What EdTech is and Why It is Important Today

Introduction

The efficacy of mobile learning depends on how rapidly real-world conditions change. Smartphones are increasingly affordable to people of all income levels. When almost 1.5 billion students throughout the world were compelled to switch to remote learning in 2020, the education technology sector, also known as EdTech, gained a significant boost in its growth and development.

EdTech is more than the ability to use a PowerPoint presentation writing service when you need it. It is a complex discipline, which aims to make mobile education possible. It also became evident that government-sponsored secondary and higher education programs would be unable to keep up with the demand. Furthermore, the existing teaching techniques utilized in public schools and colleges do not keep up with the advancements in society. Many people also express concern about the exorbitant expense of higher education, as well as the fact that the quality of the education does not reach current standards.

Now is an ideal time for EdTech businesses to grow quickly and displace established higher education institutions. There are a few improvements needed here as well, else the stated aim would remain unattainable.

WHAT ARE EDTECH AND MOBILE LEARNING ITSELF?

Edtech is the practice of introducing technologies and non-standard solutions into education for better assimilation of knowledge. A mobile device is used for mobile learning (m learning), a sort of remote learning. Raphael Ballagas and his colleagues originally described the notion of Bring Your Own Device (BYOD) in 2005, which is when an employee uses his or her own devices to access electronic resources provided by the company.

Five years ago, the UNESCO recommended mobile learning as a concept. Researchers at UNESCO's specialized agency say that mobile technology make education more accessible and more inclusive: new learning possibilities open up for everyone.

EDTECH STATUS IN DIFFERENT COUNTRIES

At the present, the global EdTech market is valued at $227 billion, according to current estimates. According to experts, by 2025, this sum would have increased by 1.8 times, reaching $ 404 billion. It is estimated that 90% of the EdTech market is occupied by the United States, China, and India.

1) China

The Chinese EdTech market is dominated by remote learning and English language instruction. Since 2014, Chinese start-ups have grown rapidly. In the early days of EdTech development, the local market accounted for 40% of all investment transactions.

2) India

One BYJU'S firm, with a current market value of $15 billion, has effectively taken over the Indian education technology sector. By purchasing up firms that fit these criteria, it is aggressively creating the market for distance learning. After purchasing a network of 215 educational institutions to educate students for entrance to medical and engineering specialties, BYJU's has been working on a hybrid development plan.

3) The United States

There is no such disparity amongst remote education service providers in the United States. There is a lot of rivalry in this market niche in the United States, where there are over 2,000 companies. Even yet, there are over ten EdTech firms with a combined value in excess of $1 billion, including Coursera, Duolingo, and Outschool.

4) Latin America

Due to the high expense of schooling in Latin America, this market sector has great expansion potential. However, in comparison to other nations, the local market for EdTech is not as active. Afya, the largest corporation, with a market valuation of $301 million. This start-up is focused on offering educational services to help doctors better their credentials.

IN WHAT DIRECTION EDTECH IS MOVING

Distance learning has undergone a paradigm shift in the wake of the global pandemic. Consequently, we may anticipate a rise in state funding for EdTech. However, this industry is only getting started. As a result, EdTech has a slew of issues, some of which point to the direction in which the industry should go. However, even now we can see one trends present in the sphere.

1) Personalized education.

Around a billion dollars has already been invested in artificial intelligence and machine learning technologies in the education technology sector, making it possible to select the most appropriate training courses for a certain individual.

2) Perfecting educational formats.

Mobile application development is on the rise amongst nascent businesses. These kinds of courses make learning easier. Mobile apps, on the other hand, are still exclusively employed in conjunction with computer-based versions of products. The second tendency is to break up the teaching process into short, five-minute pieces. This is known as the microblock model. The peer-to-peer format is the third category. Student-to-student contact is used to facilitate learning in this situation. The final style is putting the material to use (project learning).

3) Higher quality of service

Startups in the EdTech sector are customizing their own solutions to satisfy the requirements of major corporations. Additionally, organizations are now not only providing training to customers, but they are also assisting them in finding jobs.

The reverse iteration is also noted: large companies open their own online schools, thus looking for new employees.

THE BENEFITS AGAINST TRADITIONAL EDUCATION.

Currently, online learning appears to be more appealing than traditional learning when compared to the latter. In the first place, it provides a convenient format that eliminates the need for visits to colleges and other institutions. Second, it is critical to have a convenient infrastructure that can be customized to meet your specific requirements. Third, instructional programs are developed more quickly and efficiently as a result of user study, amongst other things. In addition, and perhaps most crucially, the learning process responds swiftly to user demands.

THE PROBLEMS EDTECH FACES

Giving students something of value is the biggest challenge that EdTech businesses have yet to overcome. However, if you don't have this, you'll be gone from the market in no time. In reality, businesses are now primarily concerned with gaining new consumers via word-of-mouth referrals. Because of this, online education has a greater economic value.

The second issue facing EdTech firms is the requirement to change the format in which information is presented. At first, this industry was envisioned as a digital take on traditional schooling. However, in today's world, this is insufficient. EdTech firms must rethink their approach to education, moving away from traditional methods in favor of more innovative ones.

The third issue is that pupils need to be socialized. The vast majority of students obtain their education only via communication with their lecturers. Because of this, EdTech firms must establish an internal community where all students may communicate and share ideas together.

The fourth issue is that, in today's market, online education must compete with entertainment. Companies in the Education Technology sector, therefore, have a dual responsibility of providing excellent education while also ensuring that students enjoy learning new material. To put it another way, today's startups compete with one another as well as with third-party goods like social networks and online movie theaters.

The final aim is to raise the percentage of students who pass their courses (Completion Rate). This indicator helps you identify current software flaws and devise solutions to fix them. Increases in Completion Rate lead to an increase in consumers purchasing more courses and products.