Pre-COVID-19: A move towards investments in EdTech
The spike in investments in education technology has already started before COVID-19 hit the world. The global investments in EdTech businesses reached US$18.66 billion in 2019. The overall value of the market was projected to reach $350 billion by 2025.
Flexible learning innovations, artificial intelligence-based platforms were the major reasons for this move towards the education sector. The investments done in this sector in 2018 & 2019 surpass the combined investments to EdTech companies in the 20-year period between 1998 & 2017.
KPMG & Google report on Online education market in India stated that the Online Education market will grow to US$1.96 billion by 2021.
COVID-19: Impact on how education is accessed
Post closure of school or colleges, online education is playing a vital part in connecting students with their curriculum. Pre-COVID has seen greater involvement of online education in higher education and colleges, where online courses and textbooks were being provided to the students. COVID-19 has ensured a faster adaptation of online facilities and collaborations with EdTech organizations in schools as well as colleges to impart knowledge and keep up with the curriculum. This move might be here to stay even post-COVID days.
Response of businesses: COVID-19 changing the EdTech sector
The demand for education has far outstripped the supply by traditional education organizations.
In response to COVID-19 and significant demand for learning a few businesses are providing free courses and access to free services. For example, BYJU’S, an educational technology company launched in 2011, has seen 200% increase in the number of new customers using its Think and Learn app post its announcement of free live classes, according to Mrinal Mohit – Chief Operating Officer, BYJU’S
Unacademy is also one such company that helped educational institutes by providing a free platform to conduct their classes online without limitations to the number of hours or classes.
Vedantu has offered free access to live classes and courses. It is also collaborating with schools and has witnessed a 10x growth in the number of users signing up post-COVID-19.
“Students from all walks of life have now resorted to online learning due to the fear of Covid-19 and avoiding traveling to offline tuition/coaching centers,” said Vamsi Krishna, CEO & Co-founder of Vedantu
Even Coursera, that is considered one of the largest e-learning platforms, offered free access to universities impacted by COVID-19 around the world, including India.
Due to an increase in demand for coaching for competitions such as JEE & NEET and skill development, many EdTech companies such as Toppr, Vedantu, Simplilearn, UpGrad, CL Educate, and Imarticus Learning has seen a rise in the number of users. (economic times)
Simplilearn has seen a 15% jump in its online users for courses on cybersecurity, Cloud, DevOps, AI and data sciences.
“It took a global pandemic to bring online education into the mainstream, which has otherwise played second fiddle to the offline model,” said Mayank Kumar, co-founder of UpGrad
100% month-on-month growth for the company Toppr is seen in the number of students who are attending live classes.
What does the future hold?
The COVID-19 situation helped in realizing the potential of digital learning. A hybrid channel strategy will be here to stay where offline to online transactions in collaborations with EdTech companies will be on a boom. Schools and colleges will join hands with EdTech companies to enhance online teachings and increase the efficiency of academic operations. EdTech companies have come up with new technologies, services and products such as online classes, live classes, online doubt clearing sessions, learning management systems, mobile applications, e-books, etc.
Thus, it will be necessary for institutes and companies to revolutionize their way of providing services and adapt to an interactive online model over the traditional classroom model.
Apart from virtual classrooms, even the assessment model is shifting towards digitalization where online evaluations, tests are beginning in various educational organizations.
So, what does the future hold?
- Artificial Intelligence personalized learning:
The challenges that colleges and universities face are disengaged students, high dropout rates, and the ineffectiveness of a traditional “one-size-fits-all” approach to education. On the correct use of big data analytics and artificial intelligence, personalized learning experiences can help to resolve the challenges.
- Artificial Intelligence (AI) & Cloud Computing enabled MOOC:
With one kind of user profile, tutoring applications will be modified. AI and machine learning will be used to outline a student’s qualities and shortcomings.
- Change in Examination & Grading:
Artificial Intelligence will modify assessments, evaluations, paper settings, mark-sheets and performance tracking of students. The use of technology will help in focusing more on course improvement.
- Chatbots to provide personalized help and guidance:
The University of Murcia, Spain began testing an AI-enabled chatbot to answer students’ queries regarding the campus and areas of study. The chatbots can, hence, advance the technology used for facilitating education by providing immediate answers and increasing students’ motivation.
- Visualization with Augmented Reality:
Medical students at Case Western Reserve University (CWRU) are using HoloLens and HoloAnatomy to learn from their own homes in the lockdown. Storytelling and annotations with AR help increase creativity and understanding of a concept.
The adoption of online learning will accelerate exponentially. There will be offline universities and colleges, the learning from EdTech will be more than the learning that will happen on campus. Offline universities and colleges will also launch their online programs in partnership with EdTech companies.
The COVID-19 pandemic will accelerate this change, by doing what otherwise would have taken a decade or more, in a matter of a year or two.
Source: Economic Times, IBEF, UNESCO, Markets Insider, Deal Street Asia, KPMG-Google Report, Inc24
What does future hold for EdTech