From K12 to competitive examinations: how Ed-tech Start-ups are changing the ways of learning
As COVID-19 kicked in, many industries came to a standstill and found themselves in a rut, but this wasn’t the case for the EdTech industry. Amidst a brewing pandemic, Edtech start-ups brewed as well. The coronavirus pandemic triggered a growth spurt in e-learning.
According to research, the market size of global education technology was valued at USD 76.4 billion in the year 2019.
With a rise in the number of active internet users, the market size is expected to grow exponentially at a compound annual rate (CAGR) of 18.1 percent in the upcoming years. According to the statistics, pretty much all adults in the age group (16 to 44) were active internet users (99%) in the year 2019. This, therefore, prompts an increase in the market demand for sophisticated, skill-oriented online courses. Fuelled by the pandemic, this industry is booming for the better.
Is EdTech here to stay?
Through the influx of the digital revolution, students get to decide what they want to learn and how they want to learn. With the abundance of choices in digital aids, one can map their success and trace their weak areas through the perfect LMS system curated for them.
Led by technology and being a highly visual platform, e-learning not only engages school kids and working professionals but kindergartners as well. Whether it’s online tuitions, online exams, doubt solving sessions, competitive exam oriented coaching, Edtech companies have set new standards of learning in the field of education. Research has even stated that individuals learning online have a better retaining capacity than those who learn through the old school way.
And of course, Edtech companies are here to stay for the better. Students across the K-12 segments find this approach interactive and engaging because this isn’t a one-way street. Backed by creative digital solutions, they get to engage on an individual level with the instructors, as well as are acquainted with aids to monitor their progress.
And contemporarily, with the rise in demand for skill-oriented individuals, Edtech companies have been flourishing because they have made e-learning available at the comfort of one’s home. Students and working professionals have found the perfect opportunity to upscale their résumé and their employability. Professionals like content writers, programmers, digital marketers have found a path to upgrade their skills by opting for online courses amidst their busy corporate schedule.
International Edtechs in India
From a global perspective, India is the perfect market for Edtech companies, here’s why:
- India has over 250 million school-going children.
- India being the second-most populous country in the world, with around 500 million of its population being in the age bracket of 5- 24 years is a great appeal to this industry.
- With reforms in policies, 100% FDI (Foreign Direct Investment) is permitted in the education sector in India.
Popular International Edtechs in India
It has been ranked 34th on the 2020 Change the world, because of its positive impact on learners by imparting quality education and training to over 35 million students across the globe through e-learning.
LinkedIn is a network exclusively for the working world and has established its learning website LinkedIn Learning in the year 2019. It is a platform tailored for working individuals to upgrade their skills. Additionally, it also allows businesses to train their employees and analyze their progress through LinkedIn analytics. Currently, it offers around 9000 certified courses.
Khan Academy is an American non-profit Org that provides free and quality education to all students who have internet connectivity. It can be accessed via Youtube, but the official website proves to be engaging as it contains features such as practice exercises, progress trackers, etc.
Popular Edtech Start-ups in India
Launched in 2015, it is India’s first Edtech unicorn. It offers courses to students from the fourth to the twelfth standard along with course content for competitive exams such as NEET, JEE, IAS, GMAT. To cater to its younger consumers, the kindergartners, Byjus recently collaborated with Disney to launch learning courses for classes one to three.
A venture that started as a Youtube channel in 2010 by Gaurav Munjal is now an officially registered Edtech platform. It provides many online courses and is best known for coaching students for exams such as UPSC and CAT. With pandemic in the picture, Unacademy has announced 20,000 free online classes for its new and existing users.
An Edtech platform that is data-driven and provides rigorous industry-relevant courses for professionals. It offers plethora of online courses on digital content creation, data analytics, and entrepreneurship.
In conclusion, Gen Z is a generation that has been born and evolved with technology, and Edtech is a domain where they can explore their skills and get a break away from the traditional one-way street of learning.