Gone are the days when education was restricted to the four walls of a classroom. Today, the education sector in India and around the globe has changed in leaps and bounds and EdTech is revolutionizing the field of education. It is partly due to the unexpected Covid-19 pandemic, which created a need for easy access to education outside of institutes and classrooms and significant changes in the infrastructure to facilitate online and tech-based education. CXOToday in conversation with Mr Neeraj Sharma- Vice Chairman- The Lexicon Group
Q1. How EdTech companies are taking the next step toward New Education Policy?
Ans. The National Education Policy introduced in India envisions a comprehensive, multidisciplinary, and holistic approach to undergraduate education. The EdTech industry has realized the potential that it offers and welcomes it as means by which it can cater to learners, meeting and delivering the requirements of holistic education. EdTech companies are now working to explore options and provide students with an enhanced learning experience, inclusive curriculum, unique topics, integration of vocational education and different admission or exit points with appropriate certification for the future.
The creation of digital libraries for students and teachers, integration of transmedia edutainment and gamification in learning modules, and introduction of coding in education are a few vital contributions to the field of education that can be expected from EdTech companies soon.
The education policy also focuses on enabling teachers to become proficient online content creators to capture and uphold student engagement while utilizing a digital or tech-enabled platform as an educational tool. The policy, in its entirety, provides a whole host of new possibilities for EdTech companies and all stakeholders to explore.
Q2. Innovative Tech and Holistic Learning Is the new era? Do you think so?
Ans. Yes. It is my firm belief that Innovative Technology and Holistic learning are ushering in a new era in the world of education. It has always been our aim at The Lexicon Group of Institutes to ensure our students are academically, intellectually, socially, and emotionally rounded to become self-aware global citizens of the world. Holistic Education results in the all-round growth and development of children and, hence has always been the priority of The Lexicon Group of Institutes.
Even today, technology has embedded itself in every aspect of life, and as technology advances, so must the skills and know-how of an individual. Innovative technology in education serves as a crucial tool in engaging students, nurturing their curiosity, and enhancing their overall learning experience. It creates and promotes the possibility of introducing children to critical concepts in a tailored format that is easy for students to grasp. The National Education Policy also strives to do the same.
We must remember that “the goal of education is to empower students with essential skills for succeeding in their future endeavors”. With that in mind, any tool that facilitates it should be employed. Today, Innovative technology does just that. It enables learners to access quality education from any corner of the world, at any point in their lives. Innovation technology and Holistic learning inspire critical thinking, problem-solving and ingenuity in learners, paving the path for the global citizens of tomorrow.
Q3. How would you deal with technology failure?
Ans. I believe that we as leaders must be prepared for adversities and adapt to any and every situation that comes our way. I think, The Lexicon Group of Institutes has displayed commendable adaptability in countering any problem that comes our way with our management of the operations during the pandemic.
Adopting technology in classes does not mean discarding or doing away with the traditional methods. A balance of digitization and physical presence is the perfect solution, according to me, in case a technology failure situation present itself. This way, the educators will still have access to offline teaching tools and can ensure the functioning and learning of students do not halt. Back-up plans with activities and using this opportunity to impress on students the importance of adaptability and inventive thinking is also a great solution to technology failure.
Q4. What are the data trends that are likely to dominate the digital transformation Journey of EdTech companies in the coming years?
According to eLearning Industry, over 47% of learning management tools will be AI-enhanced within the next three years. Though AI has been a part of the EdTech industry for some time through Adaptive Learning, interactive games for early childhood education, Learning Management Systems, Student Metrics Analysis etc., schools and educational institutes were slow at adopting these technologies before the pandemic. With rapid digitization as the trend in motion, the utilization of Artificial Intelligence and Machine Learning to promote tech-enabled and enhanced learning environments for students is expected to gain prominence in the near future.
Automation in schools is another emerging trend that will significantly impact the transformation of the Ed-Tech industry. With more and more educational institutes and platforms looking to move to a fully digitized environment, software developers will look to offer entire ecosystems which integrate all the operational and non-operational aspects in the working of a school on one platform or application. This is not only advantageous for the institutions but also for the students, teachers and parents who will benefit from real-time information, enhanced teaching tools and superior learning experiences.
Education for all is a global motivation for the Ed-Tech industry, which will ensure ease of access to every student around the world. The pandemic paved a path for rapid expansion of the Ed Tech industry while highlighting its potential to ensure education for all is achievable. At this time, it continues to gather momentum, this is evident from the report by Research and Markets which states, “the global EdTech market was valued at $254.80 billion in 2021. It is expected to reach $605.40 billion by 2027 and will grow at a CAGR of 15.52%.”. The primary trends that will influence the transformation of the EdTech companies will stem from technological advances, industrial skill requirements and demand for the provision of enriched curriculum for learners.
Q5. How is the EdTech market trend growing globally and in India?
“The Indian EdTech industry was valued at US$ 750 million in 2020 and is expected to reach US$ 4 billion by 2025 at a CAGR of 39.77%”, according to a report on the IEBF website. The proliferation of the EdTech industry in India is promoted by various factors, one of these which is the growing demand for tech-based courses. Students in K-12 grades, professionals seeking to upskill using non-academic courses, aspirants of higher education, and preparatory courses for students prepping for competitive exams are the key contributors to the EdTech demands.
The same trend of growth is observed on a global level, with similar factors giving rise to the need for tech-supported learning. A key factor is a change in the approach to education itself. Instead of the chalk and talk mode, educators prefer utilizing digital resources to support the curriculum and create an engaging environment for the learners. Advancement in technology and the introduction of concepts like Transmedia Edutainment, Gamification and Digitization are equally responsible for propelling the EdTech industry.