Edtech companies have made it possible for students to go beyond their comfort zone, learn in a way that is more interesting, get out of the ruts of traditional learning, and excel at studying. India’s Edtech companies have revolutionized how people learn and teach by using new methods like audio-visual lessons and interactive content. Let’s find out the many factors that make it one the most lucrative businesses in India, with low investments.
According to KPMG estimates, the Indian edtech industry is expected to grow to $1.96 billion in 2021. India is second in terms of the number of edtech companies, after Brazil, China, the United Kingdom and China.
1. Online education is growing.
Technology has influenced the education industry greatly. It’s not surprising that a child has a smartphone. Mobile apps for school children that offer expanded learning opportunities are now commonplace.
Online learning is becoming more popular in schools. Technology enhances the visual experience by including animations that can be used for communication and education.
Parents who home-school their children can benefit from Edtech apps in the form online courses. It is a smart business move to start an Edtech company.
Edtech in India is driven by many factors, allowing individuals to enter a multibillion dollar market. These are just a few of the reasons that edtech companies can be a good idea.
2. There are no geographical boundaries.
In the old method of learning, geographical proximity and personal presence were important factors. In the old Gurukula system, for example, students had to travel to faraway villages to live and learn under the guidance of gurus.
The current schooling system also requires that students spend six hours per day in class. Online education and edtech companies have made it possible for students to gain knowledge regardless of their physical location.
3. Recession-Proof Businesses
Industries that are recession-proof can be described as those that have grown or survived a major recession. All businesses suffer from recessions. Some are severely affected (e.g., luxury goods, tourism, non-essential items), while others are more moderately or less affected (e.g., essential goods). People who have less spending power tend to prefer to spend less on entertainment and luxury goods, and to limit their spending on essentials.
4. The popularity of low-cost internet services and mobile phones is on the rise.
The digital penetration of low-cost phones is one of the key drivers of India’s edtech culture. The industry has seen a rise in edtech companies thanks to its low-cost mobile penetration. This is in addition to the 550 million people connected to the internet.
Combining both these low-cost services has brought many benefits to the Edtech industry. It gives young entrepreneurs the confidence to start their own business.
5. Establishing a Parental Trust
Parents were reluctant to trust new methods of education with their children for a while. They believed that no other educational system could provide a better education than the one they had.
Because technology is not a new technology, people are more open to learning about the benefits of technology and willing to experiment with it. They have also allowed their children to use online learning technology, which has helped the edtech industry.
6. There are no language barriers
These edtech companies are taking the world by storm and making sure they reach every student, regardless of their background. Language is one of many obstacles to education. Many edtech companies offer ways to provide instruction in multiple languages, especially in multilingual countries like India.
This approach allows edtech companies to remove the greatest barrier to knowledge acquisition.
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