Online Learning Promoting Professional Development
During the COVID-19 pandemic, online education has opened up new prospects for career companies in the country. As millions of young people pay for online professional courses for self-improvement or new job opportunities.
Online vocational education company Kaikobar raised 600 million yuan ($94 million) in the B1 round of financing and revealed that the B2 round of financing is in progress. Although there was a major disruption in the education market due to strict new regulations for the industry earlier this year. It achieved this goal.
“Vocational education is the core means of adjusting the talent structure in the process of national economic development. The adjustment and optimization of the talent structure will be an extremely important guarantee for the country’s industrial upgrading. Said Fang Yechang, founder and CEO of Kaikoba.
“In addition, we see a huge demand for students, especially those born in the 1990s. Because they pursue career freedom by improving themselves or expanding job opportunities,” he said.
Fang said these young people don’t want to “lie down” Chinese internet buzzword that means staying in your comfort zone—so they are developing a huge market for vocational education companies.
According to the report of the market consulting agency iResearch, it is estimated that by 2022. The scale of China’s vocational education market will reach 390 billion yuan. Which the online vocational market will grow at an annual rate of 20%.
Founded in 2012, Kaikobar initially provided information technology online tutoring for employees of technology giants. Such as Alibaba Group and Baidu, and later expanded to business courses such as project management and business analysis, as well as creative design courses including 3D modeling.
The company is now opening up markets in some less traditional areas, such as financial thinking. Excellent communication skills, psychology and even hobbies, which have become popular among young people.
Ge Wenwei, a partner of Duojing Capital, said: “The online vocational education market will become the mainstay. As the heavy training replaces the light training, the average income of each user will gradually increase.” The market will continue to prosper, and the penetration rate will be higher than K-12 Kindergarten to Grade 12—period,” Ge said.
The iResearch report stated that COVID-19 has brought online vocational education into the fast lane of development. Which may greatly accelerate the development of overall online education.
But Kai Keba’s Fang said that the growth of the online vocational education market does not mean that companies do not have the growth scenario of offline education.
“In the future, the customer acquisition and growth of vocational education will coexist online and offline. Online vocational education is the main body, and offline is auxiliary.” Fang said.
According to a report released by Tencent Classroom, an online vocational education platform created by the technology giant Tencent Holdings. The number of users paying for healthcare courses has also seen strong growth recently.
Architectural engineering, graphic design, practical English, healthcare and painting are the ten most popular course categories.
Tencent CEO Ma Huateng called on well-known school teachers and training institutions to accelerate the development of online classrooms. So that the society “vigorously develop online vocational education.”
“The main goal is to help various groups to improve their business skills and increase employment opportunities. Especially in the context of the development of the industrial Internet and the acceleration of the digital transformation and upgrading of the overall economy,” Ma said.
He said that emerging technologies are accelerating the integration and innovation of traditional industries, giving birth to a large number of emerging professions.
“The country urgently needs high-quality, multi-skilled talents with strong practical and innovative capabilities. 5G, artificial intelligence, industrial Internet and other new jobs,” Ma added.
However, Gao Yan of Xuehui, an online professional live broadcast platform, said that although people have learning goals and a willingness to invest in themselves, due to limited time and energy, the renewal rate of students is usually low.
“Solving the problem of low user renewal rates has become a challenge faced by many vocational education institutions. Online vocational education institutions should rethink their profit models to determine whether they can penetrate into a certain segment,” Gao said.