PEAKLIFE

As EdTech products become more widely used by schools during the pandemic, and the need for up-skilling among employees increases, major players in the industry are introducing innovations to increase the efficiency of administrative tasks for teachers and institutions, and improve access and engagement for students. This requires the rapid adoption of technologies like Artificial Intelligence (AI), machine learning, Augmented Reality, and Virtual Reality. While these advancements do not replace the challenging and multi-faceted task of teaching, they are tools for greater empowerment and impact. With an eye to the future of this booming sector, we explore the trends that have reimagined and redefined the online learning experience.

A report by the World Economic Forum indicates that above 50% of employees need to be re-skilled or up-skilled by 2022, which was easier during the pandemic as working from home allowed more people the opportunity to simultaneously work and study through remote learning. This trend was already on the rise pre-pandemic and could prove to be an even more widespread phenomenon now, as employers also stand to benefit from re-skilling and up-skilling employees.

Another rising trend is AI, which offers scope for practice-oriented personalised learning, provided the curriculum is adjusted for the entire class and individual students. EdTech is also providing more solutions for collecting data related to students’ accomplishments and engagement, which can be used to enhance learning experiences and outcomes. A major tool that is proven to increase student engagement is gamification. Globally, the educational gamification market had grown to $697.26 million by 2020, and is expected to grow further at a compound annual growth rate of 29%, from 2021 to 2027.

Another popular tool at higher education institutions is automated grading, which enables accurate and efficient grading for exams, assignments, and tests. Technologies like blockchain, which allow students ownership over their academic records, are also predicted to gain importance within this landscape. In the future, social or peer learning, which often takes place informally among students, can be institutionalised if social education teachers collaborate with EdTech platforms.

According to a report by market research firm Redseer, the pandemic not only brought about major transformations in the formal education system but also made several skills redundant in professional environments. There was already a gap between industry requirements and academic curriculum, but the lack of job creation has made up-skilling a more urgent need. Presently, India’s online education market—comprising K12, higher education, and up-skilling or lifelong learning—is worth roughly $1.9 billion. As per the report, by 2025, India’s online higher education and lifelong learning market is expected to reach $5 billion. These statistics reflect that lifelong learning, which includes vocational training, specific skill training, language training, etc. for employees and college graduates, will be an even more popular phenomenon in the next few years—especially considering the UGC’s decision of allowing Indian universities to offer 40% of courses per semester online.

As these trends gain prominence and acceptance within the industry and among users, EdTech companies will have to consistently update their platforms, offer a range of courses to meet the evolving needs of students and increase technological innovation to compete in an increasingly crowded market. The rise in investment will lead to a more rapid expansion of Indian EdTech unicorns across the USA, Europe, and Southeast Asia; as the hybrid mode of education becomes more prevalent in the post-pandemic era.