By Aashay Mishra
Indian pedagogy has been shaped dramatically throughout history, from being the soil of gurukuls to potentially becoming the world’s major ed-tech hub. This sector was already expanding prior to covid-19, but pandemic-related disruptions accelerated its growth. Due to its low cost and versatility, ed-techs resulted in smooth operation of the learning process during uncertain times. Ed-techs not only presented a dilemma to the traditional learning ecosystem but also compelled many schools to acclimate their footprints in order to stay competitive.
Since it was acknowledged that online certifications reinforced specific skill sets, many colleges and universities began collaborating with Ed Tech platforms. The Indian ed-Tech size was estimated at $254.80 billion in 2021, and with education being the predominant expense of Indian households, the industry is projected to reach $ 605.40 billion by 2027, expanding at a CAGR of 15.52% during the forecast years. Hence, it won’t be a reach to say that India will become the Ed-tech capital of the world in the near future.
Challenges in the traditional education system
With 1.3 billion people and 359 million youth, India’s teacher-student proportion in the school setting is a major stumbling block. While the desirable global teacher-student ratio is 1:10, India has a ratio of 1:40. Subsequently, the conventional educational system has to employ a one-size-fits-all strategy. Children therefore, cannot initiate learning on their own since it is not personalised. In recent years, the inadequate resources for traditional learning opportunities, as well as the challenges foreshadowed by Covid has propelled enthusiastic entrepreneurs to devise products and services that empower continuous education, while also ramping up India’s literacy graph across non-metros and rural districts.
Driving Investment in the Ed Tech Sector
In India, the E-learning market is divided into segments such as K-12, test preparation, online certification, skills training, and enterprise solutions. India therefore, along with China and the United States, is one of the top markets for global venture capital funding in the ed-tech sector. According to reports, the Indian education industry has acquired approximately INR 300 billion ($4.04 billion) in investment since the outbreak of the Covid-19 pandemic. The aggressive financing by early-stage ed-tech businesses demonstrates shareholders’ confidence in India’s multibillion-dollar education industry.
Acceptance of Ed Tech learning by Gen Z
The market for education in the IT sector was a major driving force behind the ed-Tech boom. Artificial Intelligence, Machine Learning, and Data Science courses have grown in popularity among the Gen Z population as they recognise the value of these courses in advancing their career opportunities by addressing various challenges such as skill gaps, talent grooming, and higher education prospects, among others. Furthermore, ed-Tech platforms offer solutions for job placement, as candidates who have completed a professional course from a reputable institute are rarely able to land their desired job.
Future Ready Upskilling
Students today must be able to find, analyse, and apply knowledge rather than simply memorise it. Many skills relevant to the rapidly changing future workplace have historically been overlooked by our educational system. Up to 60% of future jobs currently do not exist, and fixing India’s unemployment crisis will require a massive reworking of the traditional education system by embracing upskilling learning pedagogy established by many ed-tech players. The immersive ed-tech learning model mirrors how we exchange information, ideas, and experiences on the internet, and this is exactly how our young generation desires to learn.
Conclusion
As the Indian education space evolves, ed-Tech players will perform a vital role in the nation’s progress by addressing barriers in the traditional Indian learning framework. Over the next decade, mass adoption of cloud applications will guarantee that aspiring learners have equal access to education and are capable of shaping a better future for themselves. As the prospect of learning relies less on physical infrastructure and more on the digital revolution, both of which complement India well, India, therefore, is poised to become the world’s ed-tech capital.
The author is co-founder and COO of PrepInsta. Views are personal.