of Ed-tech Platforms
Ventures and businesses might entail huge risks owing to the latest financial trends and the potential for a global economic downturn. However, certain businesses carry on expanding even during uncertain times. The educational technology is one such sector. As per reports the global Ed- Tech market was $106.46 billion in 2021 which is expected to rise more than 17% in the next five years and reach up to $404 billion. Owing to this tremendous growth and progress, many big companies are now investing in Ed-Tech platforms. Currently America is the biggest contributor in this field with nearly 35% of its revenue coming from this market. However with recent advances in the developing nations like India, Asia is also joining the league now. This growth is expected to increase in the near future as well.
What is the need for Ed-Tech Platforms
Due to globalization and recession, people have been facing tough competition so they have started switching careers in quest of better pay and greater opportunities. Additionally, edtech tools like online programming classes will make it much easier for newcomers to break into the IT industry. With a number of cutting-edge strategies, EdTech is radically changing the world of education. Many industries were negatively impacted by the COVID-19 epidemic, while the edtech sector had a clear advantage and a significant increase. Currently, the preparation and delivery of educational information to learners in the education industry are both reliant on technology. The habits and demands of learners have altered as a result of advances in technology enhancements.
Bringing paperless education system - All of us know that traditional education system has been entirely based on papers owing to textbooks, notebooks, examination sheets etc. But Ed-Tech platforms have revolutionized the concept of education and introduced a paperless mode of teaching. The use of digital tools and devices have reduced the burden on the paper industry and also enhanced the education system. This trend is going to be more hit in the future as reliability on digital methods will increase and teachers and students will heavily rely on software systems to store and upload notes and other study materials. The ERP software is also quite useful in saving time and yielding efficiency.
Enhanced Career Opportunities - Ed-Tech platforms have become a rage in today's era. As more platforms are being launched, the demand for tutors is also increasing. It is expected that in the coming years the number of Ed-Tech platforms will compete with offline educational institutions. The best part about them is that they are offering better career opportunities to students due to the enhanced and upgraded course programs. The educators are also being hired on a large scale to teach these courses and this has definitely given a boom to employment. Stats suggest that these platforms will have a major share in the economy of nations and will be a major source of revenue for them by generating employment opportunities.
Constant growth in investment - Due to the growing demand and students' preferences and behavioral choices, the investment in Ed-Tech platforms has been rising. This is going to gain more momentum in the future as big firms and investors are joining the band wagon and investing heavily in E-learning platforms. More firms entering into the market in future means more options for the students.
Mushrooming Literacy Rate - Literacy rate is surely going to increase due to Ed-tech platforms. In future, more students will enroll in these courses and will benefit from the remote education system. Due to the increasing demand of online E-learning platforms, literacy rate is definitely going to skyrocket as people have easy access to professional courses. These trends are going to take Ed-Tech platforms to a next level.
Role of AI in Ed-tech - AI is creating ripples in the digital world and the Ed-Tech platform cannot remain untouched. The integration of AI in education will definitely yield positive results. The comprehensive and immersive learning methods via AI and virtual reality will give new edge to Ed-Tech platforms. The role of AI in Ed-tech will definitely be a great one in the coming future.
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