The accessibility of education is vital. Launching learning platforms for those seeking to further their education and improve their lives is fundamental to creating a brighter tomorrow. Education should also be adaptable according to the capabilities of the individual.
Digitalization is igniting a shift from traditional learning platforms, establishing illuminating opportunities open to those with an internet connection. This technological development has catalyzed the growth of ed(tech) in recent years.
Edtech combines software and hardware to enhance learning. By merging traditional studying with the advances of digitization, we see improved student outcomes and education becoming attainable to more people globally.
While education technology still experiences growing pains, development is happening rapidly. The innovative techniques customize curriculums to the individual by assessing their ability level and introducing and reinforcing new content at an adjustable pace.
This customization speaks volumes about emerging trends in education, like personalization, inclusivity, and necessary flexibility.
Education marketers must highlight key features of the educational institutions we endorse. The ethical way of securing conversions is to feature the unique advantages of courses and programs each (ed)tech institution offers, ensuring you match the student to the correct option.
India has experienced fast growth in the (ed)tech realm, steadily increasing numbers. In 2020, the industry value was at $750 million US dollars. While markets expected that figure to reach US$4 billion by 2025, driving estimates could see that figure reach $10.4 billion in 2025. Either way, both figures indicate a bright future in education emerging.
What sets India apart, and why is it set to become the (ed)tech capital of the world? What factors catalyzed the boom? We explore the reasons behind the expansion and discover a few vital elements that catalyzed growth, hopefully securing a solid foundation for the future of (ed)tech.
The pandemic
In the wake of the devastating pandemic in 2020, parents and educational institutions had to scramble to find solutions to implement tech-enabled learning. While (ed)tech was already in the picture, the pandemic pushed growth boundaries, led by The National Education Policy 2020 to prioritize and emphasize leveraging technology in education.
The Indian government also played a significant role in the growth of (ed)tech, particularly during the pandemic. Policies and initiatives paved the way for education technology, and they have committed to supporting the industry in the future.
Education technology is the most funded sector in India, enabling educational institutions to implement established tech-enabled solutions.
Curation gains traction
Tailor-made courses and programs allow students to map out their learning instead of having a one-size-fits-all plan for learners. The curated options solidified personalized learning strategies, adaptable to the learning pace and place of the individual.
(Ed)tech is worlds apart from the educational offerings of traditional education solutions. Personalized courses opened the door for students who missed their window to learn and enticed others to join online learning portals.
This education freedom of choice allows marketers to target and convert many who never thought they would have the opportunity to complete their schooling or secure a tertiary education.
Funding
Cut out the cost of classrooms, electricity, textbooks, and teachers, and you save money. Reduced overheads translate into cheaper programs, and that saving can alter the lives of people who would not have been able to afford education.
Everyone deserves access to the education they want despite their financial background. Because (ed)tech sees the cost of traditional education slashed, funding options are not always required. If they are, they are usually much more affordable than other avenues, highlighting the need for successful (ed)tech startups.
Remote and hybrid options
The pandemic changed remote and hybrid working and learning forever. And with good reason.
The flexibility it gifted us gave millions the freedom to pursue various learning options. It also played a significant role in the growth of (ed)tech in India. Educational institutions had to shift to remote learning to ensure the safety of students and staff.
The paradigm shift ignited a surge in demand for digital learning solutions, and Indian (ed)tech companies listened. Remote and hybrid learning options have allowed educational institutions to reach a larger audience, expanding their market and increasing revenue.
The Impact of (ed)tech in India
Technology is changing the landscape of every industry we know. Tech startups revolutionized the Indian education system, creating a fresh way to learn and combining this new platform with accessibility and affordability. BYJU'S, Unacademy, and Vedantu are top (ed)tech companies in India leading the formation of online learning by offering interactive learning experiences.
There are concerns about job losses, though. Although the (ed)tech sector created jobs for content creators and teachers, over 1,400 (ed)tech employees lost their jobs last year. While the industry bridges the education divide in India by providing access to quality education for students in remote areas, they need to focus on employment sustainability.
Another significant concern is the quality of education on offer. As the industry grows, competition is rife, and all (ed)tech companies want to dominate market share. There must be a balance between profitability and quality education by providing courses and programs that enrich lives.
(Ed)tech companies must maintain updated and relevant content, provide personalized learning experiences, ensure data privacy and security, address the digital divide, and assess learning outcomes.
Additionally, they have the difficult task of navigating complex regulations and compliance requirements while constantly innovating to meet the evolving needs of learners and educators.
What we think
We love the idea of learning from anywhere in the world and curating programs tailor-made for people. Education is a core building block in creating a better future for everyone. We must use all advantages at our disposal to make education more accessible.
Marketing must be ethical, and expectations managed on course outcomes. The current business model seems to focus on profits - goals must shift to giving learners a high-quality education, creating a sustainable employment model, and making education affordable and accessible for all.
The word booming is a double-edged sword. While it speaks of abundance and success, it can also reek of greed.
Will the Indian (ed)tech bubble burst? Or continue to boom? We will have to wait and see.
For now, we encourage learners and education institutions to embrace technology and the value it brings to the education sector.
