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Due to the pandemic, some significant shifts are accelerated globally, which pushed most businesses to go digital. It also exposed the situations whereby the economies have been underprepared to handle the pandemic and the impact reflected directly on the education system. The gap between bricks and mortar education and edtech was prevalent for more than a decade. Considering the corporate learning and development sector, the year 2020 was a game-changer. The employers realized the need and relevance to work from home and even learn from home. However, the realization was more at the learners level that their continuous learning is essential even to sustain the career.
The shift of the education ecosystem to the digital landscapes also needs alignment to the national education policy 2020 and creating a massive surge in technology adoption in the education sector. The current year 2021 is labelled as the change and evolution year of edtech whereby the whole institutional ecosystem has adopted a hybrid approach to learning. The world has still not been able to assess and evaluate the pandemic’s overall economic impact and repercussions. However, the careers of professionals are impacted, and unemployment did see an increased level. In turn, this undesirable phenomenon accelerated enrollment to career-oriented programs, reskilling and upskilling with technology.
However, the effects are more significant on unemployment levels, which did see an increase. This has led to an accelerated shift towards Career-oriented learning, up-skilling and reskilling using online platforms. The ubiquitous presence of mobile data and the scalability of high-quality learning using digital platforms enables better quality education. To be delivered across the length and breadth of this country.
People are now developing new skills through digital learning platforms by which the RoI can be measured, and they can secure better employment in the sectors of choice. Considering the players like Talentedge, Upgrad and Simplilearn that found a rush of candidates during the pandemic, the evolution of learning also needs to include practice-oriented digital transformation programs. The applications of AI and ML in EdTech are predicted to grow manifold, and these technologies can automate educational communications, assessments, evaluation feedback with experiential learning. Edtech ecosystems will see ever-growing AI adoption due to the phenomenal leap in nature of developmental programs.
There is a vast and unexplored area of the tech-led education world. In the last 4-5 years, the edtech sector has already attracted an excess of USD 4B of investment, of which Indian company Byju’s has become a global enterprise valued at more than USD 15B. Alongside Byju’s, the other major edtech companies Unacademy, UpGrad, Vedantu, Doubtnut et al. are also acquiring companies with synergies. It is evident that in less than the next decade, the Indian edtech opportunity of USD 30B might be possible. Many more companies are going to dig out ways to invent and implement solutions in education. To facilitate the enhancement and expansion of the edtech sector, MiraiNxt will play a pivotal role in developing their strategy and helping edtech ventures grow with the business and raise funds.