Edtech in Asia Becomes Peculiar Due to Several Factors
Focusing on investments, the Asian market is undoubtedly experiencing the world’s fastest education growth. The education technology market seems to be responsible for drastically altering the modern education sector. With respect to the Edtech market, Asia, with all of its potential, has gradually become a critical testing ground for the world’s leading countries.
Asia has the world’s largest population of K-12 and university students, with a high desire for more educational opportunities, widespread internet and social media use, highly competitive examination systems, and a wide range of household affordability. In an EdSurge report, it is stated that “Asia’s education markets dwarf American levels by a magnitude of 10 times the number of K-12 enrollments at over 600 million.” One cannot overlook the fact that Asia is the world’s fastest expanding e-learning market. It is the top frontrunner in a variety of critical areas, including game-based, mobile, and social learning.
Venture capitalists are investing in and showcasing interest in the Asian market even more than before. Now, let’s take a closer look at some of the interesting aspects of the edtech market that distinguish it. Parents in Asia send their children for extra studying and tutoring, forming a “shadow education system worth around $50 billion in Asia,” according to a fact sheet. This means that edtech companies operating in Asia may have an additional revenue stream in the form of a well-developed informal sector that runs alongside the formal education system.
One of the most significant differences between the Western and Asian edtech markets is market size. Take, for example, the Edtech markets in India and China, both of which have populations that approach 1 billion in each. Furthermore, because the region has a lower level of economic development, edtech service prices are lower, and there is substantial anticipation of higher search expenses.
When it comes to the marketing aspects of the products, they must be tailored to Eastern tastes, as brand recognition in Asia is more relational than in the West. Throughout Asia, a marketer must strive to establish trust, which is essential for building a client base. Although most of Asia has a low level of development, product developers and marketers must take this into account before providing a solution that works wonderfully in the West. The advantage of the Asian market is that team-based collaboration can be pursued before traditional learning 1.0 lecture models or current Learning 2.0 digital lecture models are considered.
In a conclusion, edtech can surely make the learning experience in Asia much more interesting, and since the new market of Asia has a developing potential, the room for diversity and experimentation of unique solutions is stronger in this field. Therefore, as result, companies must tap into all of Asia’s potential segments where learning may be made more available and affordable. Technology can certainly assist in this endeavor. Everything that is necessary is an understanding of the Asian education market as well as a culture and comprehension of the continent.
Reference of the photo:
Gupta, P. (2015, July 19). [EdTech in Asia] EdTech Startups from Philippines You Must Know. EdTechReview. Retrieved from: https://edtechreview.in/news/2032-edtech-in-asia-philippines-edtech-startups
Reference of the article:
Ananya Debroy. (2018, June 6). What Factors Make Edtech in Asia Distinct? EdTechReview. Retrieved from: https://edtechreview.in/trends-insights/insights/3204-why-is-edtech-in-asia-different