Top technologies EdTech startups are leveraging to capture the marketplace

One of the most crucial ways to be intellectually astute today is through education. That is why traditional education and education based on technology receive all of humanity's attention. It was estimated that the education sector will generate $10.85 billion in sales in 2021 and by 2025, the education market will generate $11.6 in revenue if nothing changes (https://www.statista.com/statistics/643909/worldwide-education-software-market-size/ ). The COVID-19 pandemic has fundamentally altered how we educate our students. Due to social distance, students must now become accustomed to distant learning using digital platforms. Furthermore, the adoption of technological developments in the education sector is long overdue. We have seen innovative approaches to education since the pandemic moved us to learn from the classroom to home. In order to give chances to meet the expanding need for education and attract startup funding EdTech startups are now embracing novel educational technology.

With a strong emphasis on connectivity, adaptability, and student-centered learning, the newest EdTech trends in 2020 and into 2021 are being revolutionized.?

So, what are the top technologies EdTech startups are leveraging to capture the market??

Blockchain technology?

The education industry might benefit greatly from blockchain technology, particularly for data storage. According to studies, the digitalization and decentralization of academic credentials as well as the promotion and incentive of lifelong learning are the two most important blockchain uses in education (https://www.researchgate.net/publication/344053445_Blockchain_in_education_Opportunities_applications_and_challenges). Thus, it is no longer necessary to validate diplomas and other academic documents. Blockchain guarantees open ledgers, which lowers workplace fraud. Blockchain also assures academic credentials are truthful and transparent. This technology can address problems like a fraud while protecting the data. Keeping all data on a blockchain network, which is nearly hard to edit without admin access, can help address problems like plagiarism.

ODEM is a key example of an EdTech startup that uses blockchain technology. It is a platform that aims at simplifying the administration of planning and executing short- and medium-term academic experiences. Furthermore, ODEM is a platform for top professors and lecturers to actively sell their specializations and personal brands by empowering students to take ownership of their education.

Artificial Intelligence (AI)

Global AI spending in the education sector is expected to reach $3.68 billion by 2023, according to new market research (https://www.marketsandmarkets.com/Market-Reports/ai-in-education-market-200371366.html). Automating tasks like grading is one of the most exciting uses of AI in education technology. Teachers may now concentrate on other important tasks because it gives them more time. AI also addresses the issue of individual attention in a packed classroom. By offering individualized tutoring to pupils in need, AI can close this gap. Numerous research has shown that using AI tools in teaching and learning can effectively include individuals who have learning problems or impairments (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8835076/).?

Byju's, the most valuable startup in India with its most recent valuation of approximately $22 billion, is a prime example of using AI in this sector. By utilizing cutting-edge technology like AI, their goal is to keep students at the core of innovation and produce engaging learning experiences. For instance, Byju uses AI to offer tailored and adaptive learning. They are attempting to increase AI's capacity for delivering various learning modalities. Additionally, Byju’s global ranking has risen from 514 to 506 in the past three months owing to the use of technology like AI to leverage the market (https://www.similarweb.com/website/byjus.com/#overview).?

“If students are finding a certain number of modules or specific lessons difficult, BYJU’s AI will adapt how the content is presented and adjust the questions to support the student’s understanding of the specific concept.”

-Ritesh Dhoot, Vice President of Engineering, Byju’s told ETICO-

Gamification?

Gamification is currently a solution for educators who are constantly looking for ways to impart knowledge through enjoyable activities. Gamification incorporates game aspects into routine tasks to boost student engagement. According to research, gamification of education can increase student engagement levels in a way that games can, helping students to develop their unique skills and maximize their learning (https://slejournal.springeropen.com/articles/10.1186/s40561-019-0098-x). Based on a study by BlueWeave Consulting, in 2020, the global market for education gamification reached $697.26 million, expanding at a CAGR of 29% between 2021 and 2027.?

Gamification is seen as the way of the future of online learning by EdTech startups like Byju's, Matific, Cue math, Lido Learning, and others. Children are further motivated by the concept of prizes, which is promoted by gamification. Startups have been witnessing additional advancements in the sector to ensure learning continues during the pandemic. For example, traditionally, either the "free trial subscription model" or the "freemium subscription model" were used as strategies in the gamification segment, where users access limited features and limited levels of game or content in the free version and upgrade to a paid subscription to access further.

A classic example would be Cue math which is the best platform available when considering live classes for math. They have been named among the top 50 global education firms at GFEL Dubai thanks to the integration of gamification (https://www.cuemath.com/en-lk/ ).?

“We have realized that in the formative years of a child, a lack of understanding of math often leads to “math anxiety” for a lifetime. This is because the traditional methods of teaching the subject that encourage children to rote-learn formulae is an area in which not everyone excels at for a variety of reasons. Therefore, to make math learning less of a tedious task and to enhance the quality and method of math learning, we offer innovative educational games such as puzzle cards, workbooks, tabs, and math boxes.”

-Manan Khurma, Founder and Chairman, Cue math-

Immersive learning with Augmented Reality (AR) and Virtual Reality (VR)

AR & VR can make learning more immersive and participatory in the classroom. These emerging technologies are notable examples because of their novelty, quick development, and impacts on daily life. According to studies, AR & VR would enable kids to comprehend and communicate more effectively. The usage of VR curriculum can change how educational materials are presented because it allows users to not only see what is being presented to them but also interact with it (https://www.researchgate.net/publication/358358757_Virtual_Reality_and_Augmented_Reality_for_Education).?

A topmost example of an EdTech startup using AR & VR is zSpace. It is a supplier of an AR/VR headset for educational purposes. It offers technology, software, and educational materials to enable users and students to learn in a simulated environment. The top 10 school districts in the United States are all currently among the company's customers. Between 2021 and 2024, zSpace anticipates that the integration of these technologies will result in revenue growth at a CAGR of 47%, with annual recurring revenues (ARR) expanding at a CAGR of 62% (https://www.globenewswire.com/en/news-release/2022/05/17/2444729/0/en/zSpace-Inc-a-Leading-Augmented-and-Virtual-Reality-Educational-Technology-Platform-for-K-12-and-Workforce-Development-to-Become-Publicly-Traded-Through-a-Combination-with-EdtechX-H.html).?

“zSpace is committed to innovating and delivering immersive learning experiences to address the rapidly evolving needs of today’s students.”

-Paul Kellenberger, CEO of zSpace-

In conclusion, the use of technology in education is growing, and the outcomes are quite encouraging. We are aware that there is a lot to take in when thinking about the technology used by EdTech startups to capture the marketplace. Yet, it is required to keep in mind that technology has reshaped the entire teaching and learning process in school and at home.?