Education is getting more mobile with each passing day. Both educational institutions and technology service providers are continuously figuring out how to enhance the learning experience with the use of mobile technology. The increasing flow of data, especially with the use of AR/VR, would require high bandwidth networks and fortunately, 5G is here. The 5G technology will provide the platform through which the users (students and teachers) will be able to access massive amounts of data. Lastly, blockchain technology will also help institutions to store data safely.
A clear indicator which implicates that education technology is a big deal, is the number of billionaires that the education sector has created. In China, Among 400 billionaires, seven belong to the Chinese education industry. The richest among them was Li Yongxin, cofounder and the chairman of Shenzhen-listed Office Education Technology. A company that provides online as well as offline training for individuals who are opting for civil service examinations.
A recent Deloitte report states that by 2025, the Chinese education market is expected to reach $715 billion. So, in future, we’ll be witnessing many billionaires from the Chinese EdTech industry. But, it isn’t just the Chinese market which is seeing the boom of education technology. According to EdWeek’s Market Brief, 15% of the schools in the USA will be having a set of VR classroom kits by 2021.
A new report by London & Partners and Dealroom, reveals that London holds the position of the top destination for EdTech investment in Europe, with $630 million invested into London-based EdTech companies. It is the only European city among the top 10 destinations for EdTech VC investment value. The first four positions are held by Beijing, San Francisco, Shanghai, and Bangalore respectively, which clearly states that China dominates the global EdTech market.
Impact of Covid-19 on EdTechThe Covid-19 outbreak has brought many disruptions to the business scenario globally. The education sector has, however, seen a positive change with global EdTech investment growing by 15% in 2020. The coronavirus pandemic has made the world realise how technology can be utilised to support learning.
EdTech experts believe that improved access to education has introduced new learning opportunities for the world. The increasing availability of online courses means that those who don’t have access to world-class education, can now learn without having to pay extortionate fees. For instance, Coursera realised 10.3 million enrolments in the first thirty days of the pandemic. It was an enormous 644% rise compared to the same period in the previous year.
This democratisation of education is the positive outcome of the coronavirus pandemic, which we should continue to promote. The pandemic has made us realise that learning can take place anywhere and anytime. Thus, the education industry needs to adapt to the new normal.
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