The pandemic has alerted everyone to the importance of digitization. However, with this, the glaring lack of skill was also brought to light. Companies quickly realized that they needed to invest in upskilling and reskilling their workforce if they were to meet emerging market demands. This has spurred the growth of the IT industry in India. The valuation of Indian ed-tech companies was estimated at around $750 million in 2020. This figure is expected to increase at a CAGR of 39.77% and reach around $4 billion by 2025. One of the factors contributing to this growth is the widespread availability of the internet and smartphones. For example, in 2020, the number of internet users in India was around 622 million and is expected to reach 900 million by 2025. A significant percentage of this figure resides in small towns or comes from rural India.
GenZ and the need for improvement
Millennials and GenZ, who are part of the workforce in India, have also contributed significantly to the growth of the ed-tech sector. Estimates suggest that in 2020, 67% of GenZ learners spent more time on online learning compared to the previous year. It is suggested that this group spends 50% more time in online classes compared to any other age group. Other studies have suggested that around 83% of this group indicated that they wanted to improve their skills through online courses, in order to improve their performance in their current job. Those in creative fields are no exception to this. According to LFS statistics released by the ONS in 2021, development trends in the field have continued to grow since 2020. This indicates that those working in creative fields are willing to learn and grow in their areas of interest and do not abandon them.
Why is GenZ choosing to go digital?
The young population has shown a preference for digital courses, as these courses allow for flexibility and personalization in learning. Learners can choose the teaching modality and access pre-recorded lessons and learning materials at their own pace. These courses give them the exposure necessary for a career in the field. It gives them the opportunity to interact with industry professionals and learn from them. These courses are designed to combine theoretical knowledge with practical exposure, allowing learners to apply their knowledge outside of the classroom. One of the main advantages of “going online” is that learners can take these courses while engaged in other courses or jobs. For the generation that likes to multitask and have it all, this is a godsend. It also allows them to connect with others in the field and make the right contacts that can be essential in supporting them throughout their careers.
At the end of the line
In conclusion, it can be said that in the post-pandemic world, the ed-tech industry has experienced a boom, and one of the main reasons for this, in addition to the widespread availability of the Internet and smartphones , is the entry of Generation Y and GenZ into the labor market. This cohort prefers digital courses as these platforms can meet their developmental needs and prepare them to face the challenges of competing in the global market.
By Akshay Marwah and Mohit Marwah, Co-Founders and Co-CEOs, AAFT Online