In 2020, global investment in EdTech is anticipated to reach $252 billion.
What are the reasons for this rapidly growing market–growing at 17% a year?
First, EdTech is experiencing growing acceptance among educators and investors alike. The benefits of using technology in and out of the classroom to educate the next generation are becoming increasingly clear. EdTech has increased accessibility (through online learning and remote technologies) and efficiency (through automating administration), and produced overall positive outcomes: In one study, 96% of teachers said that technology in the classroom had a positive impact on students.
Second, EdTech is experiencing increasing demand. A survey from Harris Interactive found that 92% of teachers would like to be using EdTech even more in the classroom. And, technology in the classroom can actually offer a cost-effective alternative to traditional materials–online course material, for example, can cost far less than paper textbooks. In fact, the same survey from Harris Interactive found that electronic content costs 33-35% less than conventional content.
Finally, EdTech can prepare students to enter the workforce during the so-called Fourth Industrial Revolution. With rapidly increasing automation and population growth, we need tools to retrain a workforce and prepare a generation with new skill sets. For example, CreatorBots robotics programs can help teach students STEM skills by allowing them to design and code their very own robots. And Databots are devices that allow students to collect real data from their environment and perform analysis–learning to code in the process.
With significant investment in EdTech, expect:
– An increase of tech-centered lessons in the classroom, such as those relying on augmented reality and virtual reality
– Wider distribution of EdTech tools, such as Chromebooks or tablets, to K-12 students
– More forward-thinking progress on teaching STEM skills–and using EdTech to do so–to prepare the next generation of students for a shift in the workforce
John Stuppy, EDUMETRIX president, helps ed-tech products & services companies grow fast, dominate their market & prepare to sell. John is a successful global ed-tech leader. He guides, mentors & drives companies to hit aggressive business and education goals using his hands-on management experience & technology savvy in rare combination with stellar academic credentials, strategic vision and sales expertise.