The Global Education Technology Sector: An Indian Perspective
A recent market analysis report by Grand View Research pegged the global education technology market at USD 89.49 billion in 2020, expecting it to witness a compound annual growth rate (CAGR) of 19.9% from 2021 to 2028.
The year 2020 experienced a disruption in the global education system like no other year. And while Covid-19 instigated a whole new gamut of problems, it also triggered unique and innovative possibilities within the knowledge and learning space.
The silver lining of this disruption was the fact that education (primary, secondary and higher) did little to dwell on the past. Instead, it looked to the future with renewed hope and determination to succeed.
The entire education sector came together, streamlining ideas and solutions, to pave a better way forward – a digital way forward.
Stakeholders thought anew, and acted anew!
Institutions, administrations, faculties and students rose to the challenge and adapted to the need of the hour.
And so, you see, adversity was converted to an opportunity.
India’s EdTech Landscape
You may not be surprised to know that India’s EdTech market is poised to become $30 billion in size in the next 10 years.
According to a report by RBSA Advisors, the current market size is valued somewhere between $700 million and $800 million.
Now, this can be attributed to the growing internet penetration rate – propelled by 4g networks – and access to smart devices. Yes, in the last couple of years, developing nations such as India have encountered a wave of affordable broadband connectivity, thereby resulting in several big companies reaching out to the general population.
What’s more, education leaders in rural and developing areas are increasingly turning to technology to bridge the gap between infrastructure and teaching resources!
As the world’s second-largest higher education system, with more than 800 universities, 39,000 colleges and 20 million students, it’s no surprise that the nation would want to take whatever steps needed and required to get learning back on track.
Key Insights and Trends
Growing student expectations meet significant changes in education, supported by rapid innovations in technology…
Following are the major drivers of the Indian EdTech market.
- A blend of synchronous and asynchronous methodologies using virtual platforms and video-assisted learning techniques have made online education engaging and fun for learners faced with these unprecedented times.
- With remote learning becoming the new normal, students are awarded more autonomy than ever to study at their own time and pace. Similarly, faculty members are empowered to personalise curriculums and subjects on the basis of each student’s unique set of needs.
- As countries begin to open campuses in a structured and phased manner, hybrid schooling becomes an option that most institutes across the globe are likely to embrace. This smart model strikes a balance between online learning and traditional classroom learning, thus ensuring the best of both worlds.
- Project-based learning – a teaching method in which students gain knowledge and skills by investigating and responding to a complex question – finds success in online learning platforms using the flipped classroom method.
- The integration of Artificial Intelligence and Virtual Reality into education solutions, aids in fostering an immersive and interactive experience for learners. The ability to explore and seamlessly connect with abstract concepts drives home concepts and increases receptiveness.
- Deploying Blockchain technology within the education sector guides academicians with storing and securing student data, analyzing consumption patterns, making data-driven decisions, and increasing operational efficiency.
- Increasing student engagement is developing as a primary concern for educators, encouraging the introduction of interactive whiteboards and touchscreen displays. These initiatives are not only encouraging active learning but also developing critical readiness skills in students.
- Institutions are investing in an efficient Student Information System to enhance the quality of education, whilst keeping expenditure low. Flexible pricing models, easy deployment rates, and 24/7 maintenance functions are some of the critical factors fostering the growth of this segment.
Unified By a Seamless Platform
India is right at the center of a global EdTech revolution, spearheaded by the inherent need to tackle the challenges brought on by the pandemic.
At a time like this, institutes should look to partner with a security system that can help them achieve their scholastic goals. One that is affordable, accessible and user-friendly.
Camu is the preferred choice for educational institutions across the globe! Our superior, mobile-first, cloud-based platform can help you power your digital transformation by tapping into the principles of innovation, customer centricity, product usability, synergy, and customer referenceability.
