due to the limited seats of Top B-Schools programs and huge demand of recognized certified executive courses. The greater demand of these courses was in lieu of skill enhancement and healthy financial remuneration. The working professionals have preferred these courses at every stage of their professional career to overcome the challenges of the dynamic world as these schools have an intellectual pool of industry rich content and highly renowned faculties. The provision of generic programs at affordable cost attracted many professionals since last few years to enter into this industry through entrance tests.
The Executive Education Market in India has focused mainly upon the middle and senior management executives and has designed courses which could fulfill the needs of this management group. The entry level management and the junior level management executives were not targeted equally by the market.
The Virtual Executive Education market has seen a considerable growth in the past few years FY’2010-FY’2015. With the advancements in the technology and the use of ICT in the education sector, the executive education sector has experienced a shift which has resulted into an increase in the value of the online executive education market.
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