EdTech start-ups have been successful in bridging the gap between traditional and innovative methods of teaching. This has attracted many investors who seek to take advantage of the opportunities and inject funds for the growth of the business.
The use of e-learning platforms has increased exponentially since March 2020. Several edtech players are offering their products free of charge or at a discounted rate for a limited time.
With the help of digital transformation, educational institutions can develop their business models in response to consumer needs.
Tablets, smartphones, and other mobile devices offer a variety of benefits, including increased campus safety and improved student performance. It is easier for professors to provide personal attention to students when devices are cloud-connected.
The use of connectivity makes it easier for students to plan their schedules and complete tasks on time and reduces the need for on-site equipment. The emergence of innovative technology and the pandemic propelling the adoption rate of e-learning solutions is driving the global edtech market.
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A Look at the Impact of COVID-19 on EdTech Market:
- As a result of the outbreak of COVID-19, investors and educational technology players have increased their efforts to adapt to the new shift of digital learning.
- Players have introduced more products to their target audience and embraced digital solutions.
- Various edtech tools have been developed following the pandemic disruption, which has resulted in a growing user base for these tools. As the user base for these tools has increased, so has the demand for going digital for the short term.
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Since the edtech industry has been an attractive investment sector, new industry players have entered the industry. The number of edtech start-ups has consistently increased in the last decade, with venture capital investment funding in 2019 growing 14-15 times compared to 2000.
A sharp increase in edtech adaptation has been witnessed in mature markets such as the US and Canada and emerging markets such as China and India due to favorable venture capital investments and technological advancements.
EdTech start-ups have been successful in bridging the gap between traditional and innovative methods of teaching. This has attracted many investors who seek to take advantage of the opportunities and inject funds for the growth of the business. This is one of the emerging trend in the edtech market.
Offline vs. Online
- Until 2020, digital tools and platforms accounted for less than 3% of educational spending.
- The pre-COVID-19 predictions projected 10-11% growth in digital spending over the next decade, equating to around USD 1 trillion in spending.
- Online education has become an integral part of the modern educational system, and this fuels its growth.
- Investing in digital technologies will be a key growth strategy for some brick-and-mortar education players.
Edtech is expected to emerge from the current crisis stronger than before. The valuation of promising edtech start-ups would rise significantly as investors seek out promising startups.
K-12 and higher education institutions could benefit from innovation and digital learning tools to attract students.
EdTech Market Trends that Will Fuel the Future of Education are:
- Growth in Gamification
- Adoption in Hybrid models
- Enhancement In Connectivity Infrastructure
- Smartphone Penetration
The combination of remote learning and online learning results in the hybrid model predominant in content and learning.
The hybrid model is expected to gain traction over the forecast period. The popularity of online education is expected to increase among students, learners, and other professionals due to the ease of accessing content and the ability to learn at one's own pace.
Educational services are starting to use game mechanics to collaborate, compete, and reward in non-game situations. This practice has gained popularity worldwide as a means of increasing learners' engagement at all levels of education, including formal education and non-formal training. Games are effective forms of instruction.
Gamification and application-based learning have made learning more engaging for learners. It is observed that gamification has made the learning process more interesting, enabling many players to enter the market and increase customer retention.
The increase in the usage of smartphones has simplified availing content and learning materials. An increase in disposable incomes and high internet penetration in developed and developing countries raised the demand for mobile learning.
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