The EdTech business model has emerged to be one of the most profitable and luring models of businesses. It’s one of the few industries that aren’t affected by the COVID-19 pandemic. The EdTech market has seen an incredible increase in growth over the last few years, and therefore, more and more investors are looking to invest in EdTech startups and EdTech business models. Since London is considered as the tech capital of Europe, we’re seeing a huge number of London Startups coming up with innovative EdTech solutions and services. Before we go any further into the topic, it’s important to know what is EdTech.
What exactly is EdTech?
EdTech is a word-combination of Education and Technology and refers to software and hardware designed to improve teacher-led learning in schoolrooms and enhance students’ education outcomes. It is the study and practice of simplifying learning and enhancing performance by using, creating, and managing applicable technological resources and processes. With the advent of the internet, tablets, computers, and smartphones, students in distant areas can now attend courses and classes that were previously inaccessible for them due to geographical, financial, or other limitations.
Why the EdTech Industry is growing?
Many key factors are playing a crucial role in the EdTech market growth. These include but are not limited to the proliferation of digital devices, adoption of EdTech tools by both non-academic and academic sectors, digitization in the education sector, seamless internet connectivity, and more. Some of the major educational organizations and higher institutes across the globe are gradually switching from the legacy EdTech educational system to online-based EdTech solutions. According to a study conducted by Grand View Research, Inc, the global EdTech market size is expected to reach a whopping $285.2 billion by 2027.
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