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Will India be the Education Technology Capital of the World?

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The education technology industry in India is developing at a critical rate

In 2020, the valuation of the Indian education technology industry was US$750 million and experts predict that it will reach US$4 billion by 2025 at a CAGR of 39.77%. This growth is the result of the rising demand for non-academic courses from tier II & III cities and the need for personalization in the EdTech space. More students will realize that traditional offline players haven’t built the capability to provide the support needed in these hyper-competitive times. In the last 2 years, four Indian EdTech start-ups (Unacademy, UpGrad, Eruditus, and Vedantu) turned into unicorns and Byju’s turned into a decacorn. A unicorn is a company valued at over US$1 billion and a decacorn is valued at>US$10 billion. This article features how India will become the education technology capital of the world.

Key trends of education technology

Virtual reality and augmented reality in the EdTech industry

Virtual reality and augmented reality makes learning interesting, effortless and improve collaboration and capabilities. Additionally, it ensures the classes are less tiring by providing opportunities to implement hands-on learning approaches that can increase engagement, improve the learning experience and help students learn and practice new skills.

EdTech funding focused on Indian EdTech start-ups

In 2022, Indian EdTech start-ups raised more than US$ 1.43 billion. The COVID-19 pandemic disruptions and subsequent lockdowns compelled both parents and educational institutions to implement tech-enabled learning solutions, making EdTech the most funded sector in the country. Of the total funding raised, Byju’s leads with 57%, followed by Unacademy (10.5%) and Vedantu (9.5%).

Harnessing Big Data

As technology takes classrooms online, Big Data is helping to keep it efficient and engaging. Students’ attentiveness is monitored in real-time through the camera and AI systems, providing instant feedback to teachers facilitating appropriate interventions with different pedagogical approaches. Such technologies are also extended to support proctoring exams online.

Gamification

Gamification has been creeping into classrooms for years already, with hackathons and virtual business games becoming a mainstay of the business school experience. In the future, however, gamification could offer new ways to teach students. Gamification can help keep students engaged throughout their learning experiences. This is a challenge for online programs when there is no in-person requirement and busy lives may get in the way of students’ learning.

Key Drivers

Government initiatives driving the Indian EdTech industry

The Indian EdTech industry is relied upon to be more policy friendly in the forthcoming years because of rising government interest. The National Education Policy 2020 underlined the significance of utilizing innovation in training arrangements and upheld the making of inclining content in local languages, calling it a high need. This holds the power to become the education technology capital across the world in the nearby future.

K-12 classification can possibly fill from here on out

The education technology industry in India is developing at a critical rate, with an exorbitant premium in the K-12 fragment as COVID-19 lockdowns have disturbed the exercises of instructive organizations. As per Tracxn, an information investigation organization, Indian EdTech firms have brought US$5.77 billion up in subsidizing in 2021 up to this point. Of the aggregate sum raised, US$99 million was raised by K-12 training subject matter experts. Beginning around 2018, a bigger number of than 4,800 K-12 EdTech start-ups have been sent off worldwide, with 1,782 EdTech startups in India alone. They offer courses as membership bundles for a bunch of subjects to each class.

Adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), AR, and VR will not replace teachers in the classroom but will enable instructors with important devices and stages to guarantee successful in-class learning.

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