Different technologies have disrupted our day-to-day lives. From online shopping to e-education, everything got shifted from the traditional way. After the advent of the global pandemic, the edtech industry has witnessed various evolutions in how we deliver education. The online education market is booming with new approaches to teaching. Many educational institutes and schools are incorporating technology into their teaching methods.
According to Technavio's research report, by 2025, the online education market will grow by 2.28 billion USD. The report also mentioned that the market's growth is accelerating at a CAGR of 20 percent from 2020 to 2025. In this article, we will discuss the Edtech industry and some Edtech trends in the years to come.
What is Edtech?
Edtech is the abbreviation for "Education Technology." It is a practice of incorporating information and communication technology (ICT) into the modern education system to deliver knowledge better in an inclusive, engaging, and customized way. Offline classroom and online learning systems leverage disruptive technology to ease the learning experience. The influx and fusing of technological tools & techniques in education are positively changing the education system. According to a report, the global Edtech market will reach 404 billion USD by 2025. The growth is progressing at a CAGR of 16.3 percent. Many companies are utilizing technologies like AR, VR, ERP systems, cloud technology, 3D models, etc., in education to impart high-quality learning exposure.
Top Edtech Market Trends That Will Continue in the Years to Come
The future trends of Edtech heavily depend on various technological advancements and how effectively we can integrate them.
Innovation in Online Learning Platforms
Over the past few years, online learning has been steadily growing. Companies are integrating new tools, visuals, and other effective techniques like chatting services, AI-assisted help, 24x7 chatbot support, collaboration forums, interactive simulations, etc., to make sessions interactive and keep students engaged with classroom activities.
Integrating Education Enterprise Resource Planning (ERP) Systems
Many educational institutes & schools are planning to opt for education ERP solutions that can help render day-to-day operations efficiently. A customized school ERP solution can help the school authority & the administration team manages various tasks such as creating reports, planning routines, generating dynamic changes in daily tasks, etc., with ease. With school ERP systems, educational institutes can streamline smooth operations & in an organized way. Because of the increasing demand for education ERP systems, as per the research reports, the global education ERP market size will grow from 12.7 billion USD in 2021 to 25.2 billion USD by 2026. It will bring an accelerated CAGR of 14.7 percent during this said period.
Immersive learning through VR and AR
Virtual Reality (VR) and Augmented Reality (AR) are two technological breakthroughs for making immersive visuals. The edtech industry has also started leveraging the power of VR & AR in delivering an immersive learning experience. Education will be the fourth largest industry that will invest in VR. According to Statista's report, the VR and AR market will surpass 700 million USD by 2025. Compared to the traditional form of learning through textbooks, which is mainly passive, the use of VR & AR makes the learning experience more engaging for learners. Even the teachers can explain things in detail through VR 3D models and interactions virtually. Intricate concepts like describing 3D molecular models, engineering diagrams, and human anatomy becomes easy through such technologies.
Digital Assessment and Examination
The Edtech industry has already started witnessing algorithms that can help render online assessments and examinations effectively. These algorithms and software will ensure that even for future pandemics and severe lockdowns, students can give exams while maintaining proper protocols and measures as scheduled. Shifting classroom assessment to online mode also makes exam management efficient. It also takes fewer resources compared to traditional offline classroom exams. The trend of digital examination requires a video camera and an online platform to register for the exam.
Blockchain for Secure Educational Document Verification & Payments
According to Statista's report, by 2025, the blockchain technology market will more likely climb to more than 39 billion USD. Implementing blockchain technology in Edtech is another trending vertical that provides an immutable, decentralized, and transparent ecosystem to store & verify learning experiences like joining documents, certificates, grades, etc. Apart from certificate and document verification, edtech firms can also leverage blockchain to deliver lessons automatically when the algorithm meets specific requirements. It can also measure progress in real-time. With blockchain, companies can secure educational documents, records, attendance details, etc., and make secure payments for fees.
Streaming Services will Become Prevalent
Live streaming has become a well-known concept in the edtech industry. Edtech companies are paying huge money on streaming services to deliver live sessions with different interactive elements like chats, discussion forums, etc., within that platform. According to Technavio's research and analysis, the online streaming service market will grow by 191.72 billion USD from 2020 to 2025. It will show a progressive CAGR of 18.74 percent during that forecast period. The edtech sector will utilize a significant chunk of the streaming service market in the coming years.
We hope this article has given an adequate idea of what the Edtech industry is and how the education industry is leveraging technology to set the new frontier in delivering excellent learning services. Since the Edtech industry is a lucrative one, more & more companies are investing heavily in innovative technologies to render the most effective form of education. There are lots of online teaching apps that are setting new trends in the edtech market.
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