The pandemic has shaken the foundations of numerous markets. The pandemic has helped two main industries, the e-commerce and the educational sectors.
Even though nations’ COVID-19 infection rates vary, school suspensions have affected 1.2 billion students across 186 nations as a result of the pandemic. Most states have shuttered schools and colleges and are transferring education to students over the internet.
Given the current situation, online learning tools have evolved from a nice-to-have capacity to an important and highly appreciated component of educational offerings. Under the current conditions, schools, colleges, and institutions have little choice but to implement effective online learning choices.
According to joint research by BARC India and Nielsen, time spent on education applications increased by 30% during the first three months of the lockdown.
There has been a dynamic increase in the number of ed-tech platforms in addition to the online classes offered by schools and universities. These platforms, however, had already begun towards their growth prior to the pandemic.
The Economic Times states that, “India’s Ed-tech industry is poised to become $30 billion in size in the next 10 years. The current market size is about $700-800 million.”
According to the report, the industry has garnered $4 billion in private equity investments in the previous five years, resulting in the rise of global edtech heavyweights such as Byju’s, which is currently valued at $15 billion.
Covid-19 has indeed altered the landscape of education but when schools reopen, will people continue online pursuing? We need to wait and see.
Expansion of ed-tech with covid
Educational technology, or ed-tech, has been around for at least 10-15 years, and it has evolved over that time. At first, it was all about producing interesting multimedia material.
It eventually evolved to include greater interaction in the form of e-learning courses, real-time interactive classrooms, online laboratories, project work, and online exams.
Online education (ed-tech) has outpaced not just user growth in the final year of the epidemic, but also Twitter trends and Google searches. According to Google Trends, ‘edtech’ searches increased by 60% on the Indian internet between April and December 2020.
Individual company searches for BYJU’S, Vedantu, Toppr, and others that cater to India’s 265 million school-aged learners, the world’s largest, grew even more.
Currently, ed-tech is at a point where technology is being utilized to customize learning. The reason why online education outperforms traditional education is that the teaching pace in schools is decided by regular learners. You have cases of students lagging behind others, and other cases of students being bored because they are ahead of everyone else.
But now with the advent of ed-tech, it is possible to adjust the learning progress of each student according to how it fits them and now with the development of artificial intelligence (AI), things are bound to get better and better over time.
Based on what has been observed thus far, it can be stated that educational technology will genuinely infiltrate domains where traditional education cannot.
The positive impact of COVID-19 on the Indian ed-tech Industry
The COVID-19 pandemic was an unparalleled calamity for the globe, and no one was prepared for it. Offline schools, colleges, universities, and educational institutions are unlikely to reopen unless students, teachers, parents, and others get vaccinated, which can take a long time.
The younger generation will complete their schooling, bachelor’s degrees, and even doctorates using Google Classrooms and MSTeams, with no real-world experience of school or college. As heartbreaking and strange as it may seem, that is all that can be done for the time being.
The future of education technology
Ed-tech has been around for nearly the last 15 plus years. Although the world is still functioning with the coronavirus outbreak, as more and more people choose education and digital solutions, education technology startups can expect significant growth.
While many conventional companies have been harmed as a result of the pandemic, we think that direct-to-consumer firms such as ed-tech and e-learning, which are digital and meet a critical need, have experienced greater levels of growth since the COVID-19 virus’ emergence. This means that educational technology is going nowhere.
Covid-19 has changed the educational scene. Even the big and elite colleges are embracing e-learning, saving money on additional physical equipment.
Education is also becoming more accessible and inexpensive as a result of this. Since the outbreak, upGrad for example has helped over 100 institutions and institutions, including the MHRD’s NIRF Top 100, repeat their lessons online.
Ed-tech is the future of education
With increased acceptability for e-learning, we may herald in a new age for education as the globe advances toward more permanent usage of online learning as an alternative learning mode. While the world is momentarily shut down, just-in-time online learning has become more and more regular.
We at NautOne too see extensive scope in the ed-tech space and are looking to create an everlasting impact by helping companies reach newer heights via customer query, marketing, sales and much more.
For a discussion you can reach us at +91 8072696474 or send a mail at email@example.com.