Technologies Taking Ed-Tech Industry to the Next Level: An Overview of India’s Leap

27-Feb-2021, 09:02:42 PM

If you do not want to be just "another brick in the wall", you will have to do something noteworthy. Here, can you really ignore the role education plays in shaping your lives? You will have to equip yourselves with the knowledge to make sure you stand out. Be it education business owners or any other associated party, all are now having a different outlook towards delivering or receiving education. The ways of gaining knowledge are not the same as they were even 20 years back. 

The education space, like most other aspects of our lives, is also driven by technology. The related stakeholders have nowadays started using school management ERP softwareLearning is not a stagnant affair now, and with the help of technology, you can upgrade knowledge and learning methodologies from anywhere and at any time.

The primary objective of learning today is not just passing exams. It is also not limited to school or college-level learning. The institutions and companies operating in any education domain want learning to be a lifelong process and not confined to numbers in terms of age. 

Learning new skills and practices, as well as sharing them with others, happen a lot now. You will be happy to know that most of these happen online, and the physical space is no more a limiting factor. Thus, the demand for various ed-tech products have risen, and this trend will continue.


Going Digital 

We cannot deny that digital transformation and the availability of portable devices like mobiles have irrevocably affected learning and teaching. Online software for school management is a direct result of digitisation.

Various players and investors in the education sector have acknowledged the potential of tech-driven learning solutions. The present-day economy has witnessed massive fundings being allotted to companies belonging to this vertical. The ones using AI, Machine Learning, VR/AR or other gamification components in their services, draw the maximum attention from the stakeholders. The world is also reeling under extraordinary circumstance currently due to the lockdowns as a result of COVID-19. Thus, distance-learning or learning from home has also gained grounds.

This is why technology and learning should go hand-in-hand today. India being a key player in the education sector, has started leveraging this fact to the fullest.


Is India Ready to Sync with the Global Trends When it Comes to E-Learning?

  • With high penetration of the internet, online courses and the number of students preferring the online medium will see a spurt even in the remotest areas. School software helps in creating a powerful impact on students in rural areas. Some reputed market research analysts predict that India's online education market will grow at a CAGR of more than 20%.
  • In a report by KPMG, 2021 will see a 6-times growth in the online education industry.
  • The number of people enrolling for online education will touch a whopping 10 million.
  • Revenues generated may be worth $1.96 billion.
  • A report called "Online Education in India:2021" focusses on the country's online education industry. The report highlights that online searches' growth is almost two times, whereas searches through other mobile devices were three times.
  • Online certifications and reskilling stand as the most important segments, expected to reach $463 million by this year-end.

With these figures at hand, we can conclude that online education in India has indeed become a game-changer.


The Present Ed-Tech Market in India

  • The after-effects of COVID-19 has taken colleges, schools and other educational institutes online. Reports by Omidyar Network and RedSeer has revealed that both free and paid ed-tech users have seen the user base doubling to 90 million from 45 million. The rise is mostly seen in the K-12 segment.
  • There is a 50 per cent increase in the time spent also, i.e., a rise from 60 minutes to 90 minutes.
  • The paid user base has jumped by 83 per cent.
  • Online education services from class 1 to 12 will increase to 6.3 times by 2022.


Technologies That Are Taking Ed-Tech Businesses To the Next Level

  • Artificial Intelligence

Artificial Intelligence is one of the leading technologies that has revolutionised the education sector. By the year 2023, AI will be valued at $ 3.68 billion. This is a staggering growth of 47%. Be it the creation of content, evaluating the students' performance, customisation of the learning processes, real-time communication or grading, AI is integrated into online software for school management like Eloit. 

  • Virtual Assistant and Videos

Ed-tech startups have been heavily capitalising on the development of virtual assistants and videos. Video sharing and compatibility can highly enhance the learning experience and interaction between the teacher and the students. 

  • Virtual Reality/Augmented Reality

When students bank on virtual reality to understand the core concepts of a subject, they are bound to understand the concepts in a more practical way. STEM is the buzzword in today's learning. The letter T standing for technology reinforces the role technology plays in driving the point deeper. With VR you can travel beyond the confines of the walls.

  • Internet of Things or IoT

The IoT solutions are meant for integrating every device and elements used while teaching. The digital whiteboards, the mobile devices, the laptops, all find a new direction. The trends exhibit a valuation of USD 11.3 billion for IoT, by 2023 end. One such instance is Eloit’s Edisapp e360 Wear which is India’s first school management software on a smartwatch where a whole school can be managed at a glance from a smartwatch.

  • Cloud Computing

School ERP is a widely used application of cloud computing. The adoption of cloud computing in education sphere brings forth a plethora of opportunities and advancements. It encompasses greater availability of resources, enforcement of intellectual stimulation and colossal scalability. Students and teachers can collaborate on a higher level. The owners can stay assured of incurring reduced expenses. 

  • Deep Learning

A derivative of Artificial Intelligence, Deep Learning copies the human brain's functioning for processing data and understanding patterns. These patterns are then used for making decisions. A startup in Mumbai has already started applying the concept to ease the search for schools and colleges easier. They use the technique of predictive modelling. Interestingly, they have made a single interface for the students from submitting their applications to a multitude of universities.

  • Learning Analytics

The education sector can experience robust growth in learning analytics. The schools and other institutes acquire and analyse the relevant information needed to identify areas needing improvement. It also helps in measuring the success achieved in adopting a particular teaching method.

The education technology domain is a global market, expecting a growth of 15% by 2024. When we look into the future, we can see students attending classes before actually attending it. All these and more have already started becoming tangible with the help of ERP school software like Eloit. If you are also looking for a robust school management software solution, do contact us for AI-powered and one-of-a-kind service!

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