Evolving Facets of Higher Education and Its Scope in Indian Economy

In an advancing economy, technological initiatives and strength become the backbone on which the economy can rely for growth. The influence of technology is widely spread and absorbed into our day to day life including the education sector as well. The advancements in the field of education are far more than what it is used to be ten to fifteen years back. Furthermore, the future plans in this field are even more remarkable and bound to take the sector miles ahead in advancement. With the introduction of technology, the reach and impact of educational advancements have touched a wider audience especially in rural areas which would have been impossible without the aegis of technology. Changes are no more limited to urban areas but it is also touching and changing the lives of students in rural areas.

Ironically even with all the technological advancement on the rise, the employable and skill ratio of our youth is very less and makes a very discouraging number. A lot of the graduates are not employable and the dissatisfaction of the students with current education system has reached a peak level. This though is a sad fact, also becomes a blessing in disguise as it also makes the current time to be the best to start a startup in the education sector. India’s economy is a dynamic one and provides a rich fertile ground for new ventures and entrepreneurial opportunities for those wanting to begin their entrepreneurial journey in the education sector. You may like to read Benefits of Higher Studies from Australia.

To thrive and to have a strong foothold in this sector, understanding the challenges and the nature of business including the conspicuous and inconspicuous nuances is crucial. The Education sector in itself engulfs a whole lot of key areas that can define the future of higher education and opportunities that exist for people in the education sector.

The Spreading Network of Online Education

Internet being widely available to the people has opened up a lot of new scope in the Education Sector. The access to the internet is becoming common and easy and among many of its uses, one of the major uses is for learning. From just being a source for references, the Internet is becoming a place where students can even get degree courses. This has made it possible for more and more students to acquire the education with ease and at their comfort.

Prospects for Business

More courses that have received accreditation from some prominent institutes will see an increase. This increase in enrolments will be executed through the online medium. This will also help in reducing the cost that would really be able to make these courses receive mass adoption. Capsule courses that focus on teaching one specific skill (for example- leadership, negotiation) will be in demand as well.

Dominance of Research-Based Courses

With the changing nature of education sector, more and more course will emerge that would revolutionize the traditional teaching principles. A hands-on approach will replace regular pedagogy involving class lectures, assignments, terms and other things. Therefore, making experiential learning the preferred methodology.

Opportunity –

Startups who want to do well can enable institutes to start or easily operate their experiential learning efforts. They can achieve this by either creating content or connecting students to relevant sources.

The New World of Virtual Reality and Augmented Reality

Imagine life like models popping out of books that can explain a particular topic in an interesting and eye-grabbing way. Simulation of different topics in Virtual Relity that would not only allow children to learn from, but also interact with. While VR is still a few years away from reaching a critical mass, we are using augmented reality widely today. The examples are Snapchat, Pokemon Go etc. This would soon be making its way into the education sector even more prominently.

Opportunity –

Companies working on A.R. enabled books will all see mass adoption in the coming times. This technology can better explain the content and make it more engaging or provide V.R. based simulations.

Personalization Becoming the Need of the Hour

The nature of work as well as what we study are becoming dynamic in nature. Students in the same class might want to learn different topics from each other. Or at least they would like to learn one topic more deeply than the other. Same course content, curriculum to serve hundreds of students at the same time may not work at all in future. This would make way for personalized solutions for students.

Opportunity –

One clear opportunity in this space is adaptive learning. Startups that create systems with their own content that adapt to a learner’s needs or simply integrate with existing systems to make them more adaptive can expect a positive response from the market in the coming days.

Artificial Intelligence and Big Data Ruling the Future Classrooms

AI systems and big data are already influencing our day to day lives and the decisions we take. The foreseeable future of education is not without systems where AI is not integrated.

Opportunities –

Opportunities exist both on the macro and micro levels. Example for a micro level would be finding why a course sees a decline in engagement after a certain time. And an example of a micro one would be intelligent bots interacting with students to increase engagement or assess their performance. These levels are with regards to AI and big data in the education field.

Overall, the EdTech industry is booming and is witnessing a huge amount of fresh entrepreneurs. These budding entrepreneurs have a great interest in the field. The question is whether these entrepreneurs will be able to serve the market well. Will these entrepreneurs continue to innovate at the rapid pace at which education sector is moving? Those who will be able to do so will definitely emerge as winners. Check out Earn While You Learn Pursing Educational Programs in France.

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