Edtech is defined as "the research and ethical practice of promoting learning and enhancing performance by inventing, employing, and managing suitable technological processes and resources," according to the Association for Educational Communications and Technology (AECT). Online and digital education is given considerable attention in the new National Education Policy (NEP) 2020. This would allow Edtech to become more incorporated into Indias educational system.
The Edtech industry has its own set of challenges
According to Tracxn, a startup and private company tracking tool, India has over 6,950 Edtech startups. These Edtech businesses provide smart classroom solutions, adaptive learning platforms, learning management systems, and collaboration platforms by leveraging technology to provide the finest services. All of these elements, together with inflows of capital, acquisitions, product upgrades, and more players fast shifting and adding students, are speeding up the digital learning revolution in our country.
The Indian Edtech industry was valued at US$ 750 million in 2020 and is predicted to grow at a CAGR of 39.77 per cent to US$ 4 billion by 2025. The need for non-academic courses from tier II and III cities, as well as the need for personalization in the Edtech field, are driving this expansion. K–12, after-school foundational, and pre-preparational courses will get US$ 1.5 billion of the expected market value of US$ 4 billion. In 2020, Indian Edtech start-ups raised more than $1.43 billion in 100 agreements. Both parents and educational institutions were pushed to deploy tech-enabled learning solutions as a result of the COVID-19 pandemic interruptions and subsequent lockdowns, making Edtech the most well-funded sector in the country.
During the pandemic, the education industry in India has been the most disrupted. Todays education is no longer limited to traditional classrooms. The governments limits and tight safety measures have prepared the way for new-age pedagogies. The Indian Edtech business is thought to have garnered $16.1 billion in venture capital funding, up from $500 million in 2010. The K-12 segment, higher education, and upskilling sectors are driving this industrys expansion.