We are living in an era of unpredictability. A predominating skill or technology may lose its context in the next few months or need up-gradation in line with the ever-changing market needs. This has prompted industries to up-skill their employees and look for developers with industry-oriented skills. Bootcamp provides the companies a platform to upskill their employees and identify fresh, professionally skilled developers. They create skilled entry-level candidates that colleges have failed to do in the last decade. It has enabled bootcamps to become a one-stop solution for professionals and freshers to learn new market-driven skills.
Recent reports also suggest that tech companies prefer to hire coding bootcamp graduates over candidates with a traditional four-year degree course. All in all, the coding bootcamps are witnessing explosive growth since their first appearance in 2011. A report from Verified Market Research has predicted a high trajectory growth of the bootcamp market with a CAGR of 10.70% from 2019 to 2026. Another report by MarketWatch predicts a market growth of 17% CAGR from 2022 to 2025 while Technavio estimates the growth of the bootcamp market at 15% CAGR from 2020 to 2024.
In addition, the COVID-19 pandemic has opened new opportunities for software developers and engineers. As most industries went digital, they realised the need for skilled programmers, and are now leaning towards bootcamps in search of skilled developers.
Hiring prospects for bootcamp graduates in India
According to the NASSCOM report 2022, digital skills will be in high demand in 2022 and 2023. Meaning, that companies will need to accelerate up-skilling. Businesses could achieve it by conducting regular coding bootcamps for the employees. The report highlighted that 450,000 employees were hired so far in FY2022 – the highest addition ever. Thus, bootcamp graduates are more likely to be hired in the digital-oriented tech world.
What do Coding Bootcamps offer?
Bootcamps primarily cater to the growing and unabated industry’s needs. They provide full-time and part-time courses for the learners.
As Web 3.0 is the future of the tech world, equipping technology students with the skills needed for the next iteration of the web should be a priority. Bootcamps help in up-skilling these students through their extensive learning programs.
Moreover, bootcamps focus on experiential learning, which means they offer working on projects that are most relevant in the tech industry during their three-month course. It is in sharp contrast to the theoretical study approach opted by colleges and universities in their four-year degree courses.
Notably, graduates from bootcamps earn 60% more than those from traditional four-year degree courses. These statistics give a significant boost to the Bootcamp market in India and across the globe.
In addition, learning new programming languages ensures job placements for the learners especially if you are joining a pay-after-placement or other outcome-based bootcamp.
Expected trajectory growth of Bootcamp market
In the global sourcing market, India continues to be the leader. As per the NASSCOM report, India is the 3rd largest start-up hub in the world, with a gigantic domestic tech market worth USD 50 billion.
In 2019, 23,043 students graduated from US/Canada coding bootcamps, with an estimated growth of 171% in online admissions while the number of students graduating from these bootcamps increased to 24,975 in 2020.
And these statistics changed drastically in 2021 as the companies resumed working from office post-COVID-19 lockdowns and related constraints. Professional and non-professional individuals started turning to bootcamps to up-skill and re-skill themselves as per industry needs.
The market size is expected to grow to a whopping USD 889.37 million by 2026 at a CAGR of 10.70% from 2019 to 2026. In India, this industry is projected to generate USD 59 million in revenue during the same period.
Special scholarships to women:
Many bootcamps offer special scholarships to women to boost their participation in the technology sector. This practice is predominant in foreign countries and is now also gaining momentum in India to promote more women stepping in the shoes of a coder.
What’s driving this market growth?
The ever-increasing need for skilled developers in the tech industry has boosted Bootcamps in India and worldwide. A considerable number of learners registering for these courses have become the driving force behind the market growth of bootcamps. Its approach to providing real-world experiences and dialogues with market leaders is another driving force behind its substantial growth.
Experts say, in the next decade, around 80% of the workforce will come from a non-tech background. The NASSCOM’s Survey 2022 suggests that 70% of end-user companies aim to make a significant increase in their digital investments globally in 2022. And skilled individuals from tech coding bootcamps will have better predictability in getting hired to achieve this milestone.
Likewise, another report suggests that 85% of the jobs in 2030 are yet to be invented, which means that industry experts cannot predict the versatility of jobs in the future. Thus preparing for it proactively is the only solution.
Bootcamps will play a major role in realising the market requirements and fill in proactively to scale the next leg of growth which traditional schools are not yet prepared to accomplish.
As India opens massive opportunities for coders, programmers, and software developers, it is also poised to become a hub for the coding bootcamp industry. If coding has enraptured your interest, enrol in a bootcamp to acquire industry-oriented learning and ensure your lucrative dream job.
The article has been written by Bharat Gupta, CEO and Co-Founder of FunctionUp