Comprehending The Ambitious EdTech Ecosystem In India
The pandemic has been a major reason behind the expedited growth of the industry.
From 2020 to 2025, the global online education market is projected to witness a CAGR of 9.23% during the forecast period, reaching a total market size of $319.167 billion in 2025, increasing from $187.877 billion in 2019. At home, India has now become the second-largest market for e-learning after the US. The sector is expected to reach $1.96 billion by 2021 with around 9.5 million users. Where did we begin? What is the size and reach of the industry? And where are we headed? The pandemic has been a major reason behind the expedited growth of the industry; besides this let us try and understand the other facets of the EdTech ecosystem of the country.
Elements behind the advent of the EdTech industry
The pandemic resulted in an increase in the penetration of the IoT (Internet of things) in many locations across the globe driving the market growth. The increase of the number of e-learning institutions and content providers in the last year in the market has helped facilitate the complete transition of the huge volumes of educational content to the digital platform. Also, the progressions with machine learning and artificial intelligence will further continue to enhance the usage of these education platforms, hence resulting in the predicted forecast.
Impact metric of the e-learning apps -
The scope of learnability evaluation here can be calculated in two ways:
● Initial Learnability: Initial Learnability applies to the performance over a single, short term usage period
● Extended Learnability: Extended Learnability applies to the performance change over time
There are various apps such as EI (Educational Interpreter) design that predict a ‘learnability Index’ generated by the criticality based on nature, of course, content or learners using parameters such as, and usability leading to a cumulative learnability metric.
What methodologies and regulations can be implemented here?
Online Education has opened the doors to innovative educational institutions and new age start-ups for the learners who could not experience high-standard curriculum earlier due to the time, location, limited admissions or monetary reservations for courses. This provides them with the much-needed flexibility and opportunity for skill up-gradation.
Methods for effective e-learning
● Decrease the screen time for students by using visual and effective tools like VR/AR/AI (Virtual Reality, Augmented Reality, and Artificial Intelligence) which take a reduced amount of time than a teaching professional does in demonstrating a concept in a live session
● Elevate learning experience and facilitate assignments that require primary (on-ground) and secondary (internet) interactions
The University Grants Commission (“UGC”) has introduced regulations to recognize degrees, diplomas and certificates offered by Universities and Institutions via a digital medium, in India. Online Courses or extended programmes in the field of engineering, law, medicine, dental, pharmacy, nursing, architecture, physiotherapy, applied arts are now also offered through the digital mode, though these courses or programmes can only be provided after obtaining permission from the UGC. The key objective of these regulations is to ensure easy access to education to students, including working professionals.
Is it a bubble?
No, Education is a necessity, it defines the future. Such innovative concepts on education are prone to evolve with technology. EdTech is estimated to be a multi-trillion dollar industry because students are searching for no strings attached education where they can focus more on learning and innovation instead of grades and reports. The Indian education system in the year 2020 made a huge change in the education policy encouraging self-paced learning irrespective of age, location and financial strength.
There is a possibility that many EdTech companies will have difficulty in sustaining themselves for a longer period considering the excess weightage in the supply over demand ratio. But in the meantime, we will end up creating a new age of education where the sole purpose will be towards the learning and growth of the student resulting into a better growth of the education industry and the economy at large, for years to come.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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