The EdTech Summit in May covered the disruptions of the pandemic on the future of e-learning training. Edtech’s annual summit back in may highlight the pandemic as a Cerberus-like crisis that attacked from three fronts — psychological, health, and economical.
However, according to a Bloomberg report, the pandemic also provides the opportunity for a digital leap in education and work. Various countries responded to the pandemic with national policies that reformulated and improved their digital learning processes.
China is one strong case in point. China initiated its National Online Cloud Classroom, which continued to provide lessons for 180 million students during the initial school closures due to the pandemic. Subsequently, some universities and schools converted their programs into online classes for improved accessibility while there was a rising demand for digital tutoring.
Reports show that China experienced a rise from 37 billion to 57 billion USD in its online education industry from last year. China has invested more capital (3.5 billion USD in the first half of 2019 versus 1.7billion USD for the whole of 2019) in the development of its EdTech as compared to the United States.
EdTech Summit Organizers Led by Example
EdTech Summit organizers demonstrated the potential of virtual learning by integrating various tools that drive the future of e-learning — via a cyber on-demand event. In May, virtual attendees of the event witnessed an immersive online experience with AI-powered matchmaking and an on-demand content library.
Other virtual experiences include seamless sign-ins across various platforms, intuitive meet-and-greet communication tools with speakers, and highly responsive all-in-one navigation bars. The experiential elements incorporated in the event reflected EdTech capabilities applicable to interactive remote lessons.
Key Findings of the EdTech Report
The EdTech report reflected COVID-19’s impact on learners around the world. According to the IMF, the world might face an economic contraction that overshadows the financial crisis of 2008. The report goes on to highlight EdTech as a solution amidst the worldwide disruptions to education and training. Experts dub the educational shift as a global EdTech Experiment. More importantly, the report emphasizes that COVID-19 is not the initiator of the process but a catalyst for a trend already in motion.
Prioritizing Digital Acceleration
COVID-19 causes the need for digital acceleration through the adoption of virtual alternatives amid school closures and lesson disruptions. Virtual operations remain a significant function of the economy, and industries will increase investments to fine-tune existing practices. The increasingly virtual strategy includes educational transformations and EdTech improvements, where funding will slow economic growth.
Overcoming Learning Debt
The pandemic forces corporate leaders and educators to refocus on the underinvestment of digital learning resources, which hampers digital transition efforts. Emphasis on EdTech upgrades involves the research and development of next-generation learning tools to mitigate the effects of future disruptions.
Practicing Deep Learning as a Driver of Change
The Edtech report identifies deep learning as a crucial factor in the Post-Covid world. Deep learning involves educators going beyond basic digitization toward digital transformation supported by AI that offer experiential opportunities. Experts believe that the process can significantly improve human and machine-learning capabilities.
Aiming for the Long-Term
Market experts believe that EdTech investments will pay off in the long-term but not without potential problems and losses. Additionally, incremental revenue may only start to take shape through 2021. However, experts predict that the EdTech market will grow exponentially from 186 billion dollars to 368–406 billion in 2025.
The report also covers the accelerated decline of traditional educational institutions like vocational training centers and childcare centers. In contrast, workplace collaboration, e-learning apps, and online institutions overtake as leading academic outlets.
As the new normal continues, the EdTech industry may offer novel long-term solutions that bring greater flexibility, personalization, and adaptability to cope with remote functions. Life-long learning as a whole might change forever with improved technologies in information-sharing and sustained online development.