Learning is an ongoing process. One is constantly learning, whether directly or indirectly. The fundamental sort of education that we receive at school allows us to gain a basic understanding of various topics, but it does not necessarily prepare us for our future employment.
Given that the current players are primarily focused on digitising the offline experience without much technological advancement, we believe that the next version of Online EdTech will be primarily focused on creating learning outside of schools as well as parallel education to provide a holistic learning experience. Beyond K-12, we witness employer-led up-skilling and a growing interest in entrepreneurship.
In the aftermath of COVID, we will begin to see fundamental changes to higher education which would have a significant ripple effect on the future of work too – Most adult learners are comfortable learning remotely and are now getting hired remotely, and then working remotely. Emerging tech through AI, NLP, and VR will continue to push the envelope for innovation and user experience.
95 per cent of the country’s population converses in vernacular, with a total number of 780 languages in India and 122 languages have at least 10,000 speakers. Ninety-five per cent of video consumption is in vernacular language. The vernacular opportunity is roughly ~10% of the current EdTech market.
Digital infrastructure spending: Increased technology adoption behavior is leading to universities increasing budgets for digital infrastructure spending. Tools able to add significant value in improving current processes and digitize offline workflows we be able to tap into the market faster than ever before. Timelines are expected to be smaller, end-to-end implementation faster. As B2C begin competition with schools and universities for students, technology will no longer become a ‘good to have’ but a ‘need to have’ – however, in most cases technology will never be a differentiator for institutions.
• Ability to move up value chain: SaaS Tools, B2B EdTech services – once they gain significant traction – have the ability to move up the value chain and offer additional services – moving from a B2B model to a B2B2C model. Large
• Economics & potential: Sales cycles will typically be long, and customer of acquisition per customer high – but strong B2B EdTech companies will have stickiness, high LTV, economies of scale and large margins. Full-stack solutions will be hard to introduce – players will need to develop a niche and expand. The B2B EdTech market is relatively not as large as B2C, but has the potential to grow significantly due to low adoption/ players in the space.
In absolute terms, the online higher education and lifelong learning market size stands at $0.5 billion at present, which could grow to anywhere between $4 billion and $6 billion by 2025 according to RedSeer.
The advancement of EdTech will in turn boost lifelong learning numbers further, as tech can offer working professionals the much-needed convenience and flexibility to balance work and school with the added bonus that these professionals are willing to pay.
Making a learning culture inside the organization is a successful way to make strides in execution and advancement, as said prior, but moreover worker fulfillment and maintenance. Here’s why:
Knowledge is control – The more workers know and the more they can do, the more they can contribute to the organization.
More fetched compelling – Contributing within the advancement of representatives is less costly than rehiring and retraining unused employees.
Show that workers are esteemed – Bolster of persistent learning demonstrates that representatives are worth the venture which the organization is honest to goodness almost worker career improvement.
There are multiple variations through which working professionals adapt to new skills. The most well-known one has been Learning Sprints with vibrant communities; here individuals engage with curated content. These are short to long term programs where one interacts with peers and mentors. Digital marketing courses are a great example of such programs. Finishing School is another approach which employees are interested in. These programs are short and focused on salary hike or employability preference. And the last variant which has seen increased preference has been Hobby platforms. These are pre-recorded classes by recognized celebrities/subject-matter experts.
(This is a slightly modified version of an article originally published in The Times of India. The original article can be found at https://timesofindia.indiatimes.com/blogs/voices/continual-learning-for-working-professionals/)