The pandemic has shaken the world to such an extent that each industry is feeling a crunch in its processes. Similarly, the education industry has been included, as it has to adjust to change and transform its functionalities, too. It has also undergone a tremendous change concerning how it operated before the COVID-19 era compared to now.
Many educational organizations and institutions came up with various EdTech solutions to ensure their positions and secure their market shares in the academic industry. However, many published write-ups that you may have read might have proclaimed that education app development services are nothing new. That's what they would want you to believe in! However, to clear the fog, "EdTech is referred to as the ecosystem where technology is being utilized to assist in the delivery of education services."
The basic objective of education is to fill the empty mind with information, termed knowledge. Technology and innovation have been the frontline faces of the EdTech industry from time immemorial. This is how EdTech startups came into existence. So, it is important to offer meaningful educational services through EdTech solutions.
An eLearning app development company tries to provide quality education that is better than traditional knowledge delivery mechanisms. EdTech startups are, therefore, growing because of their core qualities.
A Highlight of Market Statistics
The modern education technology industry is one of the rapidly growing markets in recent years. According to the COVID-19 pandemic alone, the market has flourished by 25%. According to Statista, by 2022, the worldwide eLearning market is expected to stand at 243 billion U.S. dollars with a 5.08% CAGR.
Additionally, the total amount spent on EdTech solutions is projected to more than double from 2018 and is expected to be between $152 billion and $342 billion by 2025. The number above suggests that an EdTech company will present numerous opportunities that are worthwhile investing time and effort into.
According to Tomorrow.org's findings, 72% of schools have already adopted cloud collaboration platforms for their education systems. 59% of these schools provide their students with mobile devices for studies, while nearly half of them, nearly 50%, provide online education.
So, now, can you see the window of opportunity for EdTech solutions? It is an area in which one missed opportunity will cost you billions. So, if you're a startup company full of ideas related to education app development solutions, that is really good, but there has to be a systematic way to do it. If you're looking for an application development company, they first need to classify their EdTech business models.
As an EdTech company, you will find several business models, but the right one ultimately leads to success.
Assessing the EdTech Startup Business Model
Edtech startups bridge the gap between old learning and new technology. There are various needs, from K-12 learning to professional skill development; the biggest secret to profitability is high-quality content leveraged by technology and scalable to fulfill specific user needs.
Some standard business models adopted in Edtech:
-
-
The Freemium Model: Free access to most of the service is available, but only a paid subscription allows access to premium features.
-
Subscription-Based Model: Users pay a monthly or yearly fee to enjoy access to a wide range of educational content.
-
Pay-Per-Course Model: Users can purchase individual courses, which is very popular in professional training.
-
In-App Purchases: Features, courses, and other offerings inside the app are monetized individually, providing flexible pricing options.
-
Affiliate and Partnership Models: This model involves partnering with institutions or third-party educators, in which a portion of the revenue is shared.
-
These models attract attention from different demographics for edtech startups while providing a continuous source of revenue through user engagement and personalized learning experiences.
Also Read: Complete Guide On eLearning Software Development
Importance of Education App Development in EdTech Profitability
The root of every successful Edtech startup lies in its eLearning app development. In terms of the mobile-first idea, a learning platform will be closer to the minds of students and teachers alike, spreading engagement and learning flexibility in every corner of the globe. A fully-fledged education application that is user-centric, highly scalable, and full of interactive features makes learning so engaging.
Profitable Components of Education App Development Are:
-
-
Configurable Learning Paths: A learner can select courses based on his interests or any subject area of his choice.
-
Features of Gamification: Introduction of quizzes, badges, and rewards to make learning an activity
-
Offline Access: One gets to access materials even without any internet connectivity.
-
Interactive Assessment: Tracks not only the progress of students but also that of instructors in real time.
-
Education app development services help startups create compatible Android and iOS apps, which can be accessed on either platform for wider access and engagement. The more options available to learn on different platforms, the more accessible and more users can be gained.
The Emergence of eLearning App Development
With the emergence of remote education, the demand for eLearning app development has become one of the trending services in the EdTech sector. Elearning apps allow learners to reach a more extensive market penetration as learning is not confined to any particular location. Apps specific to subjects, skills, or professional training would, therefore, attract users from cross-age groups and skill sets, hence significantly expanding the user base.
Some reasons why an eLearning app contributes to profitability:
-
-
Reduced Overhead: Because the online format eliminates the need for physical infrastructure, companies can concentrate on attracting and retaining users.
-
Scalability: Apps can handle the increasing user base without considering major changes to the business model.
-
Subscription Potential: eLearning apps often cater to having a subscription, thus generating recurring revenues.
-
These technological upgrades can ensure the integration of virtual classrooms and AI-driven analytics into eLearning app development, contributing to a tremendous learning experience and significant revenue generation for Edtech startups.
AI in Education: Driving Engagement and Personalisation
Artificial Intelligence is shaping the EdTech industry by making learning experiences more custom-tailored and adaptive. By integrating AI in education, newly established firms can accommodate different learning styles, preferences, and strengths, which increases the effectiveness and engagement of learning.
-
-
Personalized Learning Paths: AI algorithms learn about the performance of the user and provide classes or improvement areas.
-
Intelligent Tutoring Systems: AI can provide chatbots and tutoring systems that simulate face-to-face interactions by allowing students to receive immediate feedback and guidance from a tutor.
-
Predictive Analytics: Using predictive analytics, educators or institutions can predict any subsequent learning outcome and intervene when there is a lapse to maintain better retention.
-
Gamification and Engagement: The AI can also optimize engagement elements that encourage users to participate in gamification for better learning.
-
Using AI, Edtech startups can provide better learning experiences and increase user retention, leading to a better LTV or lifetime value for every user. In consequence, investing in AI-enhanced education app development services is an advantageous step.
Emphasizing Kids Learning Apps: A Promising Market
The growth of kids' learning apps has been unprecedented with the proliferation of digital education. Such applications provide a safe, entertaining, and educational space for children, through which EdTech startups tap into the otherwise highly profitable market segment. Efficaciously, parents want educational tools that combine entertainment with learning; such is exactly what the kids' learning applications do.
Key features of popular kids learning apps:
-
-
Interactive Games: Aimed at teaching basic concepts such as numbers, alphabets, and colors.
-
Parental Controls: Parents can monitor the progress and control the usage of the app.
-
Gamification: Rewarding and giving achievements to the child.
-
The success of kids' learning apps proves that early engagement builds brand loyalty. Investing in this niche through education app development services secures a constant flow of users and retains profitability due to recurring subscriptions and in-app purchases.
Also Read: Key Success In Education App Development
Education Apps for Android and iOS: Increasing Revenue and Reach
The greatest challenge that Edtech startups face is to attract a large number of users. Education apps for Android and iOS have helped overcome this problem since they offer cross-platform compatibility, thereby maximizing the reach. With almost 85% of the world's population using either Android or iOS, Edtech startups that invest in dual-platform education apps benefit from a larger audience and increased chances for user acquisition and monetization.
Benefits of cross-platform education apps:
-
-
Reach: Because Android is affordable, one can reach developing regions; iOS is premium.
-
Time and Cost Savings in Development: startups can get the app out faster and with lesser overhead costs because cross-platform frameworks allow that.
-
High Retention: Users are more likely to retain the app, which means there is a more reliable revenue stream because the app is available on all major devices.
-
Android and iOS education app development services are profitable investments for an Edtech startup because they allow startups to reach students, parents, and professionals of all age groups and geographies at once.
Also Read: How Software Development Can Change The Education Sector
Essential Features to Integrate in an EdTech App
While developing education technology solutions for your customers, you must consider relevant and priority features to integrate so that they can solve their problems and give strong solutions. So, let's get into the list of features that you need to consider now.
Safe Database
All the educational data, such as study materials, user data, tutorials, videos, etc., must be uploaded to the database so that seamless education services are provided. Therefore, you must have a powerful and cutting-edge database connection. The database must always be ready to establish secure connection requests.
We do not expect everyone to have access to a 4G or 5G internet connection. Thus, the database should not become unresponsive even at low bandwidths. Students will be able to access educational content more effortlessly.
Smooth Onboarding Process
In any software solution, onboarding the consumer into the database always takes effort and ideas. Accurate onboarding solutions would be appropriate due to regulatory requirements and customization of EdTech solutions.
Onboarding provides users with a profile creation process that takes just a few steps and has multiple sign-up options. Users must also be able to access their dashboard to view and update their information.
Engaging User Interface
While developing EdTech solutions, your app must be user-friendly so that your users can browse easily. One of the major factors that makes your application unique and helps it stand out in the education industry is its user interface. The more creative and unique your user interface is, the higher the number of users you can attract. Therefore, create a unique UI that is comparable to your competitors'.
Also Read: Benefits of Educational App Development
Push Notifications
Push notification is a crucial function for self-learning applications. Whenever learners lose their pace, your app can remind them by sending motivational messages, encouraging them to start the learning process again. This functionality could be a tool for notifying students about upcoming lectures or tests in school information systems.
Recorded Videos
As an EdTech solutions provider, you must offer tutorials or recorded videos along with single sessions. Additionally, you can offer a comment section where students can raise their doubts during live video lectures.
This will also allow your EdTech solutions to have a feedback session where students can share their opinions and feedback. You can, therefore, better your application by implementing their feedback to enhance the user experience and satisfy their requirements.
Wrapping Up
If you are an entrepreneur with an EdTech idea and would like to offer EdTech solutions through technology, then now is the time to invest in developing eLearning applications. It's not easy developing an EdTech solution, but we have explained a few factors that you need to consider before digging into education technology solutions. The tools, features, and MVP roadmap discussed in this article will certainly help you plan better for your next eLearning applications. Selecting the right educational software development company or EdTech company will give you the right EdTech web and mobile applications that excel in the market.
