The emergence of change is accelerated when circumstances such as a pandemic come into play. This is why something happened in 2020 that should have been shocked but also seemed plausible. The edtech sector has reportedly been able to raise the maximum amount of funding that has surpassed all other sectors. They were up 30-40% more than in 2019. However, the majority of that was invested in edtech startup giants like Byjus and Unacademy, which are already doing pretty decently in the market. Thanks to the pandemic, the education system may have changed forever and could ultimately revolutionize it.
The edtech sector, which is continuing the foundation laid the previous year, is not expected to flourish until 2021 and become even bigger. Classroom teaching will change dramatically in the years to come. As noted earlier, an emerging change was brought forward only because of the pandemic and the numerous measures that have been taken to make education as accessible as possible. From online courses to learning management systems to integrating machine learning and AI, the edtech industry has a lot to offer this year.
On a global level, the leading edtech companies in India are Byjus, China's Yuanfudao and the USA 2U. These are not limited to just the educational part of the class, but have also expanded to cover the various technical aspects of the business. According to reports, the consumer base of such companies could reach 9.6 million this year, with a market share of $ 1.96 billion.
These companies rely on technology and automation from the start to run their websites and apps, basically the business. CRM is used for the enrollment process of students, while learning management systems are used for the maintenance and smooth functioning of courses and tutors. While these are just two examples when it comes to the management aspect, the courses themselves have been designed using technology to keep students occupied, such as: B. Gamification and recently the introduction of AR and VR.
Types of Edtech Companies
It's not just about types, but also about the various technologies that the edtech companies use to make training easier and more enjoyable for students.
With 3D printing tools, one can learn how augmented reality and 3D printing work. These can then be used to learn math equations and related content in a much easier way.
Coding & Technology
There are tools that make it easy for young children to learn to code at a young age so that their skills only improve as they age. Other skills that can be learned are testing, spatial thinking, and algorithmic thinking.
Early childhood learning
There is a studio that develops various apps to break down issues related to health, social life and sustainability and to make them interesting for young children to understand. Not only does this help them, but their parents as well, create a strong foundation for their children.
These are some examples of how many different types of technology have been developed to help children get the most out of the educational system. There are no more restrictions as more and more such technologies are being developed every day.
Upcoming trends in 2021
Gamification of Lessons
Games have never ceased to fascinate and encourage children. If learning can be converted into levels they can pass to earn badges and have healthy competition with their peers, it will only improve their skills. First and foremost, it will help them to systematically master various topics.
Instead of children having to adapt to the curriculum and base their class schedule on it, the curriculum will adapt to them. In this way, the children are responsible for how much and what they take on and are essentially responsible for their education.
Use of immersive technology
The use of VR and AR will only increase this year as it is the perfect amalgamation of education and entertainment. Experience learning and the fact that it is much more interactive make it all the more effective.
Behavioral Insights Using Technology to Get Better Results
Using behavioral knowledge from various students, software is being or has been developed that will help achieve much better results. This allows companies to focus on exactly where the student is facing a problem and focus more on it to make the learning experience smoother and more fulfilling.
These are unconventional learning methods that differ from the routine between classes, students, and teachers. They include, but are not limited to, open classrooms, no set patterns or curriculum, and broader student-teacher bonding.
These are just some examples. With more and more new things entering the edtech sector every day, it just depends on how effective they are before they naturally become a trend. Hence, these are some that have shown promising results, but it remains to be seen how these and many others will be received this year.
Major Indian edtech players and how they are doing
- Product / Service: Online tutoring company
- Founding year: 2011
- Founder: Byju Raveendran
- Financing: The seed capital received from Arian Capital in 2013 and over the years has been secured by various companies such as Sequoia Capital India, the Chan Zuckerberg Initiative (CZI), Tencent, Sofina, Lightspeed Venture Partners and others.
- Current business volume: 14,000 rupees ($ 1.9 billion) as of October 2020
- Product / Service: Online education technology
- Founding year: 2015
- Founder: Gaurav Munjal, Roman Saini and Hemesh Singh
- Financing: Secured it through investments from companies like General Atlantic, Facebook, Flipkart, Nexus Ventures, and others.
- Current business volume: Rs 10,000 crores ($ 1.45 billion) as of September 2020
- Product / Service: Interactive online lessons
- Founding year: 2011
- Founder: Vamsi Krishna, Pulkit Jain, Saurabh Saxena and Anand Prakash
- Financing: Accel Partners and Tiger Global Management (Series A), Omidyar Network and the existing investor Accel Partners (Series B) and Coatue.
- Current business volume: 1,200 rupees ($ 200 million) as of July 2020
- Product / Service: First Edtech Company of India
- Founding year: 1994
- Founder: Shantanu Prakash
- Financing: Gaja Capital is a private equity firm specializing in investments in the lower end of the middle class.
- Current business volume: Rs 490 crores ($ 75 million) (as of July 2018)
- Product / Service: Math program for children after school
- Founding year: 2013
- Founder: Manan Khurma
- Financing: Sequoia (Series A), CapitalG (Series B), Manta Ray (Series B), Trifecta Capital (Series B), LGT Lightstone (Series C).
- Current business volume: Rs 14 crores ($ 2.2 million) (as of November 2020)
The education sector has to constantly redefine itself to reach the maximum number of students. Be it children, teenagers or adults, that means for everyone. The high speed internet coupled with people's search for accessible knowledge has resulted in a rapidly growing edtech sector. However, certain problems such as the digital divide, unequal access to high quality internet and people in many regions who lack the basic equipment to use online knowledge must be constantly addressed and slowly eliminated.