EdTech has been evolving for the last 15-20 years, in a meaningful way, but the COVID-19 pandemic has altered the structure of the world completely. International lockdown in the past couple of months has affected our economic and social behaviors and is continuing to do so, even after the lockdown easement. People and businesses are now realizing that by using the right technology, they can perform their daily functions without getting out of the house. Pivot to digital classrooms is one of the major changes taken place during the pandemic and opened new possibilities for people and businesses to take advantage of this age of innovation. The question most people are curious about is:
How has pandemic changed the face of EdTech?
The coronavirus pandemic has forced major changes in education at every level, from early years to adult learning and career development. According to research conducted by dealroom.co, the pandemic has accelerated the adoption of digital technology in education with global EdTech investment on track to grow by 15% in 2020. It has completely changed the structure of education and will continue to do so in the post-pandemic world. But how? In this article, we will discover how the pandemic has lead to EdTech startup growth.
Online learning reinvented as a necessity
In order to contain the contagion, many countries have implemented restrictive measures to reduce the gathering and formations of crowds. Schools were the most affected and had to reduce their classes or close entirely. One can only imagine the impact when, at the peak of the crisis, almost 1.6 billion people could not use their classrooms. If school closures are extended for too long, there is a significant potential for loss of educational opportunities, but also a potential loss of human capital and diminished economic opportunities in the long-term.
Fortunately, the closing of schools did not entirely stop education, although it changed it. To reduce the impact of closures, schools have been looking for alternative ways to provide access to education. On the side of homeschooling, students and children are currently, wherever possible, remotely educated all over the world, using technology such as online courses, video classes, and electronic textbooks. So online learning is no longer a trend but a necessity that is here to stay in the future.
Emerging Virtual Technologies
When the pandemic hit the world, there has been a dramatic rise in the demand for education software. Nowadays, with the physical closure of schools, parents and students know the need for effective e-learning solutions, especially in the pandemic world.
Even schools have been buying a membership for their students to learn additional skills on websites like Coursera. Recently, Coursera announced that it has raised $130 million in additional funding from its investors. Moreover, Udemy reportedly raised new finance at $3 billion valuations. This data proves that there is sheer potential for new EdTech startups. This is mainly due to the realization by people that they don’t have to pay 1000’s dollars to get valuable education when they can get the same quality of education at a much cheaper rate. Despite the emerging technologies, investment in EdTech has been significantly low and still has a massive amount of untapped opportunities for newbies in the industry.
The acceptance of online learning through the use of technology will accelerate like never before. EdTech was discovered a long time ago but an accelerating adoption has recently taken place. In the near future, a major transition to online platforms will take place and there will be offline universities providing degrees to students. Technology will pave its way to an increasingly individualized and diversified form of learning. The future is virtual and it’s a perfect time for businesses to invest in this growing industry!