The education domain comes with many opportunities for those who want to develop EdTech solutions. Learn more about how to unlock business opportunities in this sector.
The global market for EdTech solutions has experienced significant growth in the past couple of years. And this growth has contributed to its tremendous expansion. Technology is deeply intertwined with our lives. It is now a part of it we can no longer ignore or not use. Especially as it comes with many benefits, including to the sector of education.
Education technology has now become the new normal, which made the creation of many educational platforms that contribute to a more positive and efficient learning environment. But what is education technology? Does it have any direct contribution to life on campus? Or on how education is delivered to students in college and university? Let’s discover this together.
The Demand for Educational Solutions
The robust expansion of the EdTech sector cannot be missed. Valued at around $105 billion in 2020, it is now expected to reach over $404 billion by 2025. It is growing every year by more than 15%. Which, of course, means that the demand is growing too. Technology is deeply intertwined with our lives. However, the COVID-19 pandemic has accelerated the adoption of EdTech solutions. As schools and educational institutions had to shift to a completely remote or hybrid learning style, the demand for online learning tools has increased.
And even though life has returned to normal and universities and schools hold courses on campuses, the need for EdTech solutions hasn’t dwindled. Students will still need to have contact with a professional that can guide them. They still need learning platforms that help them study more efficiently and retain information easier. And as governments around the world are recognizing the potential of EdTech to improve learning outcomes, they are introducing initiatives that promote digital literacy. However, the learning experiences offered by these solutions have to be flexible and personalized. As each student has their own learning style and each subject they are learning is different, the need for EdTech solutions is growing constantly.
The Sectors of the EdTech Market
The EdTech market is a diverse one and it encompasses various sectors. They cater to distinct aspects of education, all of which contribute to the learning outcome of each student.
E-Learning Platforms
Even though e-learning platforms are not new to the market, the diversity of services they offer has improved over time. They facilitate the online learning of students as they provide a wide range of educational content.
And they often include LMS or a learning management system that makes learning more structured and organized. So, you do not only go through a course, but you also have assignments to complete, and your progress is tracked. Coursera, Khan Academy, and Udemy are some of the most popular e-learning platforms.
Educational Apps
Besides the e-learning platforms where you can find a wide diversity of courses on many topics, students also have access to many educational apps. Learning doesn’t happen only in the classroom, but outside it too. And with the help of these apps, students can advance and expand their knowledge and skills on any subject they might think of.
With Duolingo, learning a foreign language has never been easier. With Star Walk, students can learn more about the night sky, constellations, planets, and other celestial objects. With Mathway, they can get step-by-step solutions to algebra, trigonometry, or geometry problems. And the list could go on. But one thing is sure: the trend of educational apps is on the rise. And we will likely see many of them emerging in the next couple of years.
Virtual Reality Tours
Learning by seeing is always more efficient than reading huge chunks of text. So, Virtual Reality (VR) comes to educators’ help. These technologies now help create immersing and interactive learning experiences. They allow students to explore virtual environments without having to spend money to go there. Today, they can go on field trips or take part in simulations in anatomy lessons and historical reenactments.
Challenges and Opportunities
As the EdTech sector is developing more and more day by day, it comes with many opportunities but challenges too. The demand is growing, so entrepreneurs and investors have the opportunity to tap into this demand. If they offer adapted and personalized learning experiences, they will reach a global audience instantly. Collaborating with educational institutions has never been so accessible as they can provide educators with valuable data on students’ performance.
However, this sector poses some challenges too. The market is quite fragmented, and many players offer similar products, so standing out from the crowd is challenging. At the same time, they need to navigate complex regulatory issues and frameworks. Which requires a higher investment. And, of course, they might face resistance to change in some educational institutions, as there are many solutions available on the market.
The educational sector comes with many business opportunities for EdTech developers. As the domain poses both challenges and opportunities, they need to arm themselves with patience, determination, and resources.