The global outbreak of Covid-19 has changed the lifestyle of people and almost every industry has resorted to online in a bid to survive and thrive. Among all those industries Edtech industry is the only one which is growing leaps and bounds.
Coursera which is a global ed-tech company recently released their ‘impact report’ for the year 2020 and weighed down on this same trend as it highlighted how India has now bagged the position of being its second-largest market after the U.S. with a whopping 9.8 million learners!
Sounds impressive, isn’t it? Well, now the question that arises here is – how did online education get this huge boost in 2020?
It is the global outbreak of coronavirus that swept the entire world and forced people to stay indoors locked in their houses for the first half of the year.
The shift is not limited to India alone. The global online education industry started getting a lot of attention as people slowly started feeling the need to upgrade themselves with all the extra time they have got while practising social distancing.
While students took up classes to perform better at their course curriculum and competitive exams, people from the corporate world decided to do the same in order to upskill themselves for a better position or a new job altogether.
According to Coursera, they too observed this trend as during the initial months of a pandemic. Since mid-March, over 21 million learners joined Coursera platform globally, recording a whopping 353% increase compared to the same time period last year.
Similarly, Byju’s, an India based edtech startup backed by Mark Zuckerberg, has attracted over 13.5 million new students on their platform.
Unacademy which is another Indian startup in the same space helping students crack various competitive exams has a similar story. They reported an 82% rise in revenue in April and claimed that it was 10X higher as compared to the same period last year.
Raghav Gupta, CEO – Coursera India, believes that edtech space has a lot of potentials as the learning landscape is changing rapidly.
He mentioned how skill development for businesses is something that is becoming increasingly valued and thus they are foreseeing a lot of expansion in the fields of both on-campus learning and business development.
As of now, Coursera has been busy partnering up with various Indian state governments to help upskill people, the most recent one being the partnership with Tamil Nadu’s Skill Development Corporation.
The company aims to upskill a whopping 50,000 unemployed youngers in the region across various disciplines such as data science, cloud computing, blockchain, AI, and much more.
All in all, if there’s one thing that can be vouched for its the fact that the edtech boom will continue to surge even higher in the near future.
A few days ago we reported how, up until now in this year, Edtech startups worldwide raised a whopping $4.89 billion in 377 rounds with an increased average deal size of $129,600. Thus indicating online education has starting ballooning up quite recently.
What are your thoughts on online education taking the centre stage on changing the learning landscape? Do let us know your views in the comments section below.