EdTech: The growing Indian story
Digital Education adoption and growth have significantly increased in the last couple of years. In June 2022,PhysicsWallah a Noida-based was the 7th Edtech platform which entered the unicorn club. The others being Byju’s, Eruditus, Unacademy, Lead, Upgrad, and Vedantu.
The EdTech industry is growing in these major fields: Test Preparation: help students to prepare for IIT-JEE, CAT, UPSC, SAT and medical entrance tests. Online Certification: has witnessed a growth in certificates for specific skill sets with collaborations and partnerships with universities and colleges. K-12 Learning: offer online learning material for school curriculums, which have had a wide adoption. Skill Development: used for enhancing and upskilling roles with latest technologies. Enterprise Solution: integrated solutions have been adopted by educational institutions during the pandemic to stay sustainable.
The present market valuation by STATISTA is US$2.8 billion which will reach US$10.4 billion by 2025. And we have 9,043 EdTech start-ups.According to reports, it is expected that EdTech sector in India will be a US$30 billion industry in the next decade. The potential is due to growing demand and government policies. The New Education Policy (NEP) 2020 is also facilitating the same.
Estimations are that the K-12 learning solution will account for 41% of the total edtech market size by 2025 and will have a surge of 3.7x between 2020 and 2025. This segment will have 11.3 Mn paid users by 2025.Paid Edtech users By 2025 in India are estimated to reach 37 Mn+.
But, the industry is also facing challenges and disruptions with layoffs to restructure costs, the latest one being by WhiteHat Jr, which Byju’s had acquired in 2020. April 2022 saw Unacademy lay off about 1,000 employees.In this time of transition they are also moving toward opening offline centres such as Unacademy Centres, ‘Byju’s Tuition Centre’, PhysicsWallah, Imarticus Learning, Cuemath, Vedantu, to name a few.
Despite this, experts have forecasted that trends such as investments in gamification of education, move towards having more practical subjects online with the help of VR, AR, XR in daily learning, evolution towards personalisation, adoption of block chain etc, will continue to grow.
This issue, we bring you a special feature on EdTech: The growing Indian story.