Did you notice the point at which you started using your smartphone for learning, for example? It seems that the shift from “using a phone for making calls” to “using a phone for managing life” was too organic to be noticed. In 2005, users were impressed with the function of sending text messages. In 2021, even Iphone’s Siri can do little to impress them.
Yes, that is true: modern technology is continually evolving. Devices penetrate each aspect of human life. Education software solutions have become a necessity for a modern learner. The edtech industry is gaining power; the edtech market is gaining profit. In this article, you will get five fascinating facts about edtech. Reading this post, you will understand why edtech is worth investing in. But before, let’s figure out what edtech is.
What Is Edtech?
The term “edtech” is often used to describe the whole market of online learning. The sector is proliferating — this is why you come across the word “edtech” so often. Edtech, or education technology, is the integration of technology into the learning process. The goal of edtech is to facilitate learning and boost education effectiveness. Who is interested in edtech? Of course, educators and learners, but not only. Here is why.
1 Edtech Market Was Valued at Almost $90 Billion in 2020
In their 2020 report, Grand View Research (GVR) states that the edtech market size grew to $89.49 billion last year. One of the reasons for such a rise is the growing demand for education technology. Another reason is the rise of a partnership between edtech companies of various sizes. Edtech companies collaborate. They also partner with educational institutions, content makers, software developers to make learning more entertaining for students.
Not only do educators realize the need for edtech. Parents and children also start noticing how much easier studying becomes when one uses technology. This factor also drives analysts to the conclusion that the demand will only grow. The shift to life-long learning makes edtech popular among adults and corporate workers. Flexibility and adaptiveness serve as real advantages for those having limited time and resources. If such results in edtech were achieved in 2020, 2021 prepares something even more fascinating.
2 IoT, AR, VR, AI — the Future Is Close
The latest edtech trends show that the future is coming. Internet of Things (IoT), Virtual Reality (VR), Artificial Intelligence (AI), Augmented Reality (AR). These technologies are implied in modern edtech tools. Edtech evolves in line with technological advances, ensuring market growth and high profitability. The mentioned technologies form the ground for an interactive, adaptive learning environment.
Today, people can make simple learning activities more entertaining. By scanning a QR-code in a book, for example, students get the chance to see non-real objects in the real world through the screen of their smartphones. Or they can immerse themselves into VR or AR to better understand concepts in Physics or processes in Chemistry. Yes, edtech is the area that turns tedious study into an exciting learner journey.
3 Online Learning Market Will Grow to $1 Trillion by 2027
No, there is no mistake — the online learning market will grow to $7 trillion by 2027. GSV Ventures estimate that on the background of global education growth, people will also see the growth of digital learning. Nearly 25 years ago, people knew nothing about the financial opportunities such a figure might give. Now, they know that the market size of $1 trillion is one more reason to consider edtech for investment.
Covid-19 has thrown people into a deep pool of online learning. It gave them a choice — to sink or to swim. At first, the situation was bad. Learners even thought that going to the pool’s bottom was not such a bad idea. But then, some time passed, and voila! Users are not afraid of Zoom lessons or learning platforms anymore. Moreover, some of them even do not want to go back to when studying was possible only in brick-and-mortar classrooms.
4 Edtech Startups Are Turning into Unicorns
A unicorn company is a startup that is valued at more than $1 billion. When it comes to edtech, unicorns are very common. ApplyBoard became one of such. This Canadian startup is an edtech platform that takes applying for study to a new level. Now, students can look for educational institutions abroad, apply, and manage the acceptance process in one place. Using this platform, learners across the globe can get the diploma of their dream.
One more successful startup, Changingedu, has found its users in China. This edtech tool focuses on the two aspects of learning — accessibility, and affordability. Its market size was estimated at $1.50B in 2017. And these are only the two of the whole list. If you have an idea of an edtech startup, you have a high chance to join them.
5 Interactive Edtech Is Gaining Momentum
The teacher-centered education methods are the remnants of the past. A traditional view of education is no longer relevant. Forget about professors staying in front of mute, unmotivated, and unresponsive students. Forget about teachers monotonously delivering a lecture. Now, educators do everything possible to involve students in the learning process actively. Student engagement becomes as vital a metric as student performance.
Modern education dictates new rules. To achieve high student engagement, educators need to keep pace with the times. Integrating technology into the learning process has a positive impact on student engagement. Technology increases motivation, interest and boosts self-regulation. Immersive software, e-learning, and gamified apps digitalize education. With edtech, students get access to a personalized, quality learning experience.
Now you see why education software development companies are talking about edtech that often. It is a growing field with numerous peculiarities. Edtech allows people to turn their education startups into lucrative businesses. If you also have an idea for an edtech app, tool, or website — hire e-learning development experts. An experienced development team will consult you on the right strategy and offer help and guidance.