The Education Industry comprises establishments whose primary objective is to provide education.
It includes educational institutions that contribute in a major way to the development of human resources. These institutions are tasked with providing the talent pool for other industries and hence are very critical for the growth of an economy.
In recent years Technology has also been integrated into every sector of the education industry. These days educators have started using different modes of delivery to teach and communicate with students apart from the classroom. The biggest role of Technology in the education sector was seen during the pandemic. When the world had shut its doors and schools were closed Technology prompted teachers to directly reach the houses of the students.
The most important thing which should be kept in mind by all the stakeholders of this industry is that the one-size-fits-all approach is no longer feasible, students Excel at different things and can be grouped by Intelligence and potential rather than age.
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The education system of the future will focus on the system where students would be learning at their own time and pace.
The education industry also generates large-scale revenues and employment. In the US alone, the revenue generated from higher education was $ 400 billion. In terms of employment, the education industry employs about 5% of the global workforce. Undeniably education plays a crucial role in reducing poverty and inequality thus laying the foundation for sustained economic growth.
High enrollment in higher education can translate into more skilled labor which can provide a positive impact on a country’s GDP. Moreover, a bigger number of enrolled students results in a greater number of job opportunities for educators. However many developing countries are struggling to meet these expectations which may be attributed to limited resources, few schools, poor infrastructure, and poor management.
The Road Ahead for the education sector is the one that would see its intermingling with technology. The education industry should embrace digital technologies as this is what will shape the future of education.
