In today’s uncertain times, many people are understandably cautious about making investments. However, despite the global recession threat, some industries are still showing growth. One of these promising areas in edtech, which is attracting the attention of investors.
The education sector plays a vital role in shaping the future of upcoming generations.
Growth and business of edTech
As per the recent studies show, EdTech is expected to grow by 7 trillion market share by 2025.
The COVID-19 pandemic has accelerated the growth of the education technology (edtech) industry, which focuses on using technology to facilitate interactive, personalized, and accessible learning. Over the last five years, the Indian edtech sector has received private investments totaling $4 billion. According to studies, the growth is expected to be more than 30 billion dollars by the coming decade. This sector aims to complement traditional classroom teaching methods while providing innovative solutions to improve learning outcomes.
By the end of 2023, the education industry is expected to go through huge transition, and it can be expected to have change in the way we portray education.
Use Cases of edTech
One of the biggest trends to watch out for is hyper-personalized learning. This technique utilizes artificial intelligence and machine learning to tailor each student’s learning experience to their individual needs and strengths. Teachers will be able to design lesson plans and learning materials that cater to specific gaps in knowledge for smaller groups of students. This approach will make learning more effective and engaging for students, as they will receive personalized attention and support.
One of the important trendsetters in education in present times is the use of virtual reality and augmented reality. Market Research Future predicts that this technology will grow at a rate of 18.2% from 2022 to 2027. VR and AR allow students to experience complex concepts in a low-risk, virtual environment. Universities are already exploring the possibilities of building virtual immersive environments to engage students in new and innovative ways.
Micro-learning and nano-learning are two other trends to keep an eye on in 2023. By breaking down subjects into small, manageable pieces, teachers can create short, customized lessons that address specific needs and gaps in knowledge. This type of learning is ideal for on-the-go learning and reinforcing concepts. Nano-testing, which assesses small areas of strengths and weaknesses, can be used in combination with nano-learning to provide even more personalized support to students.
Lastly, hybrid learning is becoming increasingly popular. This approach combines online and in-person learning, making education more accessible and flexible. Hybrid learning overcomes some of the limitations of remote learning, such as socialization and networking opportunities. It also ensures that learning outcomes are validated and that credits and degrees earned have the necessary credentials.
To sum up from the technologies that are used in present times in education, only indicates that it will promising time for edtech and that it will focus on horning personalized skills and make learning interesting and accessible.
Trends of edTech
Schools will continue to offer offline learning, but hybrid learning models are becoming the way forward. The digital revolution in education has been underway for a while, and the pandemic has accelerated it even more. Online learning has become increasingly popular, as it offers students easy access and affordability, especially since the internet is readily available on mobile devices. As a result, the edtech market is expected to grow, and even teachers who were previously confined to their neighborhoods can now teach students from all over the world.
The digital form of education is expected to benefit learners of all ages, socioeconomic backgrounds, and geographic locations. The market for digital education is expected to be driven by advanced technologies like artificial intelligence (AI) and augmented reality (AR), leading to education through game-based learning (gamification), hybrid models, and mobile-based learning. Investors are increasingly attracted to this growing industry and are expected to inject funds to help it flourish.
