Online education has grown ubiquitous in contemporary student’s life. Due to pandemic-induced lockdowns, this expansion is attributable to the growing penetration of technology and greater receptivity to digital learning. The sector was valued at $750 million in 2020 and is projected to reach $4 billion by 2025 at a CAGR of 39.77 percent, making it one of the most rapidly expanding industries in the country. Unacademy was valued at $1 billion in 2020, while UpGrad, Vedantu, and Eruditus became unicorns in 2021. Byju’s has a valuation of over $22 billion, making it one of the most expensive start-ups in the country.
These companies are playing a crucial role in solving the gaps in our current educational environment. As of now, there are implementation obstacles in traditional schooling due to a lack of facilities and qualified teachers. Not only are edtech companies transcending physical and geographical barriers, but they are also addressing the knowledge gap by placing skilled professional teachers teaching subjects such as coding in the hands of any child or adult with internet access. Thus, a combination of e-learning platforms and conventional educational institutions can help bridge this gap so that children are not left behind in the fourth industrial revolution.
Today, machine learning, artificial intelligence, app development, and automation are becoming integral components of society. According to a study, the number of occupations associated with AI and automation may increase to between 20 and 50 million, or more than 375 million globally. As new occupations will be created that require a new set of abilities, youngsters in our country must learn to develop and build apps/programs at a very young age. Edtech companies are racing to meet the rising demand for coding programs, which are supposed to improve computational reasoning and prepare pupils for the digital age.
The future will be radically different, as Blockchain, NFTs, and the Metaverse are currently trending topics. Everything will be virtual in the future, and today’s youth are aware of this because they have grown up with this technology. If we want youngsters to become technology innovators, their educational development must include subjects such as robotics and coding. It is crucial to provide them with the appropriate skills, and this is what EdTech companies in India are doing now.
Consumer protection is equally important for both consumers and growth of edtech players since it enables parents to make more educated decisions about their children’s future. It protects them from being misled and enables them to make better choices. In January 2022, the Internet and Mobile Association of India (IAMAI) announced the formation of the India EdTech Consortium (IEC), which includes key edtech firms. In accordance with a recent government directive, the IEC is aiming to ensure that every student has access to a quality education and has a hassle-free experience by establishing a multi-level redressal mechanism.
The establishment of IEC, according to IAMAI, comes at a time when Indian edtech companies are producing great value for a worldwide audience. Self-regulation will require all parties to be open and straightforward in their conversations and dealings. Due to the domain understanding of industry specialists, self-regulation is a viable and effective option. The development of a self-regulatory organization is a positive step in the protection of learners as an increasing number of students use edtech businesses to acquire new skills using modern technology.
According to a report by RBSA Advisor titled “Unleashing EdTech Potential in India,” the growth of the Indian Edtech sector will be supported by an increase in demand as well as the strengthening of business models, facilitated by a policy environment that is conducive to business . By recognizing the importance of technology in education, the New Education Policy, 2020 has provided the Edtech industry with a policy push. EdTech firms in India must not forget the five pillars of NEP 2020 – Affordability, Accessibility, Quality, Equity, and Accountability – and that their ultimate success lies in ensuring that they offer affordable and accessible education solutions to the masses. This will go a long way towards improving the Education sector and transforming India into the “educational capital of the world.”
Views expressed above are the author’s own.
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