Education and training services starting from preschool to postgraduate studies and vocational training form an indigenous pillar for the growth of an economy. It is a link between the academic world and the industrial space. This industry's skill development ability has an important role in imparting knowledge and innovation in businesses that are dependent on its precious human capital for sustainable growth. The education space is now witnessing entry of new stakeholders looking for attractive returns through an alternative route. The consequences are going to be far reaching with emphasis on skill building tailored to changing world.
Key trends shaping the industry:
Government Push: The contribution of Government in the development of education and training services plays an important role specially to increase its coverage to various levels. Educational reforms at various stages have focused more and more on making these facilities available to everyone with convenience. A significant attention is moving from academics to skill development. The role of private players to complement these services is an important factor which will determine the extent of growth of these services.
New opportunities: With the advent of new opportunities in specialty sectors like tourism, digital media, culinary arts etc., the demand for skill development has risen rapidly. It has a three way benefits which involves job creation for teachers, skill development and jobs for students and positive impact on the economy.
Knowledge Sharing: The demand for quality education has accelerated the growth of automated learning environments. Along with wider reach, these also provide opportunities for innovation and creativity in the sector. It also makes possible easy sharing of knowledge across international borders contributing to the enhancement of the global knowledge sharing.
Challenges facing the players involved in the industry:
Expansion with quality: This industry needs to keep expanding its services to bigger segment which will require more skilled professionals in the system. Along with reaching more people, maintaining continuous improvement in the quality of the services will be a major challenge.
Vision for the future needs: One of the biggest challenges of this industry is to cater to the changing requirements of the system and maintain a balance for the focus in the appropriate areas. It requires keeping an outlook of the future services so that the people can be groomed accordingly.
How BMGI can help?
BMGI is a world leader in advising and leading educational initiatives focused towards delivering results to businesses. Apart from extensive experience in advising stakeholders in developing sustainable educational institutions, BMGI is involved in training professionals to deliver operational efficiencies by implementing principles of lean, six sigma and inducing a culture of innovation in organizations. With the changing competencies needed by businesses to sustain growth, BMGI is the most endorsed partner in developing skill sets and educational institutions aligned towards changing needs.
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