By Akshay Munjal, Founder & CEO, Hero Vired
With the advancement of technologies coupled with the expansion of high-speed internet, we have seen a rapid evolution of job roles. Just as the number of niche fields and verticals
expand, and so do the requirements for a workforce skilled and capable of handling these functions.
The government of India recently stated India’s vision to be a trillion-dollar digital economy that could support about 65 million digitally enabled jobs by 2026. For this, it is important for the present and future workforce to learn and embrace new and emerging technologies which will accelerate the growth of various industries. In fact, the government has been encouraging and amplifying the importance of new and emerging technologies in domains such as AI/ ML, robotics, 3D printing, drone technology, etc. Edtech has emerged as one of the crucial players in imparting advanced education, and ensuring the workforce stays relevant and updated about building a tech-enabled future.
According to Deloitte, companies spend more than $130 billion on training and development worldwide, yet only 5% believe they have mastered the content and technology capabilities needed to make online learning an accessible tool and a compelling experience. This is the precise gap bridged by new-age learning companies. With a focus on imparting quality education and building a digital infrastructure to ensure maximum reach, edtech companies are essential to creating a trillion-dollar digital economy.
Getting a government buy-in
IDC predicts that spending on AI systems will rise from $20.6 billion in 2022 to around $46.6 billion in 2026. This growth will be spearheaded by China, whose AI investment is expected to reach US$26.69 billion in 2026, accounting for about 8.9% of global investment, ranking second in the world among other countries. While India is the fastest growing country, with an expected CAGR of 33.5% in AI spending, it still amounts only to $3.4 billion. According to latest statistics, India spent only 0.7% of its GDP in R&D, which pales in comparison to China’s 2.44%.
The growth of any industry is largely dependent on the interest shown by the government and the private sector. Over the last few years, the government has been focusing on emerging disruptive technologies like AI/ML, cybersecurity, AR/VR, data science, etc. Although the government is working towards offering these programs, especially coding, in school, integrating these technologies in the syllabus of Higher Education Institutions (HEI) might be a long and arduous process; edtech companies have spearheaded the task of imparting quality education to millions of aspirants across the country, providing the required support to upskill the untapped talent, and make them future-ready.
Earlier this year, the government stressed the importance of edtech companies, and the
infrastructural advantage offered by them. By leveraging this, they aim to spread technical skills using the hub-and-spoke model. Edtech firms align with the vision of India being a tech super giant and are at the forefront of providing the infrastructure to reach all parts of the country.
New-age education platforms are enabling the present and future workforce to be industry
ready. For edtech players to scale and grow successfully, it's important to work in tandem with the government. To facilitate this, the government should consider easing the tax burden on e- learning platforms, which will allow them to offer more conducive fees to students and give them the recognition that they deserve as service-providers of quality, future-proof education.
Democratising learning
Upskilling and reskilling have become a necessity to stay relevant in the present and future
workforce. The rapid pace at which technology is evolving has made it almost impossible for the workforce to thrive without constantly learning. The wide gamut of edtech companies and the diverse choice of courses offered by them provides a sense of empowerment to all aspirants. They can choose what they want to learn and who they want to learn from. They can learn data science from one company and AI/ML from another. This further boosts their morale as they can evaluate what’s best for them and make a well-rounded decision. Free choice to aspirants also motivates edtech companies to constantly strive to offer the best courses, educators, and learning environments to students. With almost all edtech firms offering job placement support and even guaranteeing employment post the successful completion of the course, learners can accurately calculate their return on investment and decide accordingly.
Reaching the length and breadth of the country
A major differentiating factor between new-age learning and HEIs is the ease of accessibility. For an aspirant to enrol and upskill with any edtech platform, all they need is a good internet connection and an internet-enabled device. According to a Deloitte study, India will have 1 billion smartphone users by 2026, with rural areas driving the sale of internet-enabled phones. Internet-enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet program.
With 5G services to be available pan- India in 2024, the potential and reach of edtech in India are limitless. New-age learning companies have made it possible for people from tier-three towns to upskill and reskill with emerging technologies without moving to larger cities without the promise of employment. This has changed the entire education paradigm and made learning convenient. In fact, everyone knows someone who used their free time during the lockdowns to learn a new skill or dabble in new technology.
Edtech is here to solve the employability gap and enable the workforce to be industry and future ready. By offering industry-relevant courses, across geographies, and with robust industry and academia partnerships, new-age learning companies are solving a gap that HEIs are not set up to solve. With support from the government and the right policies to safeguard the interests of these companies, we can ensure a bright and successful future, not just for an individual but the nation at large. After all, edtech companies are in the business of making a future-ready workforce that will contribute to India’s progress, and we all want India to succeed.