Education Technology is a Global Opportunity
Education technology has undergone significant improvements in the past decade; with the global arcade spawning over 17 billion US dollars in 2017. The growth was accredited to the high digitalization in the APAC and EMEA regions and the large-scale acceptance of edtech in the market, especially in the United States and Asia.
Previously, the design for the education sector was simple. Teaching entailed artless and handy provisions such as blackboards, teachers, desks, and classrooms. Today, with the growth of education technologies, students learn virtually while online. Many platforms are purposefully designed to help them complete courses, submit homework, and get help studying sophisticated units such as chemistry and engineering through 3D software.
In fact, after observing the increase in the need for education technologies today, IBIS capital predicts that afterschool tutoring market will surge from $50 to $90 billion in China. This article aims to deeply analyze the incentives for the increased edtech growth and the potential of educational technology on a global scale.
The Potential of the Educational Technology at a Global Scale
Today, ICT has greatly influenced the way people work, communicate, and study. Although it has not been fully integrated into the education sector as in the commercial industry, analysts believe that ICT clamps the power to transform education and the learning process in general profoundly.
In Europe, the integration of ICT in the education sector is the primary cause of progress. Most countries in the Organisation for Economic Co-operation and Development (OECD) highlighted IT as the impetus for social development shortly. The consensus is that information, science, and technology are the sentiments for socio-economic progress.
According to BizSpotLight, there are plenty of willing global investors who have staked up to $8.15 billion in Edtech companies. Gochman Sachs, on the other hand, reports that the global investment in the Chinese Edtech companies was at $1.6 billion in 2016. This tripled the 2014 investment, surpassed it, and the number continues to rise. In India, Google and KPMG estimate growth in the Edtech market of 6 times to $1.96 billion in four years. They expect the entire Asian region to represent 54% of the global Edtech market by 2020.
What are the Stimuli of Global Edtech Growth?
Although one can expect changes in the future in terms of the top innovative countries, it is evident that Edtech will continue to grow globally. The fundamental factors are compelling. They are the forces driving the quickening in Edtech growth in Asia.
Here are the major factors pushing the growth of Edtech globally.
1. Government Support and Investment
The Asian governments have made a great effort in supporting edtech development. The Chinese government, for starters, plans to modernize the existing education system wholly. Their main focus is to build a more stable online learning environment for students to learn with little supervision easily. In 2015, the government invested an outstanding $1.7 billion in edtech start-ups alone. By 2020, they plan to spend at least $30 billion to provide K-12 institutions with the resources needed to facilitate quality education for online students in three years.
In 2016, the Malaysian government broadcasted that primary school students would commence programming courses. Other reports show that Southern Asia and other eastern countries are now geared towards increasing foreign investments. The Indian government, for instance, now emphasizes on being digital. They now stratagem curriculums such as Digital India and Skill India that increase digital awareness.
2. Readiness of Market
According to analysts, there are over 1,000 million people between the ages of 15 to 29. Among them, over 600 million students are enrolled in K-12 schools. This results in a great desire for parents to invest in the children’s future, and since there is stiff competition for the top universities in Asia.
Countries like China, have significantly invested in building the right atmosphere for learning. There are over 300 English-language learners and other major co-operations such as the Taiwan-based tutor group and VIPKID, which offer superior online teaching services concentrating on the early-childhood education market. In Singapore, it’s estimated that parents spend over $70,000 per annum in child education. This results in an untold willingness to curb the expenditure and find better learning environments through Education technology. Chan Zuckerberg Initiative, for instance, aims at digitalizing education globally. They have started innovations in Asia, India, Africa, and many other sectors.
In China, companies such as the Xiami, Baidu, and other start-ups have made great efforts to change the edtech landscape entirely. Tencent, in China, played a major role in the launch of the first billion-dollar edtech organization, the Yuanfudao. Alibaba Group, on the other hand, was among the companies that backed up TutorGroup’s in 2015. According to Metaari, many companies are mushrooming and succeeding in China due to the support of other groups.
Although the future trends in the edtech market are unknown, its ability to spread globally is imminent. It may take years of practice and perfection, but soon there will be standardized products that will change the learning atmosphere forever.
Currently, the short term goals are to provide faster and more convenient access to learning materials in multiple markets to increase productivity. With continued support from the government, parents, and other organizations, edtech will surely experience a steady growing trend globally.