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Tuesday, March 2nd, 2021

India Career Skilling Market Research Report


 INVC NEWS
 New Delhi,

The report titled “India Career Skilling Landscape: Understanding the Perspective of Students, Working Professional, College and Employers” provides a comprehensive analysis on the Need and Demand for Career Skilling platforms in India from fresh graduates and Working Professionals with 0-1 years of experience. The report covers pain points of College Graduates, Working Professionals, Higher Education Colleges and Employers, TAM, SAM & SOM for Career Skilling programs, Government Initiatives, Evolving sector wise skill needs, Future workforce, Demand Supply Gap, Online Education Market, Ecosystem of Major Players, COVID Impact, Journey of a Job Seeker, Recruitment Journey of an Employer, Trends in GIG Workforce and Survey Analysis of Target Audience. The report concludes with analyst recommendations highlighting a proposed business framework in terms of Course Structure and Strategic Partnerships.

Need and Pain Points

The need for Career Skilling platforms among graduates and Working Professionals is continuously growing over the years in India. Lack of course comprehensiveness and career counseling at college level along with disappointments from Employers in terms of attitude, skill and knowledge misalignment among hired entry level graduates highlighted the demand for career skilling platform to make these graduates employable in India.

Emerging Sectors and their Skill Needs

Skill needs among various sectors are evolving with the changing roles in India. ~Mn jobs (which is % of total jobs) are created every year are for Entry Level Recruits across all the sectors in India. Hiring Intent among Employers across different sectors has continuously improved over the years. BPO (~%), BFSI (~%), IT (~%) and Manufacturing (~%) are some of the sectors that recorded the highest hiring intent for entry level recruits in the country.

Demand and Supply side of Jobs

Government initiated various programs to increase the number of skilled individuals for different job roles across various sectors in the country. One job is available for every ~ number of potential job seekers. However, the final selection ratio on the other hand is very high and stood around ~ (i.e. number of candidate screened versus finally selected). Candidates’ that are available and demanding jobs versus Supply of Jobs resulted in higher Proportion of Candidates opting for Career Skilling Programs in the country.

Survey Analysis

Job Seekers (Graduates): A graduate face multiple challenges in finding right job profile that fits in their interests. Lack of required skill sets, knowledge on KRAs with respect to interest areas and lack of understanding on available opportunities were the major challenges faced by afresh graduate. A job Seeker generally takes ~month’s journey to get their desired job roles with enhanced skill sets. ~ Job Seekers are even willing to relocate for better job opportunities. A major proportion of individuals realized the importance of upgrading skill-sets especially during this COVID pandemic time, given the fact that there have been massive layoffs and that competition for a job is going to increase further in the future.

0-1 Year Working Professionals: % of 0-1 year working professionals are looking for a job change or will look for a job change in next 2-3 months as a result of expectations mismatch and desired roles in their current company. ~% working professionals are willing to take up career skilling courses within next 2-3 months in order to improve their existing skill sets.

Employers: Employers are unable to find enough specialists in Real Estate, BFSI and Energy followed by IT and FMCG sector in the country as a result of lack of employability factor among the talent pool in the country. Employers have recorded ~% attrition rate in hired entry level recruits in their companies due to mismatch in work role, low productivity and inability to handle work pressure.

Competitive Landscape of India Professional Skilling Market

Higher Education and Professional Skilling industry in India is highly fragmented space with 80-100 players wherein more than ~% is captured by 20 players in the country in terms of number of revenue. Major players in the market include Eruditus & Emeritus, NIIT, Simplilearn, Upgrad, Great Learning, Talentedge and others.

Players in markets compete on basis of user base in terms of enrollments, Revenue and type of course structure.

India Career Skilling Market Future Landscape: Professional Skilling and Online Higher Education market in Career Skilling space in India is expected to witness a double digit CAGR in the forecasted period 2020-2025. Increasing demand of employable entry level workforce across different sectors for different job domains will increase the user base on such platforms. Sectors with highest growth in future in terms of total Employment workforce are Pharma & Healthcare, BFSI, Telecommunications and IT. Maximum share of employment workforce for Entry level graduates will be recorded by FMCG/Retail, Pharmaceuticals and Healthcare, IT & ITES and BFSI.

 

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