USA: The global edtech market has experienced a mixed year in 2022. Unlike India and China, where the industry shrunk, North America, South-East Asia and the Middle East saw expansion. According to a recent report by Bloom Ventures, the industry is expected to reach $300 billion in 2029, despite a slowdown in some regions of the world.
While the pandemic was bad for many, edtech companies were unaffected. It would not be wrong to refer to the two years of the pandemic as the golden age of the edtech industry.
But now that the situation has changed, Edtech companies will also have to change. They needed a new strategy if they were to continue to grow in the outside world. According to the report, they will change and evolve.
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According to the "Indian Edtech in 2022" report, COVID-19 had a positive impact on India's edtech market, which is expected to grow to $6 billion in 2022. The market value of this industry in 2021 was $ 4 billion. With a market share of $2.7 billion, K-12 education remains India's largest industry, followed by colleges and upskilling programs with a market share of $1.6 billion.
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According to the report, Indian edtech start-ups have reached international markets. According to the statement, "Edtech start-ups in India have demonstrated that their total addressable market is not limited to dollars spent only by Indian parents and institutions, but also global spending." Interest in edtech has grown in North America, South-East Asia and the Middle East. Their ARPU (average revenue per user) increased as a result of reaching these markets.
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As per the report, Indian edtech will move beyond the confines of traditional education once the impact of the pandemic subsides. The next big opportunity will be in the areas of funding, new age skills, skill development and education for children under the age of eight. Opportunities in a hybrid model for young children that include space for learning and personal development were particularly highlighted in the report.