Edtech is revolutionizing education, says GlobalData

Education technology – or ‘edtech’ – is set to revolutionize education worldwide, says GlobalData. The leading data and analytics company notes that global edtech is now one of the fastest-growing areas, with revenues expected to reach $538.5bn by 2030. This 14%* compound annual growth rate (CAGR) has been kickstarted by the COVID-19 pandemic, which demanded sudden adoption for effective learning outside the classroom.

David Bicknell, Principal Analyst at GlobalData, comments: “Online delivery of education is now here to stay. Schools, higher education, corporate training and lifelong learning have all shifted learning online at a fast pace – at odds with the usual feet dragging. The future of education has been shaped by lockdowns, and online teaching delivery is now a crucial part, a prerequisite, of their tuition mix.”

GlobalData’s latest report, ‘Edtech – Thematic Research’, notes that Edtech has become a magnet for investment and innovation in technologies such as artificial intelligence (AI), cloud, virtual and augmented reality, and robotics.

Bicknell continues: “One of the characateristics – and strengths – of edtech tools is its use of AI and data analytics to create a personalized learning experience. By using adaptive assessment methods, it can track each student’s progress individually and allow real-time adjustments that help improve and optimize learning.

“Previously, teachers were weighed down by administrative tasks that ate up a large part of their working day, meaning they actually spent less than half of their time in the classroom. Edtech tools that digitize workflows have helped free up teachers’ time for what they’re best at doing: teaching.”

The report also focuses on the tools and enablers disrupting all forms of education, including the start ups driving change in China, India and the US. One point of note is the Chinese Government’s attempt to curb the influence of edtech on Chinese families and family life.

Bicknell adds: “China’s about turn on private tutoring has shaken the country’s edtech sector to its very core. New regulations demanding that tutoring companies be non-profit led to a hasty strategic rethink for companies such as Yuanfudao, VIPKid and Zuoyebang. They also wrecked the market capitalizations of China’s listed education players.

“China’s edtech meltdown means the big beneficiary of foreign investment will be India. Byju’s, the world’s most valuable edtech start-up, will IPO next year, and is fast becoming the Amazon of education technology.”

Overall, GlobalData notes that edtech reverberations will continue throughout 2022, including in the US’s higher education institutions..

Bicknell concludes: “The out-of-the-blue – and for many, unpopular – sale of Harvard and MIT’s massive open online course (MOOC) edX is just a taste of the ructions to come as the education sector continues its digital transformation drive.”

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