The growth of educational technology and online education is inevitable as the rapid advancement of technology has shaped the changing behaviour of consumers. In India, the EdTech sector had been recording a slow, but steady growth before the pandemic. But nobody imagined a growth as exponential as the last two years.
The pandemic became a blessing in disguise for the burgeoning EdTech industry across the globe as the online mode remained the only alternative to continue education when the operation of educational institutions got disrupted due to Covid-19. Since face-to-face learning came to a standstill, even formal education had to rely on online tools and functions for teaching and learning. It allowed them to reach out to the student community that was distributed across regions amid the crisis.
Following the increased penetration of digital solutions in day-to-day activities, individuals belonging to different age groups and experience levels consider online education a feasible solution to improve their knowledge levels and acquire in-demand skills to stay relevant in the volatile job market. The growing demand helped EdTech companies to attract investments. As a result, over 5000 start-ups emerged in the EdTech and e-learning sectors across India during this period, and five of them turned out to be unicorns. Among the five unicorns, four entered the elite list after 2020.
At present, India has over 9000 EdTech start-ups, which offer solutions in varied segments, including K-12, higher education, skill development, training and preparations, executive education, learning management system development, online examinations, and others. The current market size of the Indian EdTech industry is around USD 3 billion and is projected to reach USD 10 billion by 2025, owing to the ever-increasing internet and smartphone user base.
Emerging trends in the EdTech space
Moving forward
The EdTech sector has achieved tremendous growth in a short span of time. Before 2020, nobody predicted this rapid growth. This growth and transformation are here to stay for long. By adopting new technologies, the EdTech industry will witness a very sustainable growth. Growing demand, coupled with fresh funding and innovations are leading the industry to new heights. EdTech growth impacts the traditional education system as well. Thus, the positive intervention of EdTech innovations in education is going to shape the future of generations to come.
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