The Impact of Startups on the Global Education System
Today may not be the most stable of times, and we’re witnessing struggles in the business world across different industries. The global recession that is threatening to happen is not making it easy on anyone, especially the investors who don’t want to make the wrong move. But, the one industry that is growing rapidly despite all the instability is EdTech.
Below, we’ll discuss why the EdTech industry is growing at a rapid pace and how Edtech startups are changing the face of the global education system.
The Impact of Startups on the Global Education System
The Growth of EdTech
To help you understand just how rapidly the EdTech industry is growing and expanding, we’ll first take a look at the numbers. Where were we four years ago, and where are we today? What are the growth predictions for the future?
According to the most recent reports, EdTech is growing at 16.3% annually. From 2019 to 2025, it is expected to grow 2.5 times, reaching $404B in total global expenditure.
There’s no doubt that it’s one of the fastest-growing and most stable markets to invest in today.
The Flourishing of EdTech Startups
Naturally, this growth is powered by startups that recognize the need for innovation and the gap between those in need of education and the education they can reach. That includes:
- upskilling in the professional and corporate domain
- online and remote learning of any type
- education of those with special needs
- personalization of education in schools
- education availability
Let’s not forget that the world as we know it is changing and there is a sudden need for new skills, new knowledge, and new types of talents for those seeking professional success.
With the need for more available, more convenient, or simply more globally spread education, startups have started to offer their solutions. Investors recognized this potential and started investing more in the EdTech industry.
Startups Reshaping Education
Today, we have successful EdTech startups reshaping and changing how we perceive education. Innovation can be seen on all levels of the education system, from the way we teach, study, interact, and access education to the way we organize our study time or attend classes.
Below, we’ll break down just some of the latest EdTech trends powered by startups that are making a huge impact on the global education system.
Breaking the Barriers
When we say that the global EdTech market is growing, we’re actually saying that there are millions of new online students registered across the learning platforms. Globally, people are accepting online teaching and learning and embracing the opportunities they’ve been given.
This is why we can see education startups offering:
- learning platforms
- online courses, tutoring, and mentoring
- help to find your career path
- upskilling, reskilling, and switching jobs
- learning to fit the emerging industries
You can find platforms like Coursera, Course Hero, and Udemy that offer courses, study materials, tutoring, and more to those who want to study better and work on their professional growth.
And, these platforms are not just in English. You don’t need Pickwriters to find you a translation service to be able to learn. There are localized learning platforms in all countries with learning expansion, such as India, Mexico, Paraguay, and more.
Virtual and Augmented Reality
Not only do startups allow today’s teachers and students to connect wherever they are, but they’re also creating virtual worlds that allow for practical learning that would otherwise be impossible to reach.
Virtual and Augmented reality is being used in classrooms across the globe. Students have the opportunity to witness the lesson they’re covering, try performing complicated tasks with their hands, or take a field trip without leaving their classroom.
Google Expeditions Pioneer Program is one such innovative teaching system that allows teachers to take their students all across the globe while also teaching lesson about this particular country or historical spot.
This is forever changing education as we’ve known it and opening new windows of opportunity to make it better and more successful.
EdTech startups are also changing the way a typical lesson is presented in a classroom. Today, teachers have access to powerful tools that allow them to turn every lesson interactive and make a greater impact on their students.
Teachers can create:
- gamified lessons
- interactive quizzes
- video materials
- interactive presentations
- short movies
A great example is the company Nearpod which believes in supporting the students’ understanding of lessons through a combination of different tools, visual aids, lesson forms, and gamified activities.
Studying, Syllabus, and Homework Assistance
Students who are struggling with academia or simply want to enhance their learning process now have the opportunity to do so, thanks to startups such as Toppr. They’ve created software that keeps track of the students’ syllabus and helps them:
- attain learning goals
- pass exams
- earn scholarships
- build confidence in learning and reaching academic success
This means that students are no longer limited to the mere materials their teachers give them or just the classes they have in school. Thanks to EdTech innovation, they can learn at their own pace, using all kinds of methods and tools that will help them succeed.
For homework help, students can turn to resources such as the best essay service or math-solving apps. They could also access an EdTech platform that offers all-encompassing assistance. The choice is theirs.
Yes, the education sector is changing completely from what we’ve known it to be in the last decade. The EdTech startups that are fueling this change are responsible for the innovative resources and methods being introduced every day. Investing in EdTech startups is a smart way to invest in the future.
The overview we’ve shared above indicates that positive changes in the education industry are yet to come.
Elaine Bailey is an education specialist and a blogger. She aims to provide her readership with fresh and accurate information about the latest trends, tools and technologies used in education.