Education technology is rather a novel innovation for facilitating learning with the help of computers, tablets, software, and learning theory. It develops, integrates and maintains technical systems and educational tools to help enhance the academic performance of learners. The concept of EdTech is to coalesce all learners, teachers, learning materials and technology into a single entity for an effective learning process.
The ongoing coronavirus pandemic has served as a reminder and a lesson to humanity that the current lifestyles we had been maintaining for long aren’t sufficient. Starting from day to day activities to other essential aspects, including professional life and education, we just can’t afford to ignore the need for alternatives.
Although most of us have already started working remotely, the world rattled with ways to restore learning systems at pre-pandemic levels. Therefore, today we are discussing the topic – education technology (Edtech), which certainly shines a ray of hope on effective learning opportunities.
From a fiscal point of view, the following 10 Edtech companies are the largest and most profitable companies in the field.
BYJU is an Indian educational technology and online tutoring firm. The company was founded by Byju Raveendran in 2011 in Bangalore. As of 2020, the company is the world’s most valuable company, having a valuation of $8+ billion. Their main product is a smartphone app, BYJU’S–The Learning App.
It offers educational content mainly to middle and high school students. In addition to that, it also assists students in examinations in India such as IIT-JEE, NEET, CAT, IAS. Also, the user can use the app for the preparation of international tests such as GRE and GMAT.
Yuanfudao is a Chinese EdTech company that focuses on online education and tutoring. Starting in 2012, Yuanfudao focused on K-12 learning, offering lucrative services. Moreover, the facilities include AI-enabled virtual classes, live tutoring, a test question database, and a common homework assistance app.
Mainly, the education technology app offers services for subjects from kindergarten through grade 12. As of 2020, it is the second most valued EdTech company, having a net worth of $7.8bn. Until now, the app has provided services to over 200 million students, with approximately 2 million of those being paying users.
VIPKid is a Chinese online teaching and educational company. Cindy Mi started the company in 2013 and formally launched it in 2014. As of 2020, VIPKid is the third most valued EdTech company, is valued at $4.5bn. The primary goal of the platform is to connect paying students with teachers in the United States and Canada.
The online-classroom portal of VIPKid allows students to receive 25-minute English lessons from fluent English-speaking teachers. Teachers and students communicate through a video chat platform. Moreover, the company also has a platform named, Lingo Bus, to teach Mandarin to students of 5 to 12 years old.
Coursera is a global online learning platform created in 2012 by Stanford University of Computer Science. Created by Professors Andrew Ng and Daphne Koller, Coursera offers massive open-line courses (MOOCs), specializations, degrees, and master-track courses. The company came into existence with an investment of $16 million. By the end of July 2020, the company updated its market valuation to $2.5bn.
In particular, Coursera in association with universities and other organizations offers certifications, and degrees in a variety of subjects, such as engineering, data science, machine learning, mathematics, business, computer science, digital marketing, humanities, medicine, biology, social sciences, and many more.
Udemy is an online learning platform that facilitates professional people as well as students. Founded on May 11, 2010, Udemy offers 57,000 instructors teaching courses in over 65 languages. Furthermore, the platform has 50 million students and over 250 million enrollments.
Many media outlets, such as the New York Post, The China Post, Fast Business, BBC, and more have mentioned that Udemy education technology provides training that rivals the real classroom experience and that it will prove to be a valuable resource for teachers and students of all subjects. On the other hand, the famous e-learning platform has a valuation of over $2 billion.
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