A post-pandemic world is likely to be one where E-learning or online learning will be the fulcrum of learning and teaching.
A recent report by the Ministry of Human Resource Development estimates that investments in education technology would rise to a staggering $10 trillion over the next decade.
As we step into 2021, while most industries and sectors are trying to survive or recover from the impact of COVID, the EdTech industry on the other hand is thriving and poised to grow.
KPMG and Google reports had forecasted that India’s education industry was expected to grow to as high as $200 billion at a CAGR of 52 per cent by 2021. The expected valuation of the e-learning space is of $350 billion by 2025.
The Pie is Just Getting Larger.
EdTech start-ups like Unacademy, Toppr, BYJU’s, Vedantu, Eruditus, etc. are leaving no stone unturned, and capitalizing on the opportunity by acquisitions, new rounds of funding, improved product range, niche skill development courses, and a lot more.
There is a large percentage of the population that is very aspirational and hungry to learnByju Raveendran, Founder & CEO BYJU’s The Learning App
“People know education is the only way to make it big. They all understand the importance of learning. We don’t need to create awareness of that — it is already there.”
The marketplace offers a wide variety of digital learning products; test-prep courses, online personalized tutoring, coding, gamified content, niche skill development courses. More parents too are more receptive to the idea of remote learning.
India’s EdTech players like BYJU’s offer learning products and services on par with the finest around the world.
“We spend a lot of time creating the content correctly and, once it’s done, we don’t need to change it very often,” says Anita Kishore, Byju’s chief strategy officer.
Advancements in technology has opened up options like highly customisable learning solutions, high degree of portability and flexibility at lower costs. Better internet connectivity and affordable data plans and lowering gadget prices are also helping EdTech companies improve their reach.
A new frontier is opening for EdTech companies
As companies are shifting or have shifted to work-from-home models, there is a paradigm shift in employee behaviour where many of them are taking up niche courses and upskilling themselves to remain prepared for the future. The online space is increasingly being accepted as a legitimate domain of learning. Massive Open Online Courses (MOOCs) from Coursera, EdX, Udemy, UpGrad are getting popular.
The vast untapped vernacular education market also offers hitherto unexplored opportunities and market share to EdTech companies. Companies like BYJU’s are already offering content in Hindi, Kannada, Telugu, Tamil, and Malayalam, etc.
In conclusion, the advantages that EdTech/E-learning courses offer; customisable courses, personalized learning formats, self-paced learning, portability, easy-to-navigate interfaces indicates that the footprint of India’s EdTech players like BYJU’s will continue to grow in the years to come. Online learning is the FUTURE.