For some industries, 2020 was a boon to business. Their vision and innovative thinking were finally acknowledged and given the attention they deserved. One of them is education–specifically online learning and virtual schools.
Online learning is growing rapidly and is well-positioned to be the next big thing in education. In fact, virtual schools are on track to be an increasingly popular choice among students and parents even after they get the green light to go back to traditional, in-person instruction.
Teachers, too, see the benefits. Why is it becoming so popular, despite concerns over excessive digital screen time? What do virtual schools have to offer in our “next normal,” outside of helping everyone avoid exposure to COVID-19?
Wall Street approves, industry sees cash infusion from investors
The global edtech market is expected to reach $285.2 billion by 2027, growing at a CAGR of 18 percent from 2020 to 2027. Recent reports show that investments in edtech startups reached $2.2 billion last year–a 30 percent increase from $1.7 billion in 2019.
Funded by such marquee-name investors as Andreessen Horowitz and Union Square Ventures, edtech startups–whose technology underpins the infrastructure of many virtual schools–found a silver lining in the pandemic and used it as a springboard to develop and market new innovations. Video conferencing platforms like Zoom and Google Meet, used now by traditional-turned-online schools, continue to rise in popularity, too. In fact, Zoom’s stock spiked almost 400 percent last year, as reported by The Motley Fool.