EdTech: Dynamic Shift to Online Education - A Growing Opportunity
Recent years have witnessed great amount of innovations and advancements in multiple sectors. Easily accessible technology and development of sophisticated education infrastructure is driving the demand for EdTech solutions and services. EdTech is a common abbreviation of educational technology which can be explained as the collective application of educational coursework, theories and practical and computer technology which comprises of hardware and software. EdTech is a common practice in 21st century that helps in facilitating learning for various users, such as academic students and professional skill seekers. Content creation, application and educational resource management are some of the key functionalities offered by EdTech solution. This technology aims to improve user academic performance. Educational technology offers a single platform for learners, teachers and professionals.
Furthermore, demand for co-curricular activities, such as music, sports, art, among others in recent times has been a major contributor for the demand of EdTech solutions. However, there are several challenges that need to be analysed and resolved for better delivery of EdTech solution.
Year 2020 has been notably worse for several industry verticals, including automotive & industrial manufacturing, among others. With several businesses hitting rock bottom in the pandemic situation as international borders in lockdown situation and disrupted supply chain, it has been a worrisome period for global economy. Contrastingly, few other industry verticals including technology and healthcare have shown elevated growth in the same period. Furthermore, as traditional education sector took a hit due to imposed lockdowns in several countries, EdTech sub-vertical saw an heightened growth owing to shift from classroom to digital learning. Many companies re-invented their offerings to cater to increased demand from academic students as well as professionals. Companies, such as Byju’s, Udemy, Coursera, among others have devised innovative solution and marketing strategy to gain advantage of recent consumer shift. Major players like Amazon and IBM are also offering professional solutions in the EdTech sector. However, the challenge now in front of the EdTech solution providers is to maintain this unexpected growth in post-pandemic period and keep hold of large consumer volume shift by periodically offering inventive EdTech solutions as well as services. It has been anticipated that the post-pandemic period would see some amount of dip in later stages of 2021-22 as a major chunk of existing customers would again re-shift towards classroom teachings unless an innovative reform comes into place in future that can assist the EdTech solution providers. Nevertheless, in the long term, the EdTech industry is anticipated to be one of the most lucrative growths vertical that can offer numerous opportunities for software, hardware, students, professional, teacher and many other beneficiaries.
