Evolving Landscape Of Edtech In India And Beyond
The Indian big data analytics market would increase by a CAGR of 30.1 per cent from USD 5.7 billion in 2022 to USD 30.7 billion by 2027
A combination of economic, social, political, and technological factors has come together to bring about a significant change in how we learn. In today's rapidly changing world, where technology is advancing at an incredible pace, the importance of continuous learning and reskilling cannot be overstated.
The workforce outlook for India in 2023 has shown a high turnover rate among employees, even in the face of the unprecedented uncertainty caused by the pandemic. This is primarily because job roles are changing rapidly, requiring people to have the right skills. Moreover, industries and domains are evolving faster than individuals can acquire new skills or knowledge on their own.
For instance, the Indian big data analytics market would increase by a CAGR of 30.1% from US$5.7 billion in 2022 to US$30.7 billion by 2027. In the same year, it will own 32% of the worldwide analytics market, greatly expanding both educational and career opportunities.
In many industries today, success depends on more than just having a single degree; it requires a commitment to continuously improving and updating one's skills. Think of it as a regular hygiene check for your knowledge and skill set to stay relevant in today's knowledge-driven economy.
This shift in mindset has given the EdTech industry a unique opportunity. The industry is offering products that are stacked, new age, AI-enabled, and tailored to ensure that they not only remain relevant but also provide value to the learner. This approach allows individuals to keep up with their peers and even with the technologically-savvy generations of the future.
EdTech today has also adapted to different types of consumers. It can cater to individuals directly (B2C), serve corporate needs (B2B), or help academia prepare students to be job-ready graduates.
We are also witnessing EdTech companies expanding beyond India and entering global markets. With Indian edtech firms venturing into markets outside India, it is serving as a valuable gateway for growth and business expansion.
At Imarticus Learning, we embarked on our journey with the goal of offering financial education. Presently, we have evolved into a data-driven educational system dedicated to addressing India's expanding skills gap, placing a significant emphasis on personalization.
This inclination can be observed in all EdTech startups in India, and it's projected that this ecosystem could be worth $10.4 billion by 2025. Imarticus Learning has experienced a remarkable 7X growth within the last four years, contributing value while capitalizing on the upward surge of the EdTech industry.
This presents an opportunity for EdTech to align academic education more closely with industry requirements. EdTech entrepreneurs can address these gaps by developing products that are highly relevant and by keeping pace with advancing technology, focusing on practical skills that meet industry needs.
It also makes it essential for EdTech firms to adapt their products to changing landscapes, individual needs, and evolving technologies. While doing so, they should also ensure that their products provide a return on investment for both learners and the EdTech companies themselves.
(The given article is written by NikhilBarshikar, Founder and CEO, Imarticus Learning)
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