What is the future of the EdTech industry?

EdTech startups in India have brought the education system worldwide into a conversation, and it will be not fair if not mention India. There are over 250 million school-going children, and our nation is among the most extensive education systems. Due to the coronavirus pandemic, it was pretty challenging for the students to complete their education system. This pandemic harshly reminded me how a country like ours requires a hybrid situation for the students where they can learn in offline and online mode. The EdTech startups in India found their moment during the coronavirus pandemic. This education industry has also gained around $4 billion in the last five years and is now projected to expand up to $30 billion in the next  10 years. One of the most valuable things that come out of EdTech startups in India is the choice that learners get to customize their study material as per the requirements and the chance for the teachers and other institutes to become entrepreneurs. There is no doubt that EdTech trends are positively affecting the education system.

How big is the EdTech industry?

EdTech startups in India have made a global reputation and reach. The global education technology need was valued at $89.49 billion in 2020, and now it is expected to witness a compound growth rate of around 19.9 per cent from 2021 to 2028. Digital technology helps to improve access to education, and learners can shift their books to ebooks.

Which is the biggest EdTech company in India?

If we talk about the biggest edTech company in India, then it is BYJU’s. BYJUs has a current value of around $21 billion, and it comes as the world’s most valuable tech startup.

Why is EdTech important?

• Edtech startups in India offers understudies the adaptability to gain from the sources they see as generally supportive and compelling.
• A significant advantage hailed by internet learning understudies is having the option to get to instructing and preparing at their superior speed and time.
• The adaptability to get to internet learning is generally advantageous for the understudy, making instruction and progressing professional preparation significantly more accessible to a wide range of individuals in various circumstances.
• It is beneficial to individuals with everyday work who would find it very hard to go to regular courses at a college.
• A self-evident and significant advantage of ed-tech companies in India is the enormous possible expense of reserve funds in instruction. Online e-learning can be given for a portion of the expense of going to a significant college or even a little junior college.
• The diminished expense of internet learning makes acquiring a degree or extra expert confirmation substantially more reasonable for anyone interested in extending their insight and abilities.

What are the five components of educational technology?

1. Hardware: this is the most critical component, including mechanical equipment, materials, and electronic devices. Hardware components of educational technology mainly comprise equipment such as projectors, laptops, computers, and motion pictures.
2. Software: This is the second most crucial component of educational technology. It involves a scientific and systematic application of the research gathered from the different required educational fields.
3. Implementation: it is vital to use effective methods to access better implementation. Mainly, implementing these techniques facilitates the application of cognition, memory, and senses.
4. Management: this is the most critical component. The workforce must well manage educational technology. Even educational technology can not function properly without having a robust workforce. The workforce makes it possible to execute educational technology. Professionals full of immense knowledge and information or tactics from different fields and domains come together to prepare and manage the whole thing. They manage the whole learning process.
5. Evolution and innovation: it is crucial to have a continuous evaluation as it is necessary from time to time to check and analyse the working of the whole learning process. This will provide an excellent learning outcome, and it will be meaningful if there is a continuous approach to innovation and improvement. Improvement makes better in the adoption of the new technology.