Technology in education is not new by any means, but the industry referred to as edtech still has that new car smell, a sheen that hasn’t quite worn off yet. Still in its infancy compared to most industries, the coming years promise to be full of new companies, dramatic news cycles, unicorns, and IPOs. EdTechXGlobal and IBIS Capital released a study earlier this year that projects a 17% growth rate for the industry through 2020, ultimately surpassing $252 billion in market value.
All of that money and growth is bound to attract high quality innovations as well as overnight failures. Entrepreneurs looking to get involved need to recognize which is which, and can better calibrate their judgement by spotting the trends with the best growth potential and staying power. Here are three edtech trends that entrepreneurs should watch:
1. Digitized Test Prep
Standardized tests are the gateway to better education opportunities. Because they are so important, there is an enormous industry of book publishers and tutors dedicated to helping students prep for test day. But until recently, that test prep has been done with unwieldy books and archaic practice methods.