How EdTech is evolving due to Covid-19 and Lockdown
The edtech or education technology industry is predicted to grow USD 285.2 billion by 2027 from USD 76.4 billion in 2019. Although this market was updated in July during lockdown due to COVID-19 pandemic, it is still underestimated. Almost overnight, the largest universities to the smallest school districts have had to choose and quickly implement several software platforms and technologies.
The edtech sector was not ready for this. And as private equity eyes the trends that will sustain past this crisis, remote learning and digital enablement are increasing to the top.
During covid-19 led worldwide lockdown, on the other hand, edtech companies saw their long-term business goals achieved within six months. Further, industry stakeholders see opportunities for more sustainable and mature solutions, as they start catering to different income groups and specialised learning requirements.
In short, just as technology, and particularly the digital era, has disrupted and improved most significant segments of the world economy, education and training will, in the same way, undergo a tech revolution.
In changing the traditional architecture of education, edtech has the power to create efficiencies, reduce costs and enable new levels of standardization and democratised access. This sector is set to transform of how education is resourced, taught, consumed and eventually the results that it can then yield, both for the individual and for society as a whole as we continue to build the knowledge economy.
Let’s explore how the edtech sector is dominating the digital world:
It’s not only learning
All areas of education need to become digitally backed from recruiting, admissions, advising, scheduling, partnership, grading to books/information, and more. If edtech companies serving any of these functions didn’t have remote capabilities earlier, they’ve been hit hard or had to spin up abilities quickly to deliver to their market. Investments are required in all areas that support education, not just remote learning.
Scale is being examined
A surge in demand is good, but an unknown spike comes with challenges. Platforms have to scale their architecture and infrastructure like never before, and those that were already architected the right way did well. Those that were not designed to scale are witnessing gross margin pressure and are trying to find cost-effective ways to re-engineer solutions to scale.
Cybersecurity is a Focus
While physical and building safety has been the focus for schools in the past, cybersecurity jumped ahead in the priority list of security concerns. With tens of thousands of home networks being used, the surface area for cyber-attacks, targeting children has grown exponentially. Only platforms that demonstrate the highest level of focus on security will win contracts, and a continued focus on adapting to hackers’ tactics will be essential.
Building the Knowledge Economy
The knowledge economy that is invested in for children via schools system and right through to higher education and on-going, professional development and training is a fundamental support to the rest of the world’s economic lives. Without it, humankind loses its ability to develop skilled workers, build competitive advantages as nations and generate growth. We need to ensure to maintain a level of innovation to improve the efficacy and efficiency of the learning system to keep developing the knowledge economy.
