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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:
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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