In 2014, the EdTech industry has crossed $1.8 billion dollars, which was $380 million in 2009 as per the CB insights.
It has been 4 damn years since that billion figure and you are smart enough to imagine the growth possibility as of today, 2018.
Let me tell you something to surpass your imagination – EdTech today is on the verge of becoming a trillion dollar industry.
Let me tell you how costs work in a brick and mortar education system.
You spend on a land – into millions of course or you get it for free if your ancestors are really kind enough!
Then the infrastructural cost in a few thousand bucks.
Then the amenities and device cost, umm, some thousand bucks again.
The hiring process and related costs – some hundred bucks.
The marketing costs – some hundred bucks or at max a few thousand dollars.
Adding this up, I see a million dollars spent only for the setup. The only sensible investment, according to me is in the amenities/ educational material costs and in the hiring.
On the other hand, with a blend of technology and the education, the cost breakdown is very simple:
EdTech website development, an EdTech Android app, and an EdTech iOS app development in some thousands.
The hiring process and related costing – thousands again
The marketing cost – thousands and that it is period.
P.S. Kindly consider the currency mentioned in dollars and not the currency you operate in. Else EdTech would have a daycare business’ equity :D
You save up and you don’t spend much, both at the same time and so you end up saving a lot.
It isn’t exaggerating to say – EduTech is the new FinTech.
So, what does the future hold for the EdTech aspirers? Following are the trends that are lasting at least till 2019, 2020, 2021, to 2029. So, for the next 10 years, before every New Year you will be reading the same bulleted trends and points.
.7) Virtual Reality and Augmented Reality
I always knew what a cell in the human body is, that’s because I read about it, saw it under a microscope, took an exam, and scored an A+ (I did seriously).
However, I don’t know what an atom is because I have only perceived with an idea of an atom and have read about it, but have not seen it.
Now, practically it is not possible to see an atom, but virtually it is and this is how virtual reality enhances knowledge and not just literacy.
Virtual reality is an ideal aspect for innovation needed in edtech app development. If you can read between the lines, using virtual reality technology in education, the students can develop their own knowledge from their meaningful experience.
The visual and audible content creates a strong impact on the imagination of the students.
Quick Read About : Edtech App Business Models
What You Can Do
· 3D Technology to Create Educational Graphics and Videos
· An Augmented Reality Classroom
· Surgical Theatre for Medical Students
· A visit to the Jurassic Age
· Go with the times of Second World War
· Meet the Space Residents
The basis of education is to spark the imagination and not sharpen the memory.
.6) Game-based Learning
When you enjoy what you do, you are more likely to be drawn to do it more and eventually you are addicted to it.
“Hey, this game is so cool. I am addicted.” We all can relate to it, right?
Now imagine, what if one day you see a student studying and saying, he is addicted to learning?
You’d probably stop imagining, but hey, it is possible innovation needed in edtech app development with the help of gamification.
Game-based learning, or as commonly known as GBL, are gaining too much popularity as they are powerful tools to shape the future of learning.
When bound tightly to the curriculum, gamification proves to be engaging and relate highly to the students.
What You Can Do
· Quest Learning Tests and Assignments with Badges, Awards, and Achievements
· Involve Simulations to Create a Better Learning Experience
· Including Game-inspired Element in the Course of Education
· Healthy Competition among Students
Knowledge is to be taken seriously and not the process of gaining it.
.5) Multimodal Learning
Reading is the best mode if you want to excel over a language or grammar.
But then, for physics you have to see, experience, and derive things which need practice. As I mentioned before, an atom just remains an atom till you read about it, but when you see it practically you start visualizing it.
Some learning is textual, some should be graphical, some needs to be visual, while some have to experiment and there are no escape ways from this fact.
There are some types of concepts which can be better understood when they are taught using multimodal techniques and what better than making use of the technology!
What You Can Do
· Incorporate Graphics and visuals
· Make use of cross-modes and multimodal techniques as per your concept
· Get an innovation in edtech app development with a large appetite for media and visual storage
Dear education system of today, You teach technology, why don’t you make use of it.
.4) Cloud Computing
Textbooks are heavy.
Both in terms of weight and price.
The expense of textbooks outpace of everything, literally, including the tutorial classes. But students have no option but to buy them.
However, cloud-based textbooks can solve the problem. Simply put, the digital content is less expensive as compared to the printed content. It has the ease to create duplicate copies and yet other than the cloud space, it does not incur any extravagancy.
When observed at a different angle, the content is first researched, then verified, then written, then edited, then printed, then edited again, then printed, then updated with the new content, then edited, then updated, and oh so costly.
But with digital content the case is quite simple. You research the content, you verify it, then write it, then edit it, publish it, then edit again, then publish it, then update it, and publish again, and again, and again.
See much cost effective. All print costs are safe-pocketed with you.
This is a digital learning for you.
Also, when a material is to be shared with the entire class cloud is the best solution that I can think of.
It is as simple as doing it to one and the reach is undebatable.
What You Can Do
· Have software integrated with a large cloud space
· Control the access for students – limited access, give access, stop access
· Have an application developed which can hold all the data of the teachers as well as the students along with the sharing functionality.
What is right to education without students having an access to the latest educational materials?
.3) Distance Learning
How many students have you seen who have to give up on their dream university just because of the physical boundaries?
Well, I have seen many and that urges me to point out the fact that if at all there are campaigns going on around the world with a flag to provide the right to education, more important is to provide the education right.
After all, who would not like to study at their own pace and time. With distance learning, the students can decide their own course, with the university of their choice, and at the place of their choice.
It would not at all matter in which continent you live, it is just that you can get a degree from anywhere in any course.
One of the most beneficial aspect about distance learning is it costs less than a full-time degree for the students and costs less for the universities, as no physical space is required.
What You Can Do
· Ensure that the distance learning is as effective as the offline learning is.
· A centralized organization that accredits the distance learning institution.
· A designated website or application serves the purpose the best.
Have demographic boundaries, not educational boundaries.
.2) Enhanced Learner’s Engagement
We all know how education works for the last benches.
Let’s not deny the fact that engagement is a problem and when it comes to brainstorming solution, all the eyes turn to digitization.
While the classrooms cannot help gauge the engagement of the students, online classrooms are reliable on the engagement that they get. The engagement, measuring factors when considered are bounce rate, page ,session, and other similar tools.
After every lecture, seminar, interaction class, or webinar, an online test/ quiz should be given to the students to gauge how much have the students grasped out of what has been taught.
Another quick strategy is a frequent review from the learning outcomes. The instructor’s introductory video should be included in the video or in the description so that the students can quickly have a revision. It is also crucial that all the educational materials are in a complete alignment for the students to get navigated to it easily.
What You Can Do
· Conduct as many exit tickets as possible at the end of any lecture. It may not be brief and comprehensive.
· Integrate webinars.
· Constantly monitor the bounce rate, see what is not working for the students, and try to make the content more interactive.
If you cannot engage them enough, you cannot educate them enough.
.1) Online Social Networking: Community Based Learning
Social media and learning – never got to see both of these words in the same sentence?
Well, get habituated because social media has got many benefits for the students.
It increases the proficiency in the technology and their exposure to different opinions and views which can in turn broaden their perspective.
Social media has a lot of communication to do with it and students can profess communication. Moreover, social media is the most engaging way to learn. Platforms such as Quora can help the students to learn many new concepts and can share their insights.
As a part of team building effort, students can collaborate with their peers and can group work on their assignments.
For any doubt or queries, the students can immediately seek guidance from their teachers.
What You Can Do
· Encourage more social media platforms either at a university level or an institution level. All the students, dean, teachers, will be the stakeholders.
· The online social media platform will make it easy for the students and the teachers to exchange eBooks, media, videos, test results, and other learning materials.
Social Media Platforms are fun……that is how learning should be.
The EdTech Movement
These were the 7 key trends for innovation needed in edtech app development that you will be witnessing in the EdTech in 2018 and the years to come. Trust me, while every industry is pacing up towards digitization, education is in the incubator and that is where you have your chance to be that innovative EdTech and earn like FinTech.
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