Education technology trends 2021
E-Learning or self-paced learning can be powered by technology. Many universities have introduced online courses, and students are expected to take a few of these courses every semester.
Digital education expenditure is expected to rise quickly around the world to 350 billions+ of dollars by 2025. Higher education institutes will speed up cloud-based technology for student relationship management (CRM), learning management systems (LMS), and evaluation management.
EdTech firms will play a key role here, as they will hit all education levels, even when colleges and schools are closed. The NEP 2020 has put more emphasis on higher education across the country and education technology. It also focused on online education. Thus, Ed-Tech companies are going to learn people not only in the K12 segment but also in the higher education market.
Ed-Tech firms – Growth in 2021
The year 2020 was significant for the Indian education sector for many reasons. Technology will be an essential element in the industry to improve its scope and make higher education more inclusive. Ed-Tech companies were also gaining widespread recognition in the field of education in the year.
With several new players entering the market with serious offerings, the country saw online education growth during the year. More than 4,500 EdTech start-ups were formed over this time, according to some estimates. Investments in EdTech have also gone up by more than $2.2 billion. Talentedge, Simplilearn, Vedantu, and Byjus are some of the prominent names in this field.
The edtech funding may have risen considerably, but you should also remember that it was primarily focused on edtech players. BYJU’s collected around 57% of the segment’s overall budget, about 10.4% in Unicorn Unacademy, and 9.5% in Vedantu.
In India, Talentedge, the leading Ed-Tech company which was the first to provide live & interactive learning through the virtual world to make high-quality education more comfortable to access. It has seen a double rise in its turnover over the last two years, with a massive increase in inquiries, collaborative partnerships, and admissions in 2020.
This year, Talentedge updated its portfolio with 15 new courses that take over 250 student-centered courses. Among them, HR, Analytics, Leadership, strategy, and marketing were preferred courses. Over eight leading institutions have also contributed more than 17.5 million learning hours to its active lineup of widely regarded academic partners.
Talentedge aims at more than doubling its employees in 2021. Owing to the rise in admissions and inquiries, Talentedge has already hired 250 more staff. It also supported its management team for the 2021 journey and beyond. For recreating the classroom environment in the digital world, Talentedge provides students the possibility of having live and interactive sessions.
The massive growth of BYJU and the Digital India initiative brought about the wave of innovative education on the Internet. The Internet becomes the source of tomorrow’s education.
As the earliest and most valuable Edtech company in India, BYJU’S has seen 7.5 million new users on its platform since it began providing free content access. The time spent on its application increased during lockdown time from 70 minutes to 91 minutes. The edtech boom is led by young and ambitious business people like Raveendran, who used technology to meet millions of people.
Vamsi Krishna founded this Vedantu, a leading Indian online tutoring platform covering the entire CBSE syllabus, NTSE, ISCE, Olympiads, and even IIT JEE courses. WAVE, a technology built in-house, is a real-time interactive learning environment.
Upon recent acquisition, the valuation of online tutoring has been increased to more than $600 million. It has now expanded into India, after Byju, and became the second most valuable ed-tech firm.
The Economic Times reported that Vedantu had reported 220 percent growth in users in the last three months. In the previous three months, nearly two million unique students have enrolled in the company’s live online courses.
“Strong growth and category leadership of Vedantu in live online tutoring – these were the main reasons for us to gain investor interest,” said Vamsi Krishna, CEO of Vedantu.
Edtech start-up Great Learning has announced a 150 percent rise in its annual revenue to Rs 325 crore. Since coronavirus lockdown, the firm has fuelled demand for courses to provide professionals with new skills. During the last year and during a lockdown time, there has risen the need for an upgrade in digital capabilities such as data science, cybersecurity, analytics, AI, machine learning, digital business, and cloud computing.
Simplilearn is India’s leading digital skills training provider and the #1 online digital skills bootcamp providers globally. It has reported that more than 60 percent of its revenue has been contributing by foreign markets since the pandemic began. The business has seen good demand from South Africa, the United Kingdom, Saudi Arabia, Australia, and its primary markets in India and the United States.
With over 70,000 learners learning live from everywhere from over 150 countries, the active learning base of the platform this year is more than doubled the average 30,000 learners per day at the beginning of the year.
All programs at Simplilearn are planned according to the practical way of learning. The programs have attracted students in all industries and around the globe. Indeed, the pandemic has further catalyzed this, and over 50,000 students from 12 countries have been registered.
It gives students the chance to develop skills and be certified in Big Data, Business Intelligence & Data Science, AI & Machine Learning, Digital Marketing, Cyber Security, Software Development, and PMP course.
The pandemic of COVID-19 intensified India’s edtech sector and is expected to be further boosted by a National Education Policy. The approach to the adoption of the Internet as a means of education and learning has changed drastically. It is not just students as end-users who adopt technology-based learning strategies, but also colleges, schools, and teaching centers.
Compared to most companies such as Oyo, Uber, and Zomato, which now have workforce reduction, edtech platforms such as UpGrad, Vedantu, Simplilearn, and Dronstudy look forward to creating at least 3,000 new jobs in the next year.