Growth of Edtech Market in India: A Study on Pre-pandemic and Ongoing Pandemic situation

Abstract

Background and Aim: The Covid-19 outbreak struck India's economy at an inopportune time when the country's GDP was slowing. Technology allows individuals connect and even work remotely without the need for face-to-face interaction during times of crisis, providing inventive and resilient solutions to prevent disruption. As firms adopt new technologies for communicating and working, this results in a slew of system adjustments. Since different Ed-tech platforms such as Byjus, Unaccademy, Vedantu, White Jr, and government platforms such as Diksha, Swayam, Swayam Prabha, Nistha, and others are growing before and after pandemics. It has far-reaching implications for traditional classroom teaching-learning methods and has transferred the apparatus to a digital platform. An honest endeavor has been made to examine the two leading digital learning platforms (Apps), namely Byju's and Unacademy, over three time periods, namely before the outbreak, during the outbreak, and in the future. An economic overview of a segment of the education sector, namely digital learning, has been investigated to anticipate future development potential and profit production by using forecasting methods.

Methods: The research is based on secondary sources and covers the years 2018 to 2020. The research is purely descriptive. The future performance of these companies will be covered in this future performance span, where we will anticipate the rise of digital learning apps in the future, such as for the years 2022 and 2023, using various forecasting methodologies. The moving average approach, basic linear regression, and straight-line methods are among the various forecasting methods.

Results: The coefficient of determination (R²) for Unacademy is found significant with the value of 0.896 and that for Byju’s is found significant with R²= 0.977.

Conclusion: In the conclusionary paragraph, it has been finding out that the performance of the Unacademy and Byju’s has increased during the epidemic season and expected to increase in the future as well.