Around 57% of Indians from Middle-Class Family Have the desire to study Abroad: Leap-IpsosStrategy3 Study- Abroad Prospect Report
National, 29th September 2022: South Asia’s biggest overseas education platform arranged its flagship event named Leap Global Edu forum 2022 at the place called Lalit, New Delhi. The main Motto of introducing this summit in India is to bring all the key stakeholders of the Indian education ecosystem. Several investors, Leaders, Founders from start-up companies, Education Influencers, etc. also confirmed the uncovered outlook report of the Leap- Study abroad IpsosStrategy3. A similar report on the overseas education market has been revealed by the chief guest Dr. Diya Dutt, Deputy Director, United States – India Educational Foundation (USIEF) in the same event.
Nearly 57% of the Indian middle class who is having a household income of 3-10 Lakhs is spending their income hard earned money towards overseas education. It also provides a critical overview of how foreign language is highly becoming more popular among the Indian people. In addition, while discussing the factors that make a destination preferable- Education, Global Career Opportunities and better payout are the top three factors ranked accordingly.
Co-founder of Leap, Vaibhav Singh told- Fuelled by the growing aspirants of the student community, the Indian market for educating children abroad is expected to increase. Around the year 2025 Indian students community is expected to spend over $100 billion on their international education. This is a golden opportunity and the industry will experience a dramatic increase in demand for innovative products and services. With the launch of this report, we aim to contribute immensely to India’s understanding of the education industry abroad and what it holds for the future.
Deepak H, Partner, Ipsos Strategy3, Management Consulting Arm from Ipsos, a global market research firm, shared,” Leap and Ipsos conducted a very comprehensive study exploring all aspects of creation through admission for seekers – and speak to so many aspirants through the length and breadth of the country, studying mapping the state of mind of aspirants- sources of information, how the process begins for them, motivations for studying abroad, processes, barriers and how they overcome them, policies and the role of government as enablers, funding and destinations – the whole range, reducing it to what are the expectations and aspirations of aspirants. And one thing is absolutely clear, all must sit in one place to make it easier for candidates the number of people who choose to study abroad is likely to increase significantly. Interestingly, there is an emerging new cohort of individuals who choose the hybrid format e-courses at home and offline on campus – and it’s also easy on the pocketbook.
The report provides an overview of India’s educational landscape, opportunities, and trends. It highlights significant findings such as,
Indian Overseas Degrees Provide an Edge over Talent Pool in Home Country, according to participants: 83% of students believe that a foreign degree will improve their chances of obtaining better employment opportunities and give them an advantage over the peer-to-peer competition.
Non-English-speaking destinations are getting more popular with Indian students: Thanks to global connectivity, 42% of Indian students are open to destinations beyond English-speaking countries without English as their first language. This reflects the fact that Indian students are expanding their choices and becoming more flexible in their preferences for foreign educational destinations. Factors important for making this conclusion include University ranking, cost of living, Scholarship, etc…
Student loans abroad are becoming more accessible and streamlined: applicants have more faith in student loans. In the shared study in terms of financing education, more than 62% of Indians prefer education loans, followed closely by scholarships to 53%. The significant increase in the preference for student loans is expected to stimulate the market for student loans abroad in the years ahead.
After the COVID-19 pandemic, “Study from Campus” is becoming increasingly popular – As home study becomes the only option available the COVID-19 pandemic, students had chosen to take online/hybrid courses during the past two years. However, around 80% of students are now saying that they would like to study from Campus/ Face-to-face as it provides an opportunity to enhance their network and adds face value to their interactions.
Research methodology and Profile Respondents
It is a comprehensive India-wide study that delves deeply into emerging destination preferences, changing needs and choices, and psychosocial trends and also it includes behavioural shifts. The total number of prospective students covered during the study includes a large sample of respondents from India. Around 60% of the candidates covered are male, 39% are female and 2% do not prefer to say so. Nearly around 2/3rd of the candidates are observed in the 18-24 years age group, and around 34% are from the 25-30 years age group.