Edtech businesses have paved the road for students to push themselves beyond their comfort zones, break free from monotonous learning patterns, and study completely. Edtech businesses in India have completely revolutionized the way people teach and learn by introducing new teaching methods such as audio-visual lessons, interactive content, and online courses, among others. Let us learn the various factors that make it one of the most profitable businesses in India with low investment.
The Indian edtech sector is expected to reach $1.96 billion by 2021, according to a 2016 KPMG estimate. Following India, Brazil, the United Kingdom, and China, India has the second-highest number of edtech businesses.
Here are 6 major factors of the edtech sector that makes it one of the most profitable business in India with low investment.
1. Online education is on the rise.
The education industry has been heavily influenced by technology. It is no longer surprising to see a smartphone in the hands of a child. School children’s mobile apps that give expanded learning opportunities have become common.
Even schools are merging traditional education with online learning. By including animations that may be used actively for successful education and communication, technology enhances the visual experience.
Edtech apps, in the form of online course material, are proven to be advantageous for parents who seek to home-school their children. As a result, launching an Edtech company will be a beneficial business decision.
There are a variety of factors that are driving the edtech business in India and allowing individuals to break into a multibillion-dollar market. Here are a few reasons why founding an edtech company can be beneficial.
2. There are no geographic boundaries.
Geographic proximity and personal presence were always factors in the old method of obtaining knowledge. For example, in the former Gurukula system, students were required to travel to villages far away from their homes, live in them, and gain education and other skills under the supervision of the gurus.
Similarly, the existing schooling system requires kids to spend six hours in the classroom. Geographical boundaries and physical presence are no longer required for students to obtain knowledge, thanks to online education and edtech businesses.
3. Recession-Proof Business
Recession-proof firms are generally described as industries that grow or at the very least survive a major recession. We can all agree that most businesses are harmed during a recession; some are severely impacted (i.e., non-essential, luxury items, tourism), while others have a moderate or minor influence (i.e., essential goods). When people have limited spending power, they prefer to spend less on luxury items and entertainment, limiting their spending to necessities and avoiding significant purchases.
4. Low-cost mobile phones and Internet services are on the rise.
One of the most important catalysts of India’s edtech culture is the digital penetration of low-cost mobile phones. With over 550 million people linked to the internet, not only has low-cost mobile phone penetration aided the rise of edtech businesses, but low-cost internet services have also aided the industry’s growth.
The combination of both of these low-cost services has provided many benefits to the edtech industry, giving young entrepreneurs the confidence to establish their own company.
5. Establishing Parental Trust
There was a time when parents were hesitant to put their children’s education in the hands of such new educational methods. Nothing in the world, they believed, could teach their children better than the established educational system.
People are willing to grasp the value of technology and become open to experimenting with new technologies because technology hasn’t left any industry untouched. As a result, they have begun to allow their children to spend time using online learning technologies, which has boosted the edtech business.
6. There are no language barriers.
As these edtech businesses take the world by storm, they’re making sure to reach out to every student regardless of their background. Language is one of the most significant hurdles to education. In a multilingual country like India, many edtech companies create ways to give instruction in as many languages as possible.
In this approach, edtech companies help in the removal of the most significant barrier to acquiring knowledge.
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