Even as the country was locked down, online education portals grew and these included institutions including schools, colleges as well as professional institutes. The EdTech sector, as we know it, was already on an upward curve, got a massive boost when the nation was shut down – they got investor, they were acquired by established companies and students started realizing how they can learn and develop their skills using the Internet, a phone and a laptop.
According to the Ministry of Human Resource, as of June 2020, EdTech expenditure would be at $10 trillion by 2030.
“There are several factors that have led to this spurt or as you would say, a boom in this sector. These are the low cost of data, the relatively good speeds even in Tier-II and Tier-III cities, cheap smartphones that have all the facilities and a market that is waiting to be tapped, students waiting for guidance and for a customized learning experience. The courses offered are top-notch and they are really good,” said a sales manager of a leading EdTech firm in India.
As per a report in the Business world, there are more than 4,530 active EdTech start-ups in India today. Out of these as many as 435 came into existence in only the 24months. And, the funding raised by all these EdTech firms since 2010 stands at $2.46 billion.
There have been a number of factors that have helped in the exponential growth and one of the biggest ones has been the National Education Policy 2020.
The NEP 2020 has mentioned the need to emphasize the advantages of technology and at the same time, they have acknowledged how there is a need to carefully design pilot studies in order to determine the benefits of online education.
NEP also mentions that all the existing digital platforms need to be optimized as well as expanded in order to meet the ever-increasing challenges of providing education for all. As such, there will be a renewed focus on another pilot scheme of the government – the Digital India Campaign which will be expanded in order to provide the teachers with all the training needed to adapt and adjust to become effective educators.
All the skepticism about online payments, online communication and online learning have been flung out of the window. Artificial Intelligence (AI) and Machine Learning (ML) have combined beautifully to offer what can be dubbed as customized experiences for every individual learner and this is what has become a real hit among students or people who are exploring this domain for the first time.