Education: Innovations Bridging Offline and Online
The pandemic has significantly impacted the global education system. Around 1.6 billion students, or 94% of the total global student population, were affected by the quarantine, with this figure reaching 99% in low- and middle-income countries. Nearly half of the poorest nations were unable to provide support to students at risk.
Creating New Brands
Despite the success of individual initiatives, the education sector remains one of the least capitalized—public companies in this field make up only 2.5% of the total market, and before the pandemic, online services in undergraduate and graduate education accounted for just 2%. The crisis has highlighted key priorities: while traditional education providers saw a decline in stock value, EdTech began to grow rapidly. The creation of hundreds of companies and new brands in this sector has also been noted.
Long-Term Impact of Coronavirus on Education
Coronavirus will have a lasting impact on global education. It is expected that by 2025, the market size may reach $7.3 trillion, lower than the previously predicted $7.8 trillion. However, the pandemic has significantly accelerated the digitalization of education processes. In just one month of quarantine, the number of users of massive open online courses nearly tripled compared to January, reaching 500 million people. According to new forecasts, the EdTech market is expected to double by 2025.
Changes in Brand Strategy
While the coronavirus has acted as a catalyst for change, it also presents challenges for the industry. As technological solutions become more widespread, traditional forms of education may become less accessible, especially in developing countries. As a result, the demand for hybrid programs will increase. Existing institutions are adapting their business models, which is reflected in their brand strategies.
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