New Delhi, December 3, 2019: As the global education ecosystem continues to grow and evolve at a rapid pace, the space has witnessed an increase in the number of Ed-tech players. Recent research suggests that the global Edtech market is expected to grow to USD 341 bn by 2025.
Armed with massive opportunities and ideas, global leaders in the Edtech sector recently came together at the 2019 Global Education Summit (GES) in Beijing. The summit revolved around exploring effective solutions from diverse perspectives, centered on the theme “Education for All”. Representing India were top Edtech players, Gradeup, Toppr and Vedantu, who shared key insights on the test preparation and tutoring markets for competitive exams in the country.
China, which is the leader in the Edtech space, has made significant strides by specifically focusing on student success and effective tools for measuring learning outcomes. Chinese Edtech companies witness tremendous growth every year due to improvements in sales and recruitment process, teacher's training and technological upgrades relevant to their offerings. By the end of 2019, the Chinese Edtech market is expected to reach 41 billion, growing at a rate of 20% annually.
In India, the Edtech market is expected to reach 1.96 billion by 2021, with test preparation being the fastest growing category with a CAGR of 64%. The current numbers are an indication that there is a lot to do and learn for Indian Edtech players from the Chinese.
Sharing his insights, on the gap in Edtech markets in both countries, Shobhit Bhatnagar, Co-founder–CEO, Gradeup said, “With a focus on student outcomes, Chinese Live tutoring players have successfully been able to scale and innovate over the last 3 years. There is a lot that the Indian Edtech landscape can learn from this. This exchange has only reinforced Gradeup’s commitment towards further driving live online classes and strengthening our technology and product. We also plan to intensify our focus on Student Success in order to ensure greater efficacy of learning outcomes.”
The 2019 Global Education Summit saw the participation of over 200 representatives from the education, political and business sectors sharing their insights on the future-oriented development of education. The key focus was on facilitating greater inclusivity and equal access to education.
The development of the Edtech market in India and the success of existing players will be largely driven by their focus on Live tutoring, with student success and learning outcomes at the very core. Shaping and realigning their delivery of Edtech content in a manner that is tailor-made and suited to the country’s continuously evolving educational landscape is the need of the hour. It will propel the growth of the sector in the future, and further boost the goal of democratized access to quality education for students pan-India.