Experts of Skolkovo company Netology Group: Russian Education Technology Sector to Grow to $890M by 2021
In October, the first systematic study was published, undertaken by industry professionals and renowned analytical entities — Skolkovo company Netology Group, Higher School of Economics, Internet Initiatives Development Fund, East-West Digital News, etc. The paper reflects the situation of the country’s e-learning market, highlights key development directions, and offers the detailed analysis of Russian Education Market.
Following forecasts, the world’s EdTech market will gain 5% year by year, with today’s volume amounting to $165M. It was Eastern Europe that became one of the most rapid-growing regional e-learning markets, and Russia leads the pick. As experts state, CAGR of Russian e-learning market is to reach 20% within next five years.
According to fresh data, 2016 Russian education market has accounted for $30B. At the same time, proliferation of online-technologies within the industry equals to 1.1% ($346M), set to grow to 2.6% ($890M) within five years. Mostly commercial e-learning segments are continuing professional education ($117M in 2016) and higher education ($113M in 2016).
Russians are considerably engaged in learning languages. Language-learning audience (25-64 years) accounts for 2% (one million people) of Russian population. Of this number, 89% learn English. Russian language education market is expected to reach $410M volume by 2021, with its online share to get to 10.7% against today’s 7% ($37M). In 2016, Russian spent some $60/month on digital language courses.
Since 2014, joint investments in Russian educational project have come to at least $36.8M, including 66 deals available to the public.
“Russian EdTech leaders increase their revenue by two and three times each year. We are on the threshold of the phase shift: following the pioneers, each user will adopt and start actively using digital education technologies,” states Maxim Spiridonov, co-founder of Skolkovo resident Netology Group (study participant).
About Netology Group
Netology Group is a leading provider of online education for Russian-speaking communities. The company offers individualized programs to school students, designs profession courses for adults and tailors corporate training products for businesses.
About the Skolkovo Foundation
The Skolkovo Foundation is a non-profit organization founded in September 2010 by the Russian government with the objective of accelerating Russia’s transformation from a resource-intensive to an innovation-based economy. To achieve this objective, the Foundation is overseeing the creation of the Skolkovo Innovation Center, composed of more than 1,700 high-tech startups, Skolkovo Technopark, the Skolkovo Institute of Technology (Skoltech) - a new graduate research University established in collaboration with the Massachusetts Institute of Technology - and Skolkovo city, located near Moscow. Together, these entities establish a vibrant ecosystem of technology innovation and entrepreneurship. The cumulative revenue of Skolkovo’s startups reached $2,2 billion. They brought in more than $186 million in investment, creating 22,100 jobs and filing over 1,100 patent applications along the way. By 2020 over 2 million square meters of residential and office space will be built in Skolkovo with 35,000 people working daily in the Innovation Center. For more information: http://www.sk.ru/en
Press Contact
Netology Group
Anastasia Kozhemyakina
a.kozhemyakina@netology-group.ru
Skolkovo
Lyubov Korotetskaya