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How underprepared our economies were to tackle a global pandemic. This was reflected particularly in the education system, which had been stagnant for decades in a brick-and-mortar setup. This was even more true for Higher Education where Gross Enrolment Ratio is just 27.4% in India. The year 2020 was a pivotal year when employers understood the importance and relevance of work from home as well as learn from home. On the other hand, learners realized that upskilling or reskilling is the only way to grow and continue to have a sustained career.
Today, with the largest population of youth under the age of 25, and as the second-largest user of smartphones in the world, Edtech has been rapidly growing, and being accepted across age groups. And although edtech had been here in India for quite some time now, its role pre-COVID, had always been limited to assisted- learning and use of tech-enabled visual aids that were largely used in conventional classrooms. Now, tech innovations and digitisation have enabled not just continuing ‘learning from home’ but also created an ‘impactful engagement’ and enhanced learning possibilities, for students, with benefits like focussed attention span, parent involvement and ease of operation and tracking of student progress, among other features.
The research report on ‘Global Education Technology Market’ consists of vital data regarding the growth stimulants, profitable prospects, limitations, and challenges which are shaping the growth trajectory of the business sphere during 2020-2027.
These days, people are leading their lives in two worlds- physical and digital. This 'physical living' has also impacted the world of education. The EduTech sector has accelerated the application of technology in teaching and learning, on an unprecedented scale.
The pandemic has been a tipping point for many sectors, including edtech. According to a recent report by RBSA Advisors, India’s edtech industry is poised to reach $30 billion in size in the next ten years from the current market size of about $700-800 million. The report also said the industry had attracted private equity investments of $4 billion in the last five years, with Byju’s being the major player at a valuation of $15 billion.
The pandemic has prompted educational institutions, working professionals, students and parents to embrace online learning like never before, skyrocketing the demand for easy-to-handle digital tools or platforms to enhance their experience. Platforms like YouTube and Google, with their Voice function, are facilitating this quantum leap in the education sector.