4 EdTech 2024 predictions: Navigating the Educational Frontier and Beyond....

The EdTech sector globally is at an inflection point. A pre-2023 period, which was illustriously marked by investment headwinds, year 2023 has been of cautious consolidation and deepening the core business and cutting the flab, though it was the generic AI which captivated the industry throughout the year. As the surge in EdTech funding gets normalized and then plummeted down to a lowest financial qtr in the last 10 years. (see below)

This would lead to a renewed emphasis on basic principles and a focus on objective learning outcomes. Prioritizing the Core value added offerings in edtech like - learning effectiveness, ,SEL (Social Emotional Learning), user engagement, and retention has taken precedence as learning gaps come to the fore.?

As we navigate the future trajectory of the industry, let's explore essential burning trends which may be serve as the flashpoint of the foreseeable learning future:?

Investment in AI TRiSM of education:

The (AI) market is growing at a CAGR of 41.14% with an estimated size of around USD 1.1B by 2027 (source). According to Gartner, 66% of business leaders worry about the risks of mass Gen AI availability carriers, especially regarding data privacy, information validity, and breacher opportunities. As AI continues to be invested heavily by edtech companies globally, it continues to bring new challenges for interoperability, security and accessibility for digital products. There is a growing need to establish new Legal guideposts for AI Implementation in EdTech. These involve addressing intellectual property, data privacy, and compliance concerns when integrating AI. Be ready to navigate these issues to ensure ethical and legal use, especially if part of your users are underage.

Generative AI might impact education and reshape the future of learning and below are some pointers I feel it may improve further on:?

1. Individualized Learning
2. Producing Content
3. Provide engaging digital content?
4. Tutoring and Assistance
5. Other Learning Advancements

• Accessibility services - like transcription, Getting content converted to Braille or tactile graphics, to cater to the needs of visually impaired learners.
• Language learning - by creating culturally aligned content and Video/Audio pronunciation feedback.?

Consolidation and Re-stitching the edtech offering strategy:

Impact strategy involves intentionally directing capital towards initiatives that offer both financial returns and substantial societal impact. Impact investing and strategy is driving EdTech to rethink its business and product strategies.This aligns profitability with social responsibility, emphasizing its influence on education and the broader social framework in both the short and long term. Crucially, this trend challenges the misconception that profit and social impact cannot coexist.

1. Impact investments encourage EdTech companies to consider the long-term sustainability of their solutions. By emphasizing the social impact of education, these companies are more likely to create products that endure and continue to benefit learners over time.Impact investments serve as a validation of the educational value offered by EdTech solutions.?
2. It demonstrates that the company’s products or services are not only profitable but also contribute to positive social outcomes. This validation can boost the company’s reputation and credibility in the education sector.

Digital Learning Identity:

I imagine it may soon become a strategic area of interest. A digital identity is a combination of unique attributes and credentials associated with a person’s virtual presence. A unique username, an email address, an IP address, or a combination of authentication methods can be used to identify users (or more recently — assets) online. This digital learning profile may be used across platforms to store skills, proficiency levels and gaps identified and able to suggest future course/learning progression and also help and counsel students with available options like learning journeys or career guidance . It can also connect them with students or mentors with similar profiles near to the person's geo location.?

?The spotlight is on building workforce skills:

In the era of the Fourth Industrial Revolution, marked by the transformative influence of AI and automation on our work, it is essential for everyone to cultivate new skills for effective collaboration with emerging technologies.

Given the accelerating pace of change and the diminishing half-life of skills, the development of new competencies can no longer be an afterthought. Instead, research emphasizes the importance of upskilling and reskilling as prerequisites for success. According to the World Economic Forum, half of all employees are projected to require reskilling by 2025 as the adoption of new technology gathers momentum.

Contrary to previous concerns about job displacement due to the rise of AI and automation, the World Economic Forum anticipates the creation of up to 69 million new roles. While this is positive news, these jobs will demand new sets of knowledge, highlighting the increased necessity for building workforce skills.

In brief, the landscape of EdTech is undergoing swift transformations, marked by various trends that are shaping the future of education. Ranging from a dual emphasis on financial and societal impact to the integration of artificial intelligence, and the influence of impact investing, these trends are poised to revolutionize the methods of teaching and learning. As we navigate through 2024 and beyond, it becomes imperative for educators, students, and EdTech professionals to stay abreast of these significant changes and adapt accordingly.?

Do share your thoughts and contribute to what you think we could all see as a new emerging trend in edtech.