Education and learning are now nowhere limited to the chalky walls of classrooms and coaching classes. The penetration of internet services in every household has given a rise to the new age education – Edtech or education technology. With the introduction of smart classes, the shackles of physical presence were broken years ago and now the Covid-19 outbreak has made people-centric to online education.
Edtech is taking various forms, from Online tutoring to skill development; every type has created a separate market space for itself. The global online education market is projected to witness a CAGR of 9.23% during the forecast period to reach a total market size of US$319.167 billion in 2025, increasing from US$187.877 billion in 2019 as mentioned in the report.
Easy access, indefinite reach and low cost are a few aspects that fueled the growth of Edtech. The relatively low coverage cost with reach to remote areas and continuous advancement in AI will continue to spur the market growth and increase the consumer base.
Market segmentation and structure
Incompetent staff, lack of innovative teaching methods and the need to evaluate the skill set frequently posed a problem to educational institutions and thus led to increased adoption of online education. The flexibility of time and course structure along with easy to adapt learning techniques are also factors that are fostering the growth of these platforms.
The market is widely segmented between private corporative and educational institutions. Reputed institutions like Harvard and Stanford have paired up with platforms like Edx, providing online courses on an array of subjects stretching from arts to business investments. Schools, colleges and institutions for professional studies have also taken up online classes that are nurturing student engagement and assisting them in their current curriculum.
Even a record number of private platforms like Byjus, Vedantu, Udemy, etc. have reported a striking increase in user engagement. These platforms envelop teachings of elementary level up till developing skillset for MBA’s and professionals. The growing trend is a definite indicator of the available market demand and a flourishing future for Edtech in India.
Advantages associated with Edtech
Animated lectures videos, Lessons in the form of power points and face to face online counseling provided at the ease of your house at one click make users resort to these platforms. All these enterprises use machine-based algorithms that optimize your search results and provide you with the most relevant outcome. A student struggling around a topic will be caught by these inceptors and the search result will revolve around different modes of teaching on that very topic.
Flexibility in learning and self-paced course structure is another advantage that keeps people attached to online education. A platform like Edx provides courses that are self-paced for students to take their own time to understand and provide regular assessments to supplement video lectures. People can schedule their requirements to fit their time plan. This poses a huge opportunity for entrepreneurs to develop their skills and expertise at their own pace. Not only this online training is opening windows for students to vouch for hands-on learning, training programs like the one offered by EREDU Training encourage people to gain experience on live projects and the training is done on actual sites.
Instant feedback and regular checks increase the credibility of the content one is viewing. The consumer can post a query/doubt and the instant feedbacks help in bridging the delays in user interaction. Online educators even provide students with experts that they can associate themselves with. Learning curves, regular performance meters and evaluation graphs help users to keep a tab on their growth, bringing consistency and improving their learning pattern.
The relatively low cost of online educations erases the financial burden that traditional teaching imposes. It eliminates the need for material cost, commuting cost and as well as an added cost of running an institution physically. Cost-effectiveness is a major reason because of which young entrepreneurs are pitching ideas for Edtech, it increases the field reach for outsourcing educators cutting on the aspect of distance.
As George Curos said, “Technology cannot replace teachers but technology in the hands of teachers is revolutionary”. Combining great minds with artificial intelligence is the face of new-age learning. The growth of Edtech in 2020 alone is a piece of evidence for a blooming future of Edtech startups and if channelized in the right direction it might be a revolutionary breakthrough in the education system of India.
Edtech may enjoy a victorious position in the Indian online market for its ability to shorten the educational path and substituting lengthy educational years with short term professional learning that helps professional shorten the trajectory to success. So what do you think, with COVID-19 that will stay with us for a while now and with the closing of schools/colleges/institutions, will Edtech be a powerful weapon to still imbibe people with learning and teachings that might have escaped if online education has not dawned upon the Indian society?