New Product Launches and Strategic Partnerships To Expedite Digital Education Expansion Across The Globe
Outbreak of the COVID-19 pandemic resulting in lockdown has forced school students, undergraduate students, and post-graduate students to take education at home. This has enhanced the popularity of the digital education market across the globe. Innovations in the telecom sector will open new vistas of growth for the digital education market globally. Governments and private players across the globe are focusing on promotion and delivery of high-quality online education.
For instance, the Government of India started Swayam Portal and NPTEL courses where free online courses and certifications at minimal costs are offered by institutes of national importance such as the Indian institute of technology and the Indian institute of management. Moreover, Harvard University and MIT have created a massive open online course (MOOC) referred to as edX for providing free online courses from universities such as Stanford University, University of California, MIT, Harvard University, Georgia Institute of Technology, and many more educational institutes.
All these aforementioned initiatives will bolster the growth of the digital education industry across the globe. Huge penetration of the internet, large-scale use of smartphones, laptops, and tablets, and the launching of the 5G network will boost global market trends. As per the Allied Market Research Study, the global digital education market is set to garner earnings worth $125.3 billion by 2031.
Digital Education Market strategies
Key players in the global digital education market are implementing strategies such as the launching of new online education tools aimed at increasing the global reach of education for the adults, underprivileged, school dropouts, and young persons deprived of education in every country. In addition, the new product offerings will also help the market players in establishing a strong position in the global market along with contributing majorly toward corporate social responsibility.
Moreover, the new product offerings will also help the industry players in garnering massive returns on investments. Furthermore, strategic partnerships have helped industry players in increasing the presence of their brands across the online education domain across the globe. This, in turn, will also help them in contributing substantially to the global digital education industry size. Moreover, this strategy is will help the players in gaining an edge over their industry competitors.
Also Read: How to ask management for salary increase
Furthermore, these strategies of new product launches and the formation of strategic partnerships will also help the educational and ed-tech institutes in reducing customer defection along with enabling the acquisition of new customers. Moreover, these strategies will help the industry players in effectively positioning their products and apt perceptual mapping of their educational products and tools. Let us discuss some of the key trends witnessed in the global digital education market and influencing its growth.
New product of the global digital education market
New product launches have massively impacted the expansion of the global digital education market.
- Huawei Technologies Co., Ltd., a Chinese multinational technology firm, introduced an array of new digital solutions that will promote initiatives such as digitization in education.
- Furthermore, Oxford University Press introduced a novel suite of blended learning solutions referred to as Oxford Inspire for students of class 1 to Class 8.
- The move is aimed at developing effective education tools for the national curriculum framework in India.
- Reportedly, Oxford Inspire is predicted to be the first competency-based blended learning tool in India and will focus more on effective child learning.
- The initiative is intended at promoting digital education in emerging economies such as India and this will provide impetus to the expansion of the global digital education industry.
- Continuing the trend of new product launches, Unacademy, an ed-tech unicorn institution in India, introduced 50 new education channels for promoting digital education.
- Apart from this, Symbiosis international university based in India introduced a school of online and digital learning for providing courses in management, technology, and humanities.
- The Finance Minister of India is set to launch an e-learning tool referred to as Bharat Vidya, an online tool that will provide both free as well as paid courses encompassing different facets of Indology.
Strategic partnerships of the global digital education industry
Strategic partnerships have played a pivotal role in influencing the growth of the global digital education industry. Tecnotree, a global player in digital business support systems, and MTN Nigeria, a Nigerian mobile telecommunications firm, entered a partnership to start a transformation program referred to as MTN Metamorphose.
Moreover, this new program is predicted to expand MTN’s digital presence for customers and firms powered through the digital suite of Technotree. Moreover, Instructure Inc., an educational technology firm based in the U.S., has signed an agreement with Google, Inc., for bridging the integration gap for Google classroom users by providing strong in-depth solutions to them.
The integration will help educational institutions in the synchronization of course data, roster, Google Classroom, and student information systems. This will help educational institutes automatically create their courses on Google Classroom with students no longer needing to join them thorough join code. The strategic move will bring a paradigm shift in the global digital education industry.
Industry players are implementing strategies such as new product launches and strategic partnerships to improve their brand image in the domain of online education. Furthermore, these strategies will help them reach every nook and corner of the world and contribute immensely to both their popularity as well as market profitability. Successful execution of these strategies will also help the industry players in augmenting their global market share.
Author Biography: Dhananjay Punekar is writer, avid reader & book lover, and interested in watching sports. He holds post graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research.