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In recent years, the education sector has witnessed enormous changes due to the growing importance of schooling. From whiteboards and chalks to digital concepts of smart classrooms, the education system has generously greeted modern technology.
These advancements in technology have transformed schools around the globe and introduced new modes of education such as online classes, digital assignments, and animated teaching. As a result, these novel modes of education have encouraged schools to adopt various solutions and services, which assist to manage their workflow and databases.
Considering the COVID-19 crisis, a report on School ERP - Global Market Trajectory & Analytics suggests that the global market for school ERP will grow at a CAGR of 5.2% over the analysis period 2020-2027. Additionally, the Global school management software market is estimated at USD 388.6 Million in the year 2020 and it is projected to reach a revised size of USD 555.2 Million by 2027. (Source: Businesswire.com)
Online or Digital Workflow Management is the ‘New Normal’ in Pandemic
To understand the potential of school management software on a large scale, let’s consider some key statistics from India, the country with the largest student population in the world:
- The education sector is the only sector in India with 100% FDI (A great opportunity for businesses)
- The majority of the English-speaking population reduced the language barrier
- In 2019, India ranked 34 out of 100 in the global English proficiency index
With 250 million school going students in India, it has become essential for schools to diversify towards digitization. (Source: ibef.org)
Considering these facts of such growing education hubs, we are here to show the expectations vs reality of school software buyers through some insights that may help you to effectively prioritize your business strategies along with the current pandemic situation.
Buyers are moving to Cloud-based solution
Cloud-based school management software is definitely more economical and one can access that from anywhere, anytime with any device. Thus, schools expect an all-in-one package software based on the cloud. Due to less dependency on high-data servers and CPUs running on-site 24/7, electricity and maintenance bills would also come down substantially.
The school management software has been divided into two types, cloud, and on-premise. On-premise needs a software installation on the hard drive of your computer and cloud-based software works online over the internet.
Due to the lower initial investment, the cloud segment is showing a higher growth rate in the market. Currently, existing and new buyers are preferring cloud-based school management tools as they don’t require any specific hardware specifications.
In the coming days, the cloud solution is expected to lead the market as the buyers have started inclining towards school software that can be used on any platform like a smartphone or PC. (Source: marketresearch.biz)
What are the expectations of users?
As the existing users continue to use school management software and get familiar with its features, they tend to expect more advanced features like transport management through GPS, Student behavior tracking, Laboratory management, Account management, Automated Invoicing, etc. Thus, after building sufficient trust in a school ERP software, users may upgrade their existing school management software with new features. Likewise, when it comes to new users, they buy school management software to solve their age-old issues. Because, in the initial phase, buyers expect their basic needs to be fulfilled that include attendance management, admission documentation management, SMS facilities, etc. These solve their repetitive issues and help school staff to understand the software. (Source: researchgate.net)
Where can you get the most buyers?
According to a report on school software market trends, most buyers are coming from the North American region and it is expected to dominate the global school management market in the next 10 years. The increasing adoption of cloud-based school ERP software is the primary driver of this growth in North America.
Asia-Pacific region is also expected to be the fastest-growing geography as the major vendors are implementing continuous technological advancements and economies such as China and India are increasingly investing in the adoption of school management software. (Source: marketresearch.biz)
Online Admissions and Programs is the need of the hour!
Amid the coronavirus pandemic, many schools and colleges are facing difficulties to enroll students. Thus, to reduce the financial impact, many institutions are shifting their programs online for newly admitted students. Schools with a higher fraction of international students are exploring options to admit students to study online only. Likewise, undergraduate institutions with many long-distance students are facing a big loss of enrollment. (Source: marketwatch.com)
According to UNICEF data, the coronavirus outbreak has forced almost 100 million students in MENA (Middle East and North Africa) region to be out-of-school due to school closure.
The current situation in different regions around the world clearly shows that education institutions are heavily impacted due to the loss of students’ enrollment and students are forcibly deprived of education. Therefore, it is the time for school ERP vendors to introduce the features that will streamline the education process from admissions to online classes.