Before the pandemic broke out, Indian edTech could generate $1.8 billion from 2014-19. However, with the coronavirus forcing the doors of educational institutes to shut, the only path to impart education was through technology. This meant exceedingly large investment in edTech companies and an adventitious but sharp estimated rise in market size to $10.4 billion by 2025. If you are looking forward to investing in a new venture then here are 10 cues why edTech should be your prime choice.
- Flourishing Market
Adoption and usage of the internet have grown by leaps and bounds in India. Underpinning the consequences of the pandemic, the active web users which stood at 450 million in 2019 have swelled to 829 million currently. This new expanse of audience has a vast pool of population which is fetching edTech solutions and upskilling.
- Unfaltering Growth
The pandemic is a testament to the fact that nothing can hamper or hault the transmission of education. The education sector has been through a massive digital revolution; if not through traditional methods, the education sector has been quick to adopt and implement technological mediums that deliver information in an engaging and effective manner.
- Easily Scalable
The unfortunate pandemic driven lockdown has fortuitously brought with it the boom of edTech in India. Education embedded in technology is a captivating idea to students and has become the trendy thing to do. Due to this mega influx of students, edTech has become a massive hotspot for investment and inevitably easy scalability.
- Low/No Cost Investments
The catch about online businesses is that you probably won’t even need a physical space to begin with. A smooth internet connection allows 24×7 global access with meager running costs, making you ready to thrive! As a result, you can cut back on rent and electricity bills while also saving on maintaining luxurious office space.
- Exponential Returns
With the easy entry into the market and a sustainable user base, nothing speaks significant returns louder than edTech in the current scenario. Once your business is out and about, you can expect a monthly flow of about 2-10 lakhs.
- Stable and Sustainable Business Model
Unlike most industries where each project has a looming deadline, edTech is a long-term business model. Education has a vast expanse and through appropriate marketing strategies and an exceptional end-user product, it is possible to capture and assimilate all segments of the education sector ranging from preschool to college level education.
- Opportunity for Upskilling & Training Courses
As the job market crashes, the need for top notch candidates who know more than just their degrees has been surfacing. To prove supplementary knowledge, students have been looking for online certification courses that are flexible and convenient to access while also being credible. If you feel school education isn’t your league then you can attempt to provide training and upskilling courses through your startup which is a demand here to stay.
- A Noble Business Idea
In disadvantaged areas, high quality video content from the finest teachers can improve the quality of education by manifolds and can also significantly increase accessibility. Moreover, edTech can boost students who aspire to study further but can’t due to personal circumstances. This can save cost and even out the difference between urban and rural education.
- UN Sustainable Development Goal No. 4
Since education can equip upliftment and diminish poverty, it is the basis of socio-economic development. Sustainable development as per UN is about ESG: Environmental, Social, and Governance. Education is a part of the social segment according to this. If an edTech solution falls in line with this concept, there is a prospect of receiving international recognition and funds for your innovation.
- Uncovered Potential
Artificial intelligence, digitisation and automation has a significant scope of growth and invention. Technologies like AR and VR can come in handy in this situation where the gamification feature makes up for the same experience such as experimenting with chemicals or flying an airplane while being cost-friendly. These thrilling ways of learning are sure to stimulate deep interest and communication in students. Innovations that can intermingle education with technology more intrinsically are being copiously craved and can change the face of education as we know it.
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