4 Reasons Why The EdTech Industry Is Set To Take Off
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With the influx of smart devices, Internet and advanced software, the scope of education is expanding to every nook and corner of India. The impact of edtech on not just the education sector but broadly on the society is applaud-worthy, which is why the edtech sector is also highly popular among aspiring start-ups.
Online learning and courses are growing at a rapid pace as professionals realize the lack of skill-based courses and poor infrastructure in the Indian education system is now affecting their careers.
In the last few years, an increasing number of entrepreneurs have also realized the potential of edtech. The uptrend will continue, thanks to the Digital India campaign, the cultural importance of education in Indian society, and low mobile data prices.
Private equity and venture capital firms are also keenly investing in this sector and not just in K–12 (kindergarten to 12th grade) but also in online courses. Supplemental courses, test preparation, online certification and gamification have vast potential that is yet to be explored.
Education Sector is Ripe for Disruption
The Indian education system has been following the same traditional approach for decades. Even though the Indian culture has always laid high emphasis on education, yet it has seen a minimal transformation. To reform the country into a digitally empowered nation, the Indian government has also launched the initiative Digital India.
The education sector is ripe for disruption—ranging from government initiatives to steps taken by educational institutions. The country is seeing a massive wave of revolution in the edtech sector. Schools and universities are embracing digital educational tools, and even offices are encouraging their employees to take up online courses to be more efficient and productive.
Increasing User Base of Mobile Phones and Internet
The penetration of smartphones and cheap data rates has been a game-changer for the edtechs. Today, there are over 350 million mobile phone users in India, which is expected to double by 2022. With these numbers, there is no doubt that mobile phones and digital devices are the classrooms of the future.
Online courses, virtual classrooms, digital teaching tools in classes, and through the increasing use of cutting-edge technologies such as virtual reality, artificial intelligence and augmented reality, the delivery and methodology of learning is changing. Not just the learners and educators, but entrepreneurs are becoming increasingly aware of the potential of technology in education.
The Young Are Leading the Way
The workplaces have changed drastically, and the education system must change along. The edtech sector is helping fill the gaps between the education system and the professional world—it is aiding individuals to develop practical skills in addition to the theory taught in classrooms.
Edtech entrepreneurs, or edupreneurs, are mostly young minds who are passionate about technology and aspirational. They are revolutionizing the education sector by launching unique initiatives and balancing technology with learning, helping it reach students, teachers and parents across metros, and tier II and III cities.
Personalization of Education
With technology, the educators (teachers, professors, and educational institutions) will be able to strategize and customize the syllabi as per each student. The various educational programmes today are addressing the distinct interests, learning requirements and aspirations of a learner structure.
Online courses are offering the masses a flexible and affordable way to acquire new skills. The advancements in education are helping people access education easily, rise above traditional bookish knowledge, and gain a better understanding of a subject through videos, online study material and educational apps with a variety of learning tools.
Education in India is yet to go a long way, but the edtech sector is overcoming the hurdles one at a time.