In this pandemic situation, the education sector faces a huge market disruption. It increases the scope and importance of digital learning. Now, it is well-understood that the future lies in the innovative use of smart technologies. These new innovative technologies enable educators to provide an enhanced learning experience to the students. Furthermore, it also improves student outcomes and makes education more inclusive and affordable.
- We, at Megamax, lead the education transformation by leveraging physical assets and digital technologies. This includes end-to-end solutions to streamline functions ranging from creating new business models such as a digital university and academic advising. It also includes campus management, digital content creation, and co-branded courses with our industry partners thereby increasing learner’s employability.
- For the past several days, educational institutions have been facing challenges in enrolment and funding, both of which were further hit on account of COVID-19. It resulted into a substantial drop in student enrolment which has been visible for a short time. As higher education has continually become more expensive, students have found online courses to be an easier way to secure degrees.
Education challenges at a glance
- Drop-in year-on-year enrollments
- Up to a 15% drop in student enrollments due to pandemic effect
- A major drop in international student enrollments
- Sharp shift to online learning
- Government funding to educational institutions estimated to shrink
Along with reduced revenue from tuition, institutions have facing an issue of reduced government investment in the education sector. According to a Citi Research report of 2020, 60% of the institutions anticipate a reduction in government funding. This happens due to the pandemic effect which adversely impacts institutional profitability and viability in the coming years. It is expected that universities and institutions are jointly going to launch academic programs to attract more learners and achieve positive outcomes.
Therefore, institutions face the dual goal of lowering the education cost and expanding the reach of learning. To meet these goals, institutions must thrive in a space free from regions or states. It should be in a form that is neither just in physical classrooms nor on digital learning channels. Indeed, studies predict that around half percentage of learning hours will be digitized in the coming three years. By 2024, the education technology spends could reach $357 billion, recording a 17% CAGR over six years.
- Pressure on institutes over financial viability
- The diminishing value of the in-person educational degree
- Possible rise in acquisitions and mergers in the education sector
- Traditional boundaries in education being challenged
- A need to reduce the education cost
- Increase the reach of education.
Addressing challenges in education using technology
Our mission is to enable education transformation through machine learning, blockchain, AR/VR, big data, IoT, and other technologies.
How does digital technology do this?
Cloud technologies help institutions to function flawlessly to meet remote learning and administrative needs. These technologies ensured, especially during the pandemic, that the academic cycle remains largely undisturbed.
There is an unlimited potential to use technology innovatively. For instance, the use of an AI/ML algorithm for the scrutiny of the bot-based documents can narrow down admission cycle time. Moreover, it also speeds up the shortlisting process, resulting in a higher student enrolment ratio. By leveraging AI/ML technology for adaptive learning, the hyper-personalized learning content can transform the teaching-learning experience. It resulted in an increase in the student retention ratio.
One can develop interactive content and disseminate it through AR/VR technologies to provide a vibrant, enjoyable learning experience to the learner. Additionally, this enthuses even the reluctant learner, resulting in favorable and engaging academic outcomes. Using IoT, we try to assist students who lag in learning (with the help of tools) to help bring equity in education.