10 Reasons Why EdTech Will Continue To Boom
Education technology commonly referred to as EdTech comprises of everything starting from using computers to teach kids, right up to making micro degrees and courses available to students worldwide irrespective of their geographic location.
While our education system has remained stagnant for several years, technology has constantly been changing, eventually leading to more innovation and computer-assisted teach methodologies that have a proven successful track record.
EdTech is about using digital technology to deliver a new form of learning mechanism. An architecture that harnesses the wide social reach of the internet, that provides personalized learning and training that can automatically adjust to an individual’s learning capabilities and that uses data-centric results with big data analysis to understand the most effective ways for learners to succeed. In changing the face of traditional architecture of education, EdTech has the power to create efficiencies, cut costs and enable new levels of standardization and democratized access to education.
It is set to transform the future of how education is imparted, resourced, taught, consumed and, ultimately, the results that it can then yield, both for the individual and for society as we continue to build the knowledge society and knowledge economy. The field of EdTech has received investments of more than $37.8-billion since 1997. Off which, 62% of investments were made over the last three years itself. There is an estimate that by 2020, total investment made by entrepreneurs in EdTech would reach a value of $252-billion by 2020 - EdTech is a booming industry.
Enabled by technology and innovation, young entrepreneurs, are creating powerful new tools and platforms for achieving the best outcomes in education. The booming success of the industry is attributed to the imagination of its entrepreneurs, coupled with the scale, outreach and connectivity that the internet allows.
Heading into 2019, below are the ten factors that will ensure a continued rise in EdTech:
- Education is ripe for disruption and innovation: The education system is still largely modelled on the industrial-age classroom methodologies, education is a large sector that has seen a very little transformation and innovation to date. With young minds and audiences of education constantly changing, education is one of the sectors that desperately needs innovation.
- Young people are leading the way: The workplace has changed and so must the education system to meet it. Recent high school graduates are matured enough to identify the gaps and failings, as well as fill them.
- Breaking down barriers: More and more students from around the world are gaining access to top-ranked campuses. This has led to background diversity and has become an asset rather than a hindrance.
- EdTech enables personalization: With AI enabled tech tools, we are better able to adapt strategies and syllabus to suit the requirements of each student, while we continue to expand access to new resources online.
- Enthusiasm: EdTech entrepreneurs tend to be very aspirational, energized and ambitious. They bring a Silicon Valley drive to education and set new benchmarks to be achieved.
- Collaboration: EdTech isn’t just about replacing mentors and educators, but it aims at better pairing and utilizing them to arrive at the best possible outcomes and results for students. It disrupts the single teacher approach while supporting productive peer and group work.
- Pooling of knowledge: EdTech platforms allow individual students to tap into and take advantage of existing knowledge and experience without having to recreate something from scratch.
- E-learning Boost via various digital initiatives: Several countries, especially Asian countries like India, Thailand and Singapore, aims to transform their countries into digitally empowered societies. This has had a substantial impact on the technology industry bringing a wave of revolution in every aspect. The education sector is one of the sectors that are benefiting from such initiatives.
- Vast User Base of Mobile Devices: According to recent statistics, mobile internet is largely used by youngsters. With an increased rate of over 100M users a month, there’s no doubt that mobile devices are the classrooms of tomorrow.
- Low-Cost Alternative to traditional Offline Learning: The average tuition for online courses varies from one program to another but it’s clear as night and day that online courses are much cheaper and inexpensive compared to the ones offered in traditional classroom settings. Online skill enhancement courses are estimated to be about 53% cheaper compared to their offline alternatives. Larger student base and lower infrastructure cost help leverage the economies of scale attributing to the reduced costs via the online channel.
Many industry experts claim that EdTech is overhyped and not worthy of the attention and investment it enjoys, and while technology may not be able to change the industry overnight, it can make significant and impactful changes. One common misconception that has caused a debate among education experts is that everything needs to become digital, classrooms, textbooks, and perhaps even universities themselves.
An alternative way of looking at things is that we should operate with a ‘digital first’ approach, not a ‘digital only’ one.
In recognizing the significance of digital solutions, educators can meet student demand, without tossing out tested methodologies. This requires integration should be a key focus in EdTech innovation. Many experts believe that instead of throwing out time-honoured traditions, EdTech solutions should be built to enhance proven processes and help them smoothly transition into the digital age. Companies and institutions should strike a balance between these two aims and optimize processes to grow their organizations.
There are a lot of opportunities for innovative entrepreneurs, investors and problem solvers, to create private ventures to support the educational industry. With the recent rise in capital investment, it’s clear that the education industry is an open field for tech innovation.
It’s apparent that the EdTech industry is one of the booming sectors with a lot to offer to its stakeholders. There’s no doubt that EdTech will undergo continuous evolution and set the stage for the momentous growth that will be witnessed in the forthcoming years in countries worldwide.
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