The global edtech market was valued at $123.40 billion in 2022 and is expected to grow by 13.6% from 2023 to 2030. So it is safe to say that the edtech industry is growing at a high velocity. As the industry grows quickly and navigates sudden shifts and technological disruptions, it is essential for stakeholders to interpret the needs of the learners. In doing so, they can find innovative solutions to bridge educational gaps and improve learning outcomes. The GSV Emeritus India Summit 2023 was one such mega event that bought all the stakeholders of education technology industry together. As the educational leaders discussed sustainable growth to drive better results in the edtech sphere, we were trendspotting. And we curated the following edtech trends 2023 at the summit that will set the path and pace of the learning market this year.
1. Hybrid Education Will be the Next Normal
Before the pandemic, online learning was a mere choice or even a privilege. However, during the pandemic, it became a necessity for students and professionals. As people gradually adapt to the latest technologies, hybrid education will become the next normal. Vivian Wu, Managing Partner, Ventures Chan Zuckerberg Initiative, at the GSV Emeritus India Summit 2023 explained, “Now is the ideal time to bring personalized education with hybrid learning.” She also suggested that integrating technology in education will foster long-term innovation and enhance personalized learning outcomes. This begs the question, is offline education than on its last leg. Abhishek Maheshwari, CEO of Aakash Educational Services, explains this dilemma as he said, “while the difference between offline and online learning is very prominent at the moment, a hybrid model will soon become the norm.” Essentially, both online and offline education, as we know it, will change and converge to attain the best synergies.
2. 2023 is the Year of ChatGPT
ChatGPT has taken the world by storm in the last few months. Nearly every industry is trying its hand at ChatGPT to improve its efficiency. The same holds true for the edtech space for personalized learning. Mike Malefakis, President of University Partners at Emeritus predicted, “2023 would be called the year of ChatGPT. Some of the smartest people in the world are already using it, so we embrace it instead of fearing it.” ChatGPT could help school students with reading, writing, basic syntax exercises, and solving mathematics or physics problems. Additionally, it can help improve research skills by providing the latest on research topics. ChatGPT might also help improve critical thinking skills. It could enable learners to analyze and interpret the information presented to the learners.As a language learning model, it can be trained to provide domain-specific learning. This includes the development of programming skills, project management, report writing, and problem-solving skills.
3. Immersive Tech and AI Will Change the Edtech Landscape
Technologies like AI and immersive tech are gradually eliminating the one-size fits all conventional modes of teaching and promoting adaptive learning. Immersive technologies like Metaverse, virtual reality (VR), and augmented reality (AR) offer an enhanced simulated learning experience. This is especially true in the fields of science or tech. They provide additional learning elements and reduce distraction. Sandhya Devanathan, Vice President, Meta India, informed at the GSV Emeritus India Summit, “750 million users globally have used AR effects on our platform.” When these technologies will be implemented to their full potential in education, it will be path-breaking.
4. Micro Degrees Instead of Monolithic Structure of Education
Learning models and outcomes have significantly evolved over the years, and edtech trends 2023 further substantiate the same. However, in many countries, the education style is still largely monolithic. Learners enter at the school level and finish their higher education. Taking a break or changing your career path requires having to start over. This makes the existing education systems extremely rigid. Affordability and access are also critical issues with the monolithic structure. Anant Agarwal, Chief Platform Officer of 2U and Founder of edX proposed a brilliant idea to remedy to improve the learning model in India at the GSV Emeritus Summit. He suggested a LEGO structure, similar to LEGO blocks where each level of education provides micro degrees certification or credentials. Moreover, one can simultaneously pursue other courses, thus reducing the dropout rate.
5. Technology Should Support Teachers, Not Replace Them
With changing edtech trends 2023, a lot of people in the education industry fear that they will lose their jobs to technology in the next few years. However, that is far from the truth. Technology will only play a supporting role when it comes to imparting education. Teachers will continue to be the lead players.To understand this better, let’s go through the role of artificial intelligence in online learning. One of the most important elements for online learning to be effective is smooth interaction between teachers and students. It impacts the overall learning outcome. However, with excess usage of technology, students might limit their ability to learn independently. Hence, teachers can ensure controlled usage of technology for learning. In fact, AI can support teachers by automating routine tasks and creating personalized, adaptive assessments for each student.Social interaction between teachers and learners is also a prominent factor that makes the role of teachers irreplaceable. Lack of face-to-face academic social interactions can have a negative impact on learning outcomes and self-regulation. On the contrary, interactive learning boosts academic motivation for online learning.
6. Indian Education Will Become a Brand of Its Own
India is emerging as the edtech capital of the world, and its strong database structure allows companies to gain market insights and grow. According to GSV Founder Michael Moe, “India is a ready market for edtech players.” One of the significant reasons for this is the large population of around 600 million youth in India that need access to quality education. And as Chaitanya Kalipatnapu, Co-Founder of Emeritus pointed out, “Building brick-and-mortar institutions for all these learners at pace is impossible.” India’s edtech market size had a value of $700-$800 million in 2021. One interesting point is that Indian edtech trends 2023 are more prominent for non-academic courses, especially in tier-2 and tier-3 cities. A large population and lack of access to quality education are some of the major challenges in the Indian education sector. However, the edtech industry is bridging the gaps by offering cost-effective and quality content and increasing interaction between teachers and learners. In fact, the swift rise of Indian edtech MNCs is enabling a new brand of Education in India. Pranjal Kumar, CFO and Head of Corporate Development, Emeritus explained at the GSV+Emeritus India Summit that, “tools built in India are also relevant for other markets.” Thus edtech companies are in an advantageous position as their products are in major demand in the U.S. and Europe markets.
7. Skilling Will Happen at Scale and Includes Leaders
We are living in a fast-paced competitive world where new technologies are being introduced almost every day, trends are evolving, manual jobs are becoming obsolete, and new tech jobs are on the rise. Thus, while technology has eased its way into our lives, it has given rise to uncertainty. Hence, it is essential for us to keep learning and constantly upskill ourselves.
Jawahir Morarji, the Managing Director of Enterprise at Emeritus and Eruditus, aptly describes the importance of upskilling for leaders by stating, “When a person stops learning, they start falling behind.” Hence, we must learn new skills in such uncertain times to adapt to rising jobs. He believes that jobs are bound to transform, and those who learn to adapt will never lack opportunities. The 2023 Workplace Learning Report published by LinkedIn states that job skill sets have evolved by 25% from 2015, and it will reach 50% by 2027. Hence, the need for upskilling is at an all-time high. The top 10 skills that most companies require are:
- Customer Service
- Project Management
- Analytical Skills
Start Your Upskilling Journey Now with Emeritus
Edtech trends 2023 will continue to evolve rapidly over the years. We are likely to experience an increase in the use of AI and other immersive technologies for learning. It is equally important for teachers and students to embrace technology and make the best use of it while teaching and learning, respectively. Online courses ensure personalized learning, enhancing the learning outcome and helping you advance your career. Check out Emeritus’ online courses today.
By Sneha Chugh
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