The coronavirus outbreak has put the EdTech industry in the spotlight like never before. With educational institutions being closed across the globe, many schools across the world have moved to a remote learning model for this academic year. Many EdTech startups, which struggled earlier to attract consumers due to either high pricing or less awareness, have recorded robust growth in new traffic and course completion rates.
The education technology (EdTech) sector has soared to a prominent position, making it of specific interest to investors as it reshapes how we learn in real-time. Moreover, the implementation of technology in the education industry has enabled schools and educational institutions to offer innovative solutions such as online courses with accreditation from recognized universities, e-books, and immersive content through AR (augmented reality)/ VR (virtual reality).
The coronavirus outbreak has compelled educators worldwide to revolutionize the way they teach. They are now leveraging new EdTech tools so that students are best prepared to pick up from where they left off due to pandemic and complete academic year.
The Education Sector Is At The Cusp Of The Digital Revolution
As the access to the internet growing across the globe, so has the demand for educational apps. With the growing adoption of EdTech tools in both the academic and non-academic sectors, it is anticipated that the impact on market growth will be positive. The K-12 and higher education sectors have seen increased adoption of education technology solutions. Besides formal education, the role of digital learning has also increased among adults to scale up their skill sets. With increasing tech disruption, continuous learning has become even more critical to safeguard jobs in the future.
The EdTech industry, according to experts, will play a crucial role in creating jobs for future generations. With education now moving towards more inclusive and student-centric learning, education technology tools play a crucial role. Most of the teachers in the K-12 sector use gamification to develop student’s math learning skills along with the integration of practical and project-based work.
Also, technological advancements enable teachers to collect assessment data on their devices such as smartphones, reducing the conventional use of paper and pen. Furthermore, market leaders are offering various solutions to their client base, such as app-based learning with curated content and videos, especially for younger children.
Global Pandemic- The Rise Of The EdTech Industry
The education system has undergone a paradigm shift. Even before the pandemic, education technology was growing rapidly. Now due to the COVID-19 outbreak, many EdTech startups have leveraged solutions to their benefit. When COVID-19 was declared a pandemic in March 2020 by the WHO, education app downloads saw a surge of 90% worldwide.
Investors are showing a keen interest in this booming industry. The most recent investors include Tiger Global, Facebook, GGV Capital, and Matrix Partners, who have invested in at least EdTech firms over the last couple of months.
In March 2020, Byju’s, India’s leading EdTech startup, saw six million new students accessing free lessons from its platform. Many startups leveraging the shortcomings of this pandemic situation raised colossal funding. Byju’s has raised $200 million from Tiger Global, followed by General Atlantic that infused another $200 million, and Mary Meeker’s BOND Capital invested $100 million.
EdTech delivers new forms of learning architecture. Although technology in the classroom is not new, EdTech is now no longer limited to the availability of traditional books online or the use of tablets in schools. It has become more data-driven, and the EdTech products are applying more personalization and adaptive learning, gamification, immersion technology, and video content to change the way people learn.
The new education technologies like adult-learning and after school apps, online degrees, and virtual learning environments could redefine formal higher education in the future. A student can now easily upload homework through a portal, learn subjects through 3D immersion, and engage in social learning.
EdTech Has Emerged As An Oasis Amidst The Pandemic
Undoubtedly, online learning is gaining ground, and EdTech might be one of the few sectors creating jobs amidst this pandemic when other industries like travel, hospitality, apparel, and many more are trimming their workforce to sustain during this ‘black swan event.’
With most universities and colleges across the globe, taking to online education in a big way, the EdTech industry will be one of the very few industries that will see a steep growth. Even though online learning was already changing higher education before the pandemic, but now it will happen at a faster pace.