The Future of Education Technology
Recent developments in digital technology, coupled with the Covid-19 pandemic, have led to a revolution in the EdTech market. Almost overnight, over one billion students in nearly two hundred countries were out of the classroom, leaving universities, districts, administrators, teachers, and students scrambling in an extraordinary effort to convert to full online education. The switch from traditional teaching to online learning would not have been possible without major advancements in EdTech capabilities and unprecedented funding from Congress. By the spring of 2020, the EdTech market found itself front-and-center of a reimagined educational landscape.
Even before the pandemic there had been prolific growth in— and adoption of—education technology. In a market that is strongly dominated by the United States, China and India, the value of global EdTech investments were in the tens of billions in 2019. These numbers are predicted to climb as online learning continues to influence the future of education. By 2025, the market for online education is expected to be in the region of several hundred billion dollars.
The EdTech market is relatively new. The digital age and the rise of the internet had a dramatic effect on education technology with e-learning debuting in 1999. In 2002 The Massachusetts Institute of Technology (MIT) started recording lectures and making them available to the public through its groundbreaking OpenCourseWare Project. YouTube, created in 2005 and then rapidly acquired by Google the following year, was readily adopted by instructors worldwide due to its massive, instant streaming of content. The Khan Academy started using YouTube in 2006 for recorded lectures and implemented a digital blackboard for equations, illustrations, and virtual content delivery. Standing on the shoulders of these forward-thinking tech leaders, scores of new EdTech companies have emerged with a widening variety of learning solutions.
To support large-scale online classrooms and remote work, EdTech companies are setting record growth for cloud server capacity expansions as millions of students and instructors simultaneously transition to online learning. Weforum.org estimates that the Chinese government instructed over a quarter of a billion students to resume their studies through online platforms, resulting in the largest online transition in the history of education. According to the United States Census Bureau, nearly 93% of households with school age children currently report some form of distance learning. Some school districts in the United States are even forming unique partnerships with corporations and broadcasting networks. The Los Angeles Unified School District and PBS SoCal/KCET joined forces to offer educational broadcasts with separate and distinct channels focused on different age ranges and digital options. In England, the BBC is powering virtual learning nationwide, tapping into its rich history in the EdTech space. However, economic disparities and weak internet access are making this a difficult transition for some. India’s fragile infrastructure means that their education system, second only in size to China, is struggling with the associated logistics of over three hundred million learners instantaneously transitioning to eLearning.
Today’s modern classroom environment is unrecognizable to many of us. From early learning through to higher education, the old-style, teacher-driven model has been replaced by a dynamic experience that is highly individualized, interactive, social, and mobile. This thoroughly modern makeover, which allows teachers and students to adjust and adapt the pace of learning, is supported by a surge in accessible EdTech software. This software boasts tools including language apps, virtual tutoring, and video conferencing capabilities. Thanks to a decline in internet costs, mobile learning is enabling students worldwide to access education from their smartphones. It is estimated that by 2030, it will be the industry standard for students to have the flexibility to interact and engage in learning management systems (LMS) on virtually any device, at any time. Advanced learning materials will be, quite literally, at the fingertips of every student, giving them unprecedented autonomy over their learning experience.
The uptick in the use of Virtual Reality (VR), and Augmented Reality (AR) tools is a good example of the ways in which companies are attacking perennial classroom issues; boredom and disengagement. Educators are all too familiar with students failing to connect with their course material, a problem that is exacerbated by remote learning. VR and AR are becoming increasingly popular because they are packed with myriad visual options that provide a truly immersive experience for students, transforming immediate and long-term learning with “hands-on” applications. Gaming plays an important role here too with many platforms now incorporating game-like elements to some learning exercises, making the classroom exciting, collaborative and ultimately rewarding. Technological advances like these are changing the way we view education and demand that we recalibrate our expectations. The future of EdTech is looking very bright.
With change comes opportunity. Not only has the industry experienced a period of sustained growth thanks to the Covid-19 pandemic, it is also reaping the benefits of three stimulus bills passed by Congress. The bills have collectively bolstered school district budgets with a windfall of close to $2 billion. Due to the increased revenue stream, EdTech companies have had the resources to expand into different segments of the market making it an incredibly exciting time for the sector. Partner in Publishing (PIP), a full-service EdTech marketing and business development agency, could not be better placed to help companies looking to take advantage of such extraordinary developments.
Since 2007 PIP has provided strategic market development services to many of the best-known brands in the education services industry, cultivating meaningful relationships in every area of the EdTech space. We have helped industry giants such as Pearson Education, Chegg, McGraw Hill, Lego, Vital Source, and Language Testing International, as well as many other distinguished publishers and innovative technology companies to achieve their marketing objectives. Our proven track record is anchored by an elite portfolio of over thirty companies that comprise the best and brightest talent in educational technology.
We also have experience helping emerging companies combat a lack of name recognition in an increasingly crowded marketplace. We can create a go-to-market (GTM) strategy by providing an experienced project manager to create and implement an effective sales strategy. Our executive team has a deep understanding of business and market development, market research, customer service, sales, training, and digital marketing. We can also help with talent acquisition in addition to training and onboarding. We know exactly how to help EdTech companies get to market, get noticed, and realize their potential.
Thanks to our intimate knowledge and understanding of the market, we have the experience and expertise to drive each step of your marketing strategy with a wide variety of development initiatives. By harnessing our extensive network we help EdTech companies gain market traction, create a robust pipeline, and establish a sustainable sales process enabling them to successfully market to educators worldwide. Furthermore, thanks to our connections within investor circles, we can also provide strategic advice and contacts for those seeking to secure future capital funding.
Whether you need advice on new product development, need support for current projects, or are simply curious to know how you can improve your company’s growth, we have the resources to help you. We understand the correlation between business success and an integrated approach to market development, business development, and customer service. PIP can provide all your market needs and help you reach your goals.