The Modern Era of Ed-Tech | How Tech affecting the Education
The position of the education industry today is only because of the rapidly developing technology. Whatever the position of this industry, it is not showing a single symbol to stop even though this field is becoming much more competitive day by day. How the students were getting an education in the modern time it was quite different from today. Today in this competitive world of technology people are using education as a business, by involving this modern technique of technology in the education sector this group created a new industry which is known as an Ed-tech industry. The shocking thing is that investors are also showing their interest in this new era and by thinking about its bright future they are investing millions of dollars in it. Will this industry have growth? What exactly is the position of this industry in the future? Has technology changed the education sector?
Why Ed-tech industry is showing rapid growth?
From ancient times Education was seen only as of the mode of receiving or gaining knowledge as well as skills but later in this generation it is becoming a source to make money. In terms of the power of youth, India is the richest country in the world. Many youths in India every year face the toughest competitive exams like UPSC, JEE, NEET, etc which create a huge demand for private coaching, and this demand initiated the chain of business in this sector because greater demand for a product or service allows the firm to grow the business, hiring more workers and increasing capacity to match the demand. As the craze for these exams is going on increasing, the demand for coaching also going on increasing which is further creating huge opportunities for its business.
How the modes of this industry has changed?
The only reason behind the change of the mode of this industry is the phase of a covid pandemic. Before the pandemic, this industry was running mostly in offline mode this was the time when the industry of offline coaching reached the valuation of billions of dollars and due to the pandemic it got affected somehow and a new online mode of education had started globally. The online platforms which were already existing before the pandemic started to grow on a large scale and today many of them became unicorns, but what about the post-pandemic situation? After the pandemic, if we talk about this present year (2022) online Ed-tech platforms are not properly maintaining their employees. A lot of employees have resigned this year and the number of resigning is still increasing because offline coaching institutions that suffered from a loss during the pandemic are getting profits nowadays after the pandemic. Somehow students are avoiding online education and moving toward offline.
What is the future of Ed-tech?
As we have seen the explosion of online education during the COVID pandemic now it is hard to say that online education also will have a growth in the future because somehow students get bored with that atmosphere that we have faced in pandemic situations and the mindset of students, as well as their parents, are little bit changing and they are trying to move to offline education. But this is all about the mindset of people it may change in the upcoming time, some experts expect that the future of Ed-tech will be a combination of online and offline mode, A new fresh unicorn PW(physics wallah) is an example of that PW is focusing on both the modes that are in offline and online also so, in this case, the probability of succeeding is higher than the companies which are focusing on single-mode mainly on online mode so, that's why investors had shown their interest in this startup but if we see about the overall valuation of Edtech, it is growing at a CAGR of 15% and expected that the valuation of Ed-tech industry will reach to 429 billion US dollar in the year 2030. In India, byju's is the largest ed-tech company which is on a valuation of 21 billion$ and it acquired 13 startups, on this day India has 7 Ed-tech unicorns. Trends in the market are showing a high probability of increasing these numbers.
Now it will interesting to see in the upcoming period is that what will be the position of Ed-tech? and How it will be going to dominate the market?
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