EdTech in India is growing rapidly at an unexpected pace
Education Technology, famously named as EdTech has made some amazing progress from the basic utilization of computers to instruct math to the sophistication of online submission of homework, mobile learning applications, virtual reality, online degree platforms, use of gamification and other innovative methods.
Higher digitisation and improved availability have the wheels of progress turning. By 2021, the online education market in India is valued at $1.96bn, as indicated by KPMG. The pandemic has catalyzed the adoption of edtech in India, driving with cutting-edge technology and pedagogy. India is exceptionally positioned to capture this growing business sector with students and experts equally occupied with its wide scope of learning opportunities.
BYJU’S, Unacademy, Cuemath and Toppr are some of the organizations which have progressed to raise Series B funding. The financial investors in the space are principally Sequoia India, SAIF accomplices and CapitalG to give some examples.
Standard learning through schooling continues to be the essential mode of learning. Edtech companies are hoping to add value as a supplementary product to what students as of now learn at school.
The Blume Ventures edtech report predicts that the edtech in India is presently ready to become $4 Bn by 2025 from the current $750 Mn. Moreover, out of the projected $4 Bn, an astounding $1.5 Bn will be focussed on K-12, after school foundational and pre-college prep. Abilities like early literacy (English perusing and familiarity) and numeracy (mathematics) will gain more attention.
The National Education Policy of 2020 mirrored this abrupt development of edtech into the spotlight by focusing on the significance of utilizing technology in education solutions. From the point of view of students, edtech fills in the gaps in conventional learning, for example, absence of personalised tutoring and standardisation.
It has made it conceivable to blend interactive pedagogy with a model of scalable schooling services, offered at an affordable cost. Macroeconomic factors, for example, expanded internet penetration and a wide cell phone user base have established a favorable environment for the development of edtech companies throughout the long-term. Increasing disposable incomes counterbalances the expense of online education making it feasible for India’s middle-income households. These elements have likewise connected the accessibility gap through online learning modes.
Blended learning – a mix of traditional and digital learning will presently turn into an important piece of K-12 too and will not simply be exclusive to higher education as it already has been. These patterns recommend that technology may turn out to be all the more naturally attached to education.
So while the market may have scope for growth, what will decide players’ success in the business isn’t just going to be what they teach and how they encourage it, yet how they track what’s being educated and whether the ideal result is achieved. Foundational academics and early social skill development would need to develop beyond coursebooks and aim to help kids with the tools to prevail in a world that is quickly evolving.
The government is also playing an important role with programs and projects encouraging edtech in India. More than 400 courses are presently offered free by acclaimed colleges like the Indian Institutes of Technology (IITs) as a part of the National Program on Technology Enhanced Learning (NPTEL). In May 2020, an application to encourage college entrance test preparation, known as “National Test Abhyas”, was introduced. Other activities like DIKSHA and IITPAL have been introduced to encourage the progression of education. These fall under the aegis of a more extensive arrangement to help online learning, known as PM eVidya.
While there are as yet numerous gaps that should be filled, it is turning out to be certain that engagement-driven personalized content, blended learning approaches, and adaptive digital classrooms will characterize the industry of edtech in India in the coming years. These are, in no way, easily attainable objectives.
To keep up the momentum, edtech should adjust to quickly changing learning needs in 2021 as well as in the decade ahead. Then we can answer whether technology will be the sustainable solution for long term impact at scale in the edtech industry.