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What is Edtech and what it holds for Education and Startups

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Global educational technology expands widely in size, features, and experiences with the digital revolution.

With the rise of artificial intelligence and digitization, the worldwide education technology market is undergoing a digital revolution. Technology has significantly impacted education categories such as primary, secondary, and corporate training.

Edtech, an abbreviation of “education technology,” integrates information technology tools and educational methods to promote and improve learning.

Through AI and big data, EdTech firms can assist create personalized learning approaches suited to specific learners. This tremendously assists individuals with varied abilities to pursue studying at their speed. This also guarantees that students receive the greatest possible help.

Traditional educational systems are proved inefficient to an extent.

Worldwide, the education and training industries account for more than $4 trillion in spending, a rise of 84 per cent since 2000.

Despite this, reading and math results have remained unchanged.

As a result, the correlation between increased education spending and educational achievement is weak, and lowering the cost of traditional education delivery is an obvious potential for EdTech

Edtech has brought a significant change in learning methods and tactics, advancing students and upgrading them with new technology.

Key benefits of Edtech are:

  • Technology allows for more immersive learning.
  •  It personalizes learning for each student.
  • Technology allows for easy access to more learning resources.
  • Tech Makes Learning More Fun.
  • It Increases Collaboration.
  • Technology better prepares students for today’s jobs.
  • Technology teaches students about digital life.

Saving money on educational or training expenditures allows more money to be dedicated to educational aspects such as innovative learning software that delivers personalized lesson plans or new digital content such as compelling video materials that will improve outcomes.

The market for hardware goods is expanding as interactive whiteboards and simulation-based learning gear develops. These display boards can be seen all over the world, and they are commonly used to display material, photos, and video. This is propelling the global smart classroom market.

The creative and attractive facilities provided by SaaS-based Edtech are easing the work of promoting for Edtech Marketing Agency and SaaS Marketing Agency.

In 2020, the need for digital learning from the vocational student category will generate USD 19.20 billion in revenue. It is motivated by job searchers who want to improve their language and functional abilities to satisfy professional requirements in the nation and beyond.

Edtech is a superb opportunity of growing and expand the business for the Edtech Startups.

Edtech firms are majorly SaaS-based Edtech, and It comes in handy to promote each other for Edtech Marketing Agency and SaaS Marketing Agency.

The EdTech market was worth USD 254.80 billion in 2021 and is predicted to be worth USD 605.40 billion by 2027, expanding at a 15.52 per cent CAGR during the forecast period.

According to Statista, the Indian Edtech industry is now valued at US$2.8 billion and is predicted to grow to US$10.4 billion by 2025.

The demand for SaaS-based Edtech is helping in marketing for Edtech Marketing Agency and SaaS Marketing Agency.

DRIVERS OF KEY GROWTH

  1. Development in Gamification
  2.  Adoption in Hybrid Model 
  3. Improvements in Connectivity
  4. Infrastructure and Smartphone
  5.  Introduction of 5G Technology 

Startups are growing:

  • Boxlight has purchased Mimio LLC, which designs and manufactures the most comprehensive range of interactive classroom technology for the worldwide K-12 education industry.
  • In 2020, Byju’s bought WhiteHat Jr to extend their market in coding platforms and other skill development areas such as music and math. The productive marketing strategies are helping Edtech Marketing Agency of Byjus in growing.
  • Japan compressed their five-year technology plan into a single year, and demand for mobile learning devices outstripped supply as educational institutions worked to bridge the digital gap. The SaaS-based Edtech firms are indirectly helping SaaS Marketing Agency.
  • Class plus is a mobile-first solution that enables professors to communicate messages, assignments, online examinations, and video lectures with their online students. It observed a rise of 200K+ users on the site due to digital payments and the simplicity of teaching. Since last year, the firm has increased tenfold in value, with a few consumers from surrounding Asian nations joining it.
  • Doubtnut is a firm located in Delhi that provides multilingual online learning. In response to student enquiries, the firm employs image recognition, natural language processing (NLP), and machine learning algorithms in its video-based solutions. Doubtnut utilizes data contributed by over 2 million daily users in live lectures, notes, and exams to offer answers in vernacular languages. Since the company first monetized its business in 2020, it has had a 10x revenue increase in such a short period.
  • The market for government job preparation in India is valued at $5 billion, and Testbook is an edtech business that caters to this population. The firm presently serves up to 90 million candidates each year with a high success rate. The firm promises to increase exam results by 53% and the selection rate in government examinations by 7%. It operates on a freemium basis, with 15% of the platform’s material available for free and online mock tests for a yearly membership price of INR 700.
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