The Changing Dynamics of the Edtech Industry | HCLTech

The Changing Dynamics of the Edtech Industry

 
October 20, 2022
Anjana Singh

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Anjana Singh
Associate Vice President, Digital Process Operations
October 20, 2022
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While the COVID-19 pandemic made enterprises across industries revisit their operations, a lot of these changes are now commonplace and are furthering their digital transformation initiatives. The education sector in particular saw many reforms in the wake of the pandemic, with new digital teaching solutions becoming paramount in order to sustain continued studies during such a tumultuous time. New technological advancements brought the advantages of ease, convenience, and abundance of knowledge for learners, educators, and administrators – all of which contributed to almost a third of Indian schools having successfully delivered classes online during the initial lockdown.

With the introduction of the new National Education Policy (NEP) that specifically acknowledges and builds upon the digital education model brought on in recent years, a paradigm shift for the edtech market is almost inevitable. Within this new ecosystem, the edtech market is poised to see growth on an unprecedented scale, fostered by new trends and possibilities.

The new possibilities for edtech

The Indian edtech market size, which stood at $700-800 million in 2021, is expected to be worth $30 billion in the next 10 years. This has positioned India as the second largest market for edtech companies after the US, partly due to the industry's increased acceptance of digital initiatives. Previously, enterprises in the educational space were reluctant to implement digital solutions. The pandemic radically changed those notions, following which the benefits were all too clear for everyone to see. With the demand for digital learning solutions having grown exponentially, edtech companies are providing organizations with the tools, services, and expertise needed to modernize their frameworks. Prominent success stories from leading organizations, are viable examples of what edtech companies can achieve when their solutions are implemented in a holistic manner.

As the edtech space continues to evolve, it is important to understand the benefits that will chart the course of the industry. We have already spoken about how the pandemic jumpstarted digital implementation for the educational sector, but there are various other factors that have helped shape the edtech space. Here are some of them:

The emergence of new digital startups: With wide availability of internet and inexpensive smart devices, there is now a greater reach for small educators/startups via the use of channels such as YouTube, self-created apps, and other websites. These startups can be set-up with a small investment and very little fixed cost, which allows companies or individuals to experiment and take risks. From the learners’ perspective, it allows them to review large amounts of content before deciding on what interests them. For students living in localities with poor access to quality educational institutions, this method of imparting knowledge can be a great benefit to further their education.

Digital webinars and masterclasses: Apart from regular education, learners will have access to experts who have extensive experience in their fields of work and are willing to share their knowledge with future generations. These masterclasses have the potential to unlock new educational opportunities that go beyond traditional studies, and thus generate interest for companies that are providing access to the same.

Enhanced user experience: Augmented and virtual reality (AR/VR) applications create higher engagement with learners and offer a digitally appealing user experience. Edtech companies can tailor these applications to a variety of subjects and courses, while leveraging innovations such as AI/ML to help create programs that can assist students in retaining educational concepts better. The potential for growth in this sector is truly limitless and holds immense promise for enterprises willing to explore possibilities.

Cloud-based educational platforms: Cloud-based platforms provide access to servers and data centers without bearing the cost of buying and maintaining them. They also provide highly secure spaces which are trustworthy and come with a host of services like classes, assessments, fee management, one-on-one interactions, etc. With the right partners in place, institutions can implement truly location-agnostic access to educational content and administrative processes at any time, from any device.

Virtual assessment centers: In addition to fast-forwarding digital implementation, the pandemic also forced a large section of learners to shift from physical testing centers to online, proctored examinations. This has allowed educators to take the tests online after going through digital verification in form of face recognition, online document processing, and other anti-fraud procedures. While test centers have resumed operations again, the virtual assessment model is here to stay as it provides a great alternative for institutions as well as students.

The future of the edtech space will be determined by leaders who are willing to take the necessary steps to push growth, agility, and scalability.

A forward-looking approach

The future of the edtech space will be determined by leaders who are willing to take the necessary steps to push growth, agility, and scalability. In this landscape, it is imperative for schools, universities, and educational institutions to embed relevant technological advancements in their strategies to ensure that they enrich and elevate the user experience for students, educators, and administrators. With edtech companies continuing to break new grounds and applying innovations, and institutions unlocking new opportunities, the future for the industry looks bright and promising.

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Business Process Management
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