Overview: The global education sector is about to undergo a massive change, and digital is the most-likely candidate that will spark this change. The EdTech market is drastically growing, and it’s time for the education providers to adapt to this new reality! Continue reading this blog to learn more about it.
Bypassing one of the largest pandemics to ever hit the human race, we saw a record number of students and executives subscribing to the online education channels to either resume their education or upskill. This is not surprising, given the amount of power that digital puts in the hands of stakeholders, but what really surprised the industry experts of our organization is that only a few education institutions were quick enough to pounce on this opportunity! While different countries have their own approach to education, EdTech has broken the boundaries of education, creating a singular vision for students and educators to pursue knowledge.
So, the real question is if the providers can keep up with the pace of the students?
Breeding opportunities with EdTech
The competition in the online education space is simply astonishing! Opportunities for both students and teachers are helping this space to grow holistically. With prestigious education institutions like Harvard, UCL, IITs, popular B-schools entering the digital space, the scope for students to build a stronger foundation in their respective fields is enormous! A report suggests that many working professionals were able to move up the pay scale through upskilling, and online platforms are their most desirable choice to do so! With industry giants like Google, Microsoft, Ogilvy, Amazon, etc., helping the job seekers and professionals to learn practical skills to get on their bandwagon, the opportunity for education providers to capitalize on this must not be taken lightly!
The global EdTech market size is at a whopping $127 billion dollars. Our industry experts strongly believe that this number will soon rise exponentially to match the market speed! Technologies like AR & VR, Artificial Intelligence, Data analytics, cloud computing, and many others, are drastically transforming services like mobile app development, web app development, crafting interactive User Experience, etc.! It is not so long before digital becomes a primary channel for education. Though physically attending schools or universities is still the norm, the experience from the pandemic will motivate education institutions to at least go for a partial digital integration, making them resilient to changes if the script flips! App development solutions for the education industry are also fueling the vision for institutions to go digital.
Witnessing the evolution of “education providers”
Leaders in the education sector have identified a huge gap between knowledge and skills, and this gap will be the catalyst in the sector as it moves forward. The competition is not among the education institutions anymore! With multinational companies entering this space, knowledge that was once “privileged” is accessible for the underprivileged. This particularly true with tech companies, as skills in tech have a huge demand in the market. So, it’s not just about market-ready skills but democratizing these skills, too!
Take India, for instance. A country with a massive youth population, the opportunities for the economy to skyrocket by empowering and unleashing it is very high. But even in a rapidly developing nation like India, the access to education is still not 100%! While the role of government is huge in their vision for education, the approach by companies like Zoho, W2S Solutions, Google, Freshworks, etc., is proven to work! By reimagining the conventional education infrastructure, companies like us are able to amplify the vision for education in the country.
As the competition in the space is intense, students, too, are reaching out to niche specific, specialized coaching centers to reinforce their subject proficiency. This is one of the reasons for the birth of education unicorns in the country. To fit in the tightly packed schedule of a student, they are increasingly adopting the digital platform to reach out to students. Many web applications and mobile applications have been built in the last few years, for the education sector. This trend is only expected to grow, and the success of these education unicorns will encourage other players to get on the field as well. App development companies are matching this speed of evolution to be more relevant.
Read Also – Stand Out With These Must-Have Features On Your EdTech Application!
How EdTech is reshaping the education institutions?
EdTech has changed the narrative of education in a positive way. Irrespective of the education scenario in a country, most of the education institutions are following an outdated curriculum. However, the pressure to produce highly-skilled professionals from schools is mostly on the government rather than the institutions itself!
With technology, education providers can magnify their efforts to narrow this skill gap. Advanced data analytics solutions are helping teachers to understand the effectiveness of their methodologies, and it also helps students to track their progress easily. Virtual environments also set the pace for seamless connectivity. Cloud computing solutions are helping education providers to collect and store a wide range of diverse data.
The role of IoT (Internet of Things) in making education more accessible is huge. With the arrival of latest upgrades like 5G, IoT will have a wide range of applications in the coming days. The concept of digital twins, too, is no longer confined within the walls of R&D. We will soon have a variety of products that leverage the provider’s capability to craft AR & VR learning channels.
Read Also – Evening The Odds Out: How Can EdTech Make Education More Accessible?
Wrapping this up,
All this is possible only if the digital penetration within the education sector is embraced. Many digital transformation companies in the market are forging exceptional digital strategies for the education sector. What we need right now is a conversation that evaluates our preparedness in this industry. Our business experts are conducting a webinar on EdTech and how education providers can stay ahead of the curve by leveraging it. A variety of market analysts and specialists within the industry will participate in the webinar. We would be thrilled to have you on the conversation.
