The Early Days of EdTech
EdTech is a practice of combining “education” and “technology”. It utilizes IT tools to facilitate learning experiences inside and outside the classroom. EdTech has been around for over a hundred years. Still, the spike in its market worth has grown exponentially in the past 30 years, with multiple significant milestones and breakthroughs throughout these years.
The rise of the pandemic, COVID-19, has caused a significant shift in everyone's day-to-day life. In the Education Industry, the pandemic has proved itself to be the forcing function needed for educational institutions to embrace new digital technologies.
Historically, only 4% of overall expenditure in education was allocated to digital investments. However, due to the pandemic, the education sector experienced an increase in digital spending, and it is likely that it will continue to increase in the future. Asia, specifically China, sets an excellent example for this. China is poised to lead global growth in the EdTech industry.
EdTech of the Future
Regarding the expected projection of EdTech, the total digital spending in education is forecasted to grow from 227B USD to 404B USD by 2025. The Asia-Pacific region is anticipated to exhibit the highest growth rate in the EdTech Market, at a Compound Annual Growth Rate (CAGR) of 22.6% from now up till 2027. Additionally, it is expected that advanced technologies will embed into education delivery and learning processes.
Artificial Reality, Virtual Reality, and Artificial Intelligence will come closer to being integrated into core education delivery and learning processes.