EdTech

EdTech, or education technology, is a term that refers to the online teaching and class equipment. The examples of EdTech are interactive whiteboards, learning management systems and learning applications.

History of EdTech

Before the global pandemics the development of Edtech was slow, but with the growing need for online accessibility of teaching materials and special courses, the market started to grow rapidly.

Distant education appeared in the 19th century when Isaac Pitman started to send all of the pedagogy via post to the students who were living far away from the university. This was the beginning of the remote education evolution. Starting from then, there have been a lot of changes that were influenced by the computer and internet invention. Nowadays, it is almost impossible to imagine the world without the easy approach to education. 

EdTech gives us opportunities to study abroad without moving away, choose the most convenient time for learning by ourselves, etc. Currently it is possible to obtain any profession one likes in comfortable conditions. 

EdTech issues

However, EdTech has some disadvantages. Despite the huge variety of platforms that provide different kinds and quality of services, students are not involved in the process of studying. The material is usually watched as a background, while doing some tasks. In this mode, most of the information passes by the brain, not sticking around for long.

There is also a problem that most people do not have assiduity to study on their own. Only a few have the proper level of motivation and self-discipline, even though they probably realize the importance and necessity of education. The life cycle of the client in an online studying course is normally quite short and there is a reason for it. Students who are taught in EdTech do not receive high quality knowledge, which would allow them to get a promotion or make their life better.

LTV. Lifetime value of a client is a term that refers to the profit that the company receives from one client during the whole time of cooperation with him. This is the problem of EdTech faced by almost all creators of online schools. That is why it is so important when launching a distance learning course not only to give excellent material, but also to control the learning process at all of its stages. Online education is not just about transferring lectures and textbooks from offline to video format. Hence it is necessary for online courses’ producers to integrate game and competitive mechanics into EdTech studying, thanks to which tutees will be maximally implicated and successfully pass the training.

Goals and future of EdTech

The EdTech industry has grown rapidly in the past few years. As mentioned above, it happens due to the fact that students around the world had to switch to distance learning. At the same time, it has become clear that public secondary and higher education programs are unable to meet such demand. Moreover, the current methods of education used in public educational establishments do not keep up with the speed of society's evolution. It must also be stressed that the cost of higher education is quite heavy but the quality of it does not meet modern requirements.

This creates favorable conditions for the rapid growth of the EdTech startups that are able to replace traditional universities. Currently, the volume of the global EdTech market is estimated at $227 billion. Experts suggest that by 2025 it will reach  $404 billion, growing by 1.8 times. This market segment in 2020 has attracted increased attention from investors who have invested in the expansion of this area 13 billion dollars. 72% of the total investment in this sector has come from local companies, organizations and individuals. It is estimated that 90% of the EdTech market is in the U.S., China and India.