The Edtech Value Proposition
The digitalization of education is one of the greatest revolutions in the modern era. Higher education technology has ushered in new and innovative ways of teaching and learning.
2022 and beyond will see major disruptions in education and mostly all spearheaded by technology. These will usher in positive and innovative reforms and create incredible value to the process of imparting education.
The leaders in the higher education domain appreciate the value that technology brings. Moreover, they understand that changes and investments in technology aided learning is the need of the hour.
- In fact, the estimated growth of the digital education market is promising. Pegged at US$57.1 Billion in the year 2020,it is all set to grow at a CAGR of 11.1% to touch US$108 Billion by 2026.
Technology will create new and robust economies. Additionally, it will re-haul the current education system, bringing in more engaging experiences.
It is imperative that higher learning institutes and universities recognise this and empower students and teachers and enhance the learning value proposition for all stakeholders.
Ushering in a new era in education
Institutes and Universities need to relook and realign their visions to match the current requirements.
Digital transformation in education as well as running of institutes will be a top most concern. Moreover, newer professions will crop up that will require new skill sets.
Many technologies, professions and skills that were in demand few years back are no longer in use.
- UNESO maintains that if adults could get two more years to fulfil their learning needs, it could help nearly 60 million people worldwide to escape the clutches of poverty.
Edtech can provide immense opportunities for all sections of society. It can be a great equaliser and allow for democratised and easily accessible education.
Hence, higher education institutes have to ensure that their students are technologically empowered and upskilled to match the job demand, including integrating emerging technologies such as VR in higher education to enhance learning experiences and prepare students for the evolving workforce.
Anytime, anywhere learning has made education affordable as well as accessible. As technology progresses, newer methods of teaching and learning will be enforced.
Edtech can bring down the cost of education, increase learning outcomes and make it inclusive for all. Bridging the digital divide to provide competitively relevant education is the key to success.
Innovations in the Ed Tech Space
Technology will foster innovation and drive engaged learning experiences. New trends will dominate and offer immense possibilities. Let’s see how the new trends will impact education.
AR and VR
The last two years saw these technologies rise at a tremendous pace. AR and VR spreads its wings into almost every industry segment. So how education could be left behind. Especially, when it can enhance the learning process substantially.
Apparently, it’s hugely popular. Which explains the projected market growth for the adoption of these technologies in education.
- The global market for VR in education is projected to grow from USD 2,268.51 million in 2022 to USD 7,778.98 million by 2027.
- Moreover, its estimated that both AR and VR in education will see a CAGR of 18.2 % between 2022- 27
These technologies offer a superlative experience when it comes to simulated experiences. Students get absorbed in worlds that are as real like as possible.
It allows them to observe minutely and explicitly, which is not possible in te traditional mode. Imagine, if a medical student could enter the human body and observe the heart from within?
Additionally, AR and VR can also bring in deeper learning while cutting costs. It can bring down the costs associated with physical infrastructure for laboratories.
Moreover, since it’s a zero risk learning and with no repeated investments, students can practice for hours to master techniques. It is a great step towards interactive and engaged learning for effective outcomes.
Artificial Intelligence
AI is another trend that will hold sway for a multitude of reasons. It can greatly ease the burden of teachers and students alike.
With the potential to manage routine administrative tasks, grade papers and answer student’s doubts in real time, it can make learning fast and fun.
Smart learning will become the norm. Teachers and students alike can benefit and leverage AI application to create customised learning aids that cater to different individual needs.
Through personalised learning, students will create a meaningful bond with learning content. This leads to more engaged learning, thereby offering better learning outcomes.
We present some market data that corroborates our claim that AI enabled learning is a powerful trend that will dominate the educational landscape.
- Apparently, the implementation of AI in education will touch $21.52 Billion by 2028. (Verified Market Research)
Overall, AI application holds immeasurable possibilities in the education sector.
Blockchain offers Immense Value to Education
It might seem confusing at first to understand how blockchain and education are related. However, blockchain applications to edtech are the current rage.
It offers safety, decentralisation and transparency. Universities and Students can befit from the valuable linkages it offers to connect learners, faculty and institutes.
It offers a safe ecosystem to maintain records related to certificates, degrees, admissions, payrolls, grades etc.
Studies have shown that blockchain can reduce costs substantially for many industries. As a matter of fact, banks were shown to reduce infrastructure costs by 30% with blockchain.
Similarly, financial companies looked at a saving of $12 billion a year from using blockchain.
Hence, it’s safe to surmise that blockchain can do the same for education.
A Value Forward Future with Ed tech
The Edtech space is consolidating its position in higher education. The higher education technology trends currently revolve on AR/ VR, AI / ML, Blockchain, Data Science, IoT etc.
The scope is expanding day by day. Moreover, edtech is not limited to technology or engineering courses only but is spreading its roots across subjects like finance and law as well.
Digital Education offers a lot of value. Educational institutes, big and small are all gearing up to adopt technology through various steps.
