The Indian Ed-tech Industry
Saying that the sheer size of the Indian education system is humongous would be an understatement.
From the cradle of the Gurukul system to the nation producing massive numbers of engineers as an educational system, India has experienced all kinds of ups and downs over the years. In the last five years, with the massive penetration of the internet, India has become a bubbly startup ecosystem, especially in the Ed-tech Industry.
KPMG estimates that there are more than 3,500 edtech startups in India today. The HRD ministry projects that India’s edtech expenditure would reach $10 trillion by 2030.
There is no doubt that the education system in India is anything but flawed and outdated. And for all these challenges, Edtech has a solution.
What is Edtech?
Education technology involves the use of technology to enhance the classroom experience for students so that it is more engaging, inclusive, and individualized. This influx of edtech tools are changing classrooms in a variety of ways: there are an unlimited number of courses on even the most specific topic a student might be interested in; IoT devices are being hailed for their ability to create digital classrooms for students, whether they’re physically in school, on the bus or at home; technologies are assisting teachers with grading tests and holding students accountable for homework.
Why is it important
Personalized learning has been a major factor in edtech’s rise. There is no one-size-fits-all solution when it comes to our learning style, how we interact with our classmates and teachers, and our enthusiasm for the same subjects. Everyone learns at their own pace. It is possible for teachers to create individualized lesson plans and learning experiences using EdTech tools, which foster a sense of inclusivity and enhance the learning abilities of all students regardless of their age or ability. This is definitely the need of the moment in India.
Other features that makes edtech even better and more necessary for Indian students are:
- Students need on-demand learning
- Many students who sit for professional exams have to balance internships and studying simultaneously. Classroom timings do not always correspond to their work schedules. By offering online courses and studying materials on demand, on-demand training makes everything easier for students.
- Video is the new textbook
- Speaking of study materials, it is no longer necessary to purchase printed textbooks. More students are watching courses than reading them these days. Choosing courses that are rich in lectures, graphics, and interactive elements contributes to a more engaging, informative, and effective learning experience. In addition to strengthening concepts, a visual approach to learning can also be very effective.
- Demand for expert educators
- Professors could handle no more than 100 students at a time in the past. Technology enables educators to reach a large demographic of students. The need for a physical space where students and teachers can assemble for classroom sessions is no longer needed. On-demand video streaming makes it possible to access courses at any time, anywhere, and through any medium.
The crisis of Covid-19 is a massive opportunity for the edtech industry. This could be seen at your own home where kids and college students are learning on their devices. Traditional face-to-face interactions have suffered a setback and online learning has become the new paradigm. The rise in user base is not just in students but professionals too who utilized/are utilizing their time to enhance their skills or reskill themselves to stay relevant. Massive inflows of investments, acquisitions in the edtech space and new edtech startups are sprawling all over the world.
In the last fiscal year, EdTech in India grew at an impressive rate because of the digitisation of education and government impetus from the NEP. These mega companies, such as Unacademy and Byju’s, are at the forefront of fundraising as well as consolidation. Yet the question remains whether the EdTech sector will survive the pandemic or fail as a result of returning to traditional education once classes resume. What do you think?
