Half Yearly Online VET Report Released
Chinese research organisations, HCR and Sutu Research Institute, both released online VET reports containing details about the first half of 2018. The reports estimate that, of the 70 million Chinese users who learn skills from online resources, around 50% – 60% are willing to pay for these. The market value of these resources is estimated to be approximately RMB 10bn (USD 1.5 bn).
According to the HCR report, the IT sector has most widely adopted online training methods, with nearly 15% of IT training courses being offered online. Sectors such as finance, accounting, language learning, and design also provide many opportunities for online training, and the ‘public servant entry exam preparation’ is the most popular online course for a single examination.
The reports also revealed that online VET users with more than 5 years of work experience are twice as common as those who have less working experience, and there are three times more male than female users. Online VET courses are soon expected to comprise 20% of the total online education market in China.
In March this year, the very first online vocational training company, Sunland (with New Oriental as its largest shareholder), made an IPO through NASDAQ, and raised an impressive USD 300m. UniCareer, New Oriental Online, and Huike Group have each gained over RMB 100m (USD15m) from investment in the first half of 2018 in the online market.