3 Ways Elearning Is Disrupting the Education Industry Digital education, driven by advanced technologies, represents a major opportunity for entrepreneurs and investors alike.
Opinions expressed by Entrepreneur contributors are their own.
Whether in a formal or informal setting, the ability to conduct research and impart knowledge has always been a crucial part of human life. That led to the establishment of colleges that are now centuries-old and have grown to become institutions. Those institutions might have seemed permanent and too dominant to challenge just a year ago, but the events of 2020 have caused a seismic shift in how people live, and how we learn specifically, such that digital education is clearly going to be the dominant force in the years to come.
This represents a lot of change in the sector, from the kinds of tutors who will be able to succeed in the new model to the tools the students and their teachers will need for an efficient learning process. That change also represents an immense opportunity for entrepreneurs — to make a profit while making a real impact on the future of humanity.
1. Interactive media
An important aspect of elearning is the ability to use a variety of media in communicating information. While traditional education models were largely restricted to text, and in some cases, audio and video, new digital learning platforms can leverage advanced technologies such as virtual reality (VR) and augmented reality (AR) to create a more immersive learning experience that will help students understand and retain more of the information which they are taught.
It's also particularly helpful for training, where students gain experience using complex equipment without the risk of making real-life errors. Flight training for pilots and surgery models for surgeons are two increasingly popular applications.
A recent study by Goldman Sachs showed that education is No. 4 on the list of sectors receiving the largest amount of VR-related investments, shaping the industry to be worth over $700 million by 2025. That would amount to an increase of over 500% in the next five years. As large as those numbers are, they are unsurprising when we consider that up to 97% of surveyed students stated that they would be interested in undergoing a VR educational course. The market will always go where the money is.
2. Flexibility and on-demand education
This is another primary driving factor of the elearning revolution, and it is visible in every aspect of the system. From the fact that students can attend and participate actively in class from anywhere in the world using teleconferencing software, to on-demand classes that allow students to set their own schedules and learn at their own pace, the key is to provide a learning experience that is as tailored to the needs of each student as possible.
This flexibility means that students have full control over their learning process, thus making them more likely to stick to it. Corporate organizations have also been making a push into elearning as part of their training processes. In fact, 41.7% of global Fortune 500 Companies were already using some form of digital training as far back as 2013, and that number has only continued to grow.
This flexibility also reflects in the marketing approach. While traditional institutions are more uptight and reserved, entrepreneurs in the digital learning space can be more engaging by implementing content marketing strategies to attract users, such as the Learn a Course Online course reviews section which helps online learners share their experiences with online courses to help others make the best choices.
3. Artificial intelligence
Education has traditionally been driven by the teacher and student, progressing based on their interactions. Nowadays, advances in artificial intelligence and machine learning/neural networks have resulted in software capable of evaluating how a student is doing based on a variety of criteria and guiding them accordingly to ensure they understand what is being taught fully.
These tools use everything from how students answer quizzes to how long they spend on a page and how many times they look back at certain sections to produce personalized learning plans just for that particular student.
This level of granularity in the education system is unprecedented, giving students the ability to direct their lessons and entire learning experience with the assistance of advanced AI. When combined with the removal of time constraints and a strict curriculum, it is clear why there is such a huge interest in digital learning among teachers and students alike, and why the industry is so ripe for disruption by savvy entrepreneurs.