Technology is becoming ever-more core to the education industry, resulting in the rapid growth of the Educational Technology or EdTech sector. Among the key growth drivers of the sector are remote learning solutions, education platforms with easy accessibility, ebooks and game-based learning apps. Such EdTech solutions have fueled the demand for more advanced solutions for a tech-driven student experience.
The market is successfully meeting such increased demands.
- As per the data issued by Fortune Business Insights, the global EdTech market size is anticipated to reach US $319.65 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 17.8%.
- Growing at a projected CAGR of 39.77%, the Indian EdTech market will reach $4 billion by 2025, which was at $750 million in 2020.
- The EdTech sector will continue to grow stronger in 2023. Soon it will be a billion-dollar industry. The revenue size was around $700-800 million in 2021.
What To Expect in 2023 and Beyond in the EdTech
EdTech is crucial to upgrade the ways of learning in the education system using various technologies. Here is what to expect in 2023 and beyond with growth prospects in the sector:
Microlearning or the delivery of small, focused pieces of content, is one of the popular methods for teaching and learning digitally. As per a survey, 94% of learners prefer microlearning over traditional training. The global microlearning market size is projected to reach USD 6.3 billion by 2032 – at a CAGR () of 11.2% – from USD 1.9 billion in 2021.
Microlearning means breaking down lessons into small pieces of information for easy and quick understanding. A few examples are Microlearning Videos, Short Scrolling Pages, Infographics, Microlearning Apps, etc.
It is primarily useful for those who rely on their phones for information or learning. Since the use of smartphones is increasing, microlearning will be even more dominant. Many institutions are focusing on mobile-friendly content. Students or working professionals can clear their concepts whenever they have free time, making learning easy in this busy world
Increased Integration of Gamification
Gamification means integrating games or game-like attributes with education-related tasks to encourage users’ participation, for example, BYJU’s Math App. Gamification in educational content makes it more engaging for students. The gamification in the education market is anticipated to reach US $4144.97 Million by 2027.
Artificial Intelligence (AI) has graced almost every sector and drives tangible results. Data shows that the global market for AI in the education sector may reach USD 3.68 billion by 2023. AI is a smart approach towards various systems, including the education system. Luckily in 2023 and beyond, the education system is set to witness more levels of evolution. AI-driven personalised learning is a tailored solution to help numerous learners. Chatbots for Enrollment and Retention, Academic Research, Analysing Student Performance, Exam Integrity, Transcription, and Online Discussion Boards are examples.
Transformed Classrooms with AR and VR Technology
Digital learning has reshaped the learning processes, and India can only go ahead from this. Augmented Reality/Virtual Reality (AR/VR) are among evolved technologies that offer environmental simulation. It is the incorporation of digital elements in the live view and replaces the real surroundings with a completely different virtual world. This digital treat will take the education experience to a whole new level. According to the Fortune Business Insight, the global VR in the education market size is projected to reach US $13,098.2 million by 2026 which was just 656.6 million in 2018. For example, by using AR, students can understand the human heart’s working system in more detail.
VR technology can meet the special requirements of special learners. Individuals with disabilities can use VR to experience or learn things that they may not have physical access to.
More Attention to Data Privacy and Security
As more learners’ data is being collected and stored digitally, there is a growing concern about data privacy and security. Expect more regulations and guidelines to ensure that stored data is protected.
GPT (Generative Pre-trained Transformer)
GPT (Generative Pre-trained Transformer) is an exciting variant of the popular language model. It is used in chatbots, and other conversational AI-based apps to improvise the learning experience. This powerful tool will aid engineers, developers and other professionals to provide better products and services.
Thus, 2023 is poised to be another pivotal year for the EdTech sector. As technologies are evolving continually and reshaping education, EdTech startups are ready to be more innovative to enhance teaching and learning experiences. EdTech businesses allow students and working professionals to access education and upskill swiftly and effectively. Expect a revolutionised education system for students and teachers alike in the next few years.