Edtech industry is still relatively new, but it is paving its way to success. Like in any other field of life, technology has commenced its steps in the education industry. We are all up for it. Edtech is a combination of education and technology to enhance the teaching process of students and professionals. The true essence behind this concept involves bringing efficiency in reducing the in-class education expenses. In addition to it, the involvement of technology aims to increase students’ understanding effectively while keeping the burden off from the instructors.
As the benefits of Edtech are in the talk, it’s no surprise that it will contribute to a considerable extent to the progress of the industry. As per a study, the Edtech industry can grow by more than $40 billion by 2022. As per Statista, the e-learning market is forecasted to surpass $243 billion. The facts and figures show the continuing trend and growth of the Edtech industry. In one way or another, Edtech is for society’s benefit and carries the significant potential to grow. You might perceive the Edtech to be new, but in fact, it has been with us for decades. With the changing times and increasing reliance on technology, one may assume to think far beyond it, and rightfully so. Digital learning allows the students, parents, and teachers to be more connected than ever; including even kids learning to code online through various innovative and exciting means. It significantly enhances the learning process of students.
Moreover, it creates greater convenience for the parents and teachers to keep track of student’s learning. Secondly, as the worlds move forward, there is a greater risk of depletion of resources. Since Edtech doesn’t require little or nil use of paper, it will reduce the dependence on the environment, i.e. trees. Hence, it won’t contribute to deforestation. Nevertheless, it helps in building digital skills that are the future of any industry. In addition to learning, students keep updating their technical skills and learn something new to aid them in the workplace or while seeking jobs. Like every two sides of the coin, the Edtech industry has some drawbacks, too, that might cause a hindrance in the growth. Firstly, it is argued that it might discourage the building of soft skills, in-person communication, and interaction, to name a few, among many other social skills essential for the workplace. Also, it can be a cause of distraction for some students. Furthermore, the unequal distribution of resources can be a crucial concern in the Edtech industry’s progression. As per a study, most South Asia countries did not benefit from Edtech because of insufficient resources and internet connectivity problems. With pros and cons, it is no surprise that the pros weigh much more. The recent times of COVID was an eye-opening reality of how technology can be a handy resource. The growing trend shows that Edtech is increasingly accepted by the students, teachers, and everyone – the convenience and economic factors to name just two. From simple videos at the start, Edtech has moved on to MOOCs, classroom training, virtual classroom, blended learning, one-to-one training, one-to-many training, vernacular online mediums, and many more.