Have you ever wondered reviewing at the overall economic picture of the developing nations in comparison with the developed nations? These charts looks at a wide range of indicators and are truly stunning to see how the developing economies like India, China, Russia and Brazil are developing. In the next decade the Economic power will shift and the wealth will be generated by the successful entrepreneurs. Based on the below facts, time has come to change the perception of developing nations and start making the foundation for the opportunities which are growing.
The combined output of the emerging world accounted for 38% of world GDP (at market exchange rates) in 2010, twice its share in 1990. Based on the GDP emerging economies now account for over half of the global consumption of most commodities, world exports and inflows of foreign direct investment. Emerging economies also account for 46% of world retail sales, 52% of all purchases of motor vehicles and 82% of mobile phone subscriptions. Almost a quarter of the Fortune Global 500 firms come from emerging markets; in 1995 it was only 4%. The chart below shows more detail of how the economic clout of emerging economies has risen over time:
The above facts do have an impact on the Education Industry in the emerging countries too.
The Indian Education sector is estimated at $86 bn and is growing at 12% per year CAGR. The below table elaborates the Indian Education market size for various Education segments.
Further to the above facts the Indian Government will soon introduce the Foreign Educational Institutions (regulations of entry and operations maintenance of quality and prevention of commercialization ) bill which will change the Indian Education sector in India. On approval of this bill foreign institutions will be to offer degree courses legally in India and middle class / lower middle class students (300 million people in 2010 and estimated 550 million in 2020) will be able to benefit with good quality of Education which is universally acceptable.
Hence one can conclude that there is a wide gap that needs to be filled though the creation of Education opportunities and at the same time increase in disposable income leads to a huge market (approx 300 to 550 million in 2020) for the overseas Education provider to recruit students.