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India's online education market size is set to grow to $ 40 billion by 2017 from the present $ 20 billion. "We expect drastic changes in online education in the next 2-3 years period. The online education market is set to grow to $ 40 billion by 2017 from the present $ 20 billion," Loud Cloud Systems Chief Technology Officer Anil Sonkar said. India has one of the largest education systems in the world with a network of more than 1 million schools and 18,000 higher education institutions.
More than half of the country's 1.2 billion population falls in the target market for education and related services. Loud Cloud is engaged in providing e-learning technologies in India. It has roped in Odisha-based Centurion University of Technology and Management for their distance education branch which is set to start in June 2013, he said. Integrating the latest Web 2.0 technologies to adapt to current student learning needs, Loud Cloud has developed its product to address the lack of innovation in learning solutions space, Sonkar said.
The company is looking at raising around $ 5-10 million to fund its expansion programme, he added. Loud Cloud's technologies are also being used at institutions like Career Education Corp, Grand Canyon University and Jefferson County School District in Colorado, USA. At present, the company offers online education to 1,50,000 users in universities in India and US and hopes to increase the same to 10,00,000 users in the next 2-3 years, Sonkar said, adding it is in talks with multiple universities in India and abroad for providing its solutions.
Courtesy: Times of India
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