Global Education Technology Market 2020
Before COVID-19, the EdTech market was expected to grow at a CAGR of more than 15% by 2025, which will be increased to more than 25% due to the pandemic.
Education Technology, or EdTech, has been known to us for almost a decade. We know EdTech in the form of smart classrooms and video-based learning. But many EdTech start-ups have changed how education is provided, and they have started providing live or recorded online classes for multiple areas based on learners’ requirements and abilities.
However, the recent COVID-19 pandemic has accelerated the demand for online education in schools and the professional world. Because of the global lockdown, people get more free time to upskill themselves, while schools have started conducting online classes for their students. So, the demand for technology-based education is increasing these days.
Nowadays, various governments and innovative start-ups have collaborated to invest a considerable amount in the education sector to support technology innovations, because of which the EdTech sector is gaining more traction. The reduced costs of internet data and mobile devices have also driven the growth of the EdTech market. Additionally, the pandemic has accelerated the pace of innovation in the traditional education sector. Continuous learning and upskilling have become a vital part of the corporate world. Edtech plays a significant role because many employees have lost their jobs and cannot rely on traditional systems.
How Emerging Technologies are Impacting EdTech Market
The increasing demand for EdTech has enabled innovative start-ups to begin a new era of providing education: adaptive learning, which is expected to evolve in the next decade, or maybe faster due to the current scenario. One of the most significant disadvantages of traditional learning is that the specific course is meant to be expected of all learners. So, some people might not be comfortable with the pace or content, and they leave that in between. Some of the emerging technologies that are driving the growth of the EdTech market are:
Artificial Intelligence (AI):
With the evolution of technologies such as Artificial Intelligence, EdTech can be even better. AI helps educators provide a customized learning experience based on the learners’ behaviour and engagement. The AI algorithm learns about students’ preferences with each interaction and helps education service providers design a personalized curriculum based on their specific needs and requirements.
Internet of Things (IoT):
Post-COVID-19, many education institutions have turned to a paper-free, digital, and contactless economy. Such solutions are faster and risk-free for school administration, parents, and students. There are a lot of applications of school data management and professional training tools where educators, globally, can exchange their expertise and tips. IoT-enabled devices allow users to access anything they need in real-time. It also enables educators to keep track of the learning progress in real time for each student. IoT helps educators and students manage their day-to-day activities securely and more efficiently.
Augmented Reality / Virtual Reality / Mixed Reality (AR/VR/MR):
AR/VR offers excellent help to online education. Thanks to VR and AR, students can get an immersive education experience without leaving their homes. If you want to learn about STEM gadgets just by running a 3D STEM video on a VR headgear, they can explore everything they usually study at schools or colleges. Furthermore, real-time video of critical surgical operations allows medical students to learn through a more immersive experience.
3D Printing:
Students can learn things faster and with lesser effort if they can shape their imaginations into physical objects. 3D Printing helps the education industry by eliminating the gap between the physical and digital worlds. There are many institutes where 3D printing technology encourages students to unleash their creative ideas and have more hands-on experiences in their respective areas, such as medicine. 3D Printing provides an opportunity to create a visual learning environment and grow creativity.
Conclusion
Like other industry sectors, technology will also play a significant role in shaping the future of the education sector. Educational institutions and service providers are adopting emerging technologies to transform how education has been provided to end-users. Whether we consider classroom or online learning, technology will open doors for diverse career paths, mostly dependent on skills and knowledge.
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