Last updated on September 30, 2021
Are We Doing enough to unearth the TechEd Market – The Technology Education Market
In all this buzz of EdTech, Let’s doff our Hat to “Technology”
The Global IT Training Market is poised to be Approximately USD 95 Billion by 2025 and the Indian IT Training Market is slated to touch USD 10 Billion by 2025 and Approximately USD 30 Billion by 2028.
The Global Market Size Comprising of Major Disruptive Technologies – IoT, Cyber Security, Cloud, AI. Robotics. DevOps is Approximately USD 3563 Billion.
The Figures are Jaw dropping. Isn’t it? Do we have enough IT Manpower?
That explains why I ask this question – Have we penetrated the TechEd (IT Education) market enough.
The Answer is NO!
I foresee a huge demand and equally a huge gap in the IT Space. Covid has forced industries to adapt and expedite Digitization. New Technology adoption has been rapid especially Cloud, Big Data, Cyber Security, AI, Robotics, Machine Learning. TECHNOLOGY has become an ENABLER and TECH Education (TechEd) will drive this growth. Unemployment is a myth busted by the urgent need to Reskill/Upskill. Job roles are getting redundant and new roles are getting created which explains why EdTech Companies and TechEd Companies like ours are constantly sensitizing the Student Fraternity & Working IT Professionals to Reskill/Upskill. As per Industry estimates, approximately 50% of the existing workforce needs to reskill/upskill to stay relevant in the job market by 2025.
Information Technology is and will continue to drive the world. Post Covid, the World is moving towards a “touch less” economy and only Technology can synergize Human + Digital connect.
Coming to the India market, the one thing we need to remove from our conversations is ‘unemployment” and instead talk about EdTech & TechEd Companies to be the “Drivers” of Employment. There is a humongous scope in the TechEd space with many players fragmented and unorganized. There is a demand for Brick-And-Mortar Training Model too with the gulf widening between students in Tier 2 .3.4 cities and towns vis-à-vis Tier 1 cities. There is high caliber student pool existing in Tier 2 3,4 towns who are struggling to get into mainstream market due to lack of resources especially challenged by limited internet penetration. As things stand, Internet penetration is around 45 percent in 2021, up from 04 Percent in 2007.Hybrid Model is now a REALITY.
Global scenario sees a huge future of Information Technology. Technology will be the heart and soul of the global economy. TechEd companies have a critical role to play. They need to ensure constant resource hydration to satiate the needs of EdTech, FinTech, IT, ITES Companies. Colleges and Universities are in constant need of placements for their students. This is a brilliant opportunity to collaborate with TechEd companies to make their Students Industry ready with Industry oriented Training and Skills. I foresee that we will be able to seamlessly create Approximately 200Million Jobs by 2025 and Approximately 400Million Jobs by 2030 just in the Information Technology field. Colleges & Universities have a pivotal role to play in this crucial phase.
TechEd drives EdTech
We have been constantly harping on the need for resources in IT/ITES. But we are missing a key Industry today. An industry of Reckoning – EdTech. As I mentioned earlier, Hybrid Model of Education is now here to stay. Therefore, EdTech Companies have a huge responsibility on their shoulders too. Their effectiveness rest on Global Industry Relevant Content aided by Path breaking Technology, making student experience and interactions lively and engaging. The demand for IT resources will hit the roof as the world becomes smaller through Technology. The stakes are high and that explains the kind of investment happening in the EdTech space. I would like to congratulate EdTech and TechEd Companies, who are doing a marvelous job in taking India to the next level. With this pace, India will soon become the Talent Capital of the World.
Conclusion:
- Information Technology is the epicenter of Growth & Innovation.
- TechEd will be the key enabler and support rapid digitization and adaptability.
- Huge scope to penetrate the TechEd Market. Channelization of efforts and Collaboration will be key.
- TechEd + EdTech.
- Urgent need to reskill and upskill.
- The Future belongs to an IT Empowered ecosystem.
- TechEd will be the key force behind EdTech, making Hybrid model a success.
- The World will bow down to the Power of Information Technology.
Source Credit:
Dr. R. Kherani – Educationist & Founder President of Star Certification – 28/8/21