The COVID-19 pandemic has caused significant disruptions to the global economy, leading to widespread job losses and unemployment. In this challenging environment, edtech startups offering reskilling courses are shining, as individuals seek to learn new skills and upgrade their existing ones to remain competitive in the job market.
Reskilling courses offer learners the opportunity to acquire new skills or improve existing ones, often in fields that are in high demand. These courses are designed to be flexible, affordable, and accessible, making it easier for individuals to learn while they work or study.
Edtech startups offering reskilling courses have experienced significant growth in recent years, and the pandemic has only accelerated this trend. As traditional forms of education have been disrupted by the pandemic, more individuals are turning to online learning to develop new skills and improve their employability.
Some edtech startups are specifically focused on reskilling for jobs that are in high demand, such as software development, data science, and cybersecurity. Others offer courses in more traditional fields such as business, marketing, and finance. In addition, many startups have partnered with employers to offer job placement services or to provide training for specific job openings.
Edtech Startups Offering Upskilling Courses Expected to See Strong Growth in 2023.
Overall, edtech startups offering reskilling courses have proven to be a valuable resource for individuals seeking to adapt to the changing job market. As the economy continues to evolve, these startups are likely to play an increasingly important role in helping individuals build the skills they need to succeed in their careers.
Online upskilling courses offered by edtech startups are expected to see strong growth in the ongoing year, according to founders in the space. While funding for edtech has slowed down considerably due to the reopening of schools and offline coaching centers, demand for reskilling courses remains steady.
Startups offering upskilling courses mainly target working professionals who are looking to move to a better existing pay scale or be more efficient at their current jobs. With the current flurry of layoffs across technology companies, many employees are considering going back to school or taking up courses in management, data sciences, and digital marketing, industry experts say.
Despite modest growth projections for the ongoing financial year, players in the space are taking different paths to optimize their courses based on the changing adoption patterns. Byju’s-owned Great Learning, upGrad, and Eruditus are among the other players in the space.
A recent study by Great Learning showed that only 63% of professionals with 0-3 years of experience and 83% of professionals with over 6 years of experience are confident about retaining their jobs. This has caused a surge in enrollments at business schools and other post-graduate programs during recessive cycles.
Large organizations like Larsen & Toubro, InMobi, Vedanta Group, P&G, and Castrol are investing heavily in employee skill development, with learning and development annual budgets going up by up to 100% in some cases, according to media sources
Narayanan Ramaswamy, national leader of education and skill development at KPMG India, attributes the reskilling trend among the existing workforce to multiple factors, including digital technologies.
Edtech Startups Offering Upskilling Courses Remain Optimistic Amid Funding Crunch
The edtech sector has been hit by a funding crunch, but upskilling courses are expected to see a surge in demand as the job market becomes increasingly competitive. With the rise of digital technologies and the need for businesses to adapt to the changing landscape, upskilling has become a necessity for employees to stay relevant in their careers.
Edtech startups offering upskilling courses have emerged as a silver lining amid the downturn in the K-12 and test preparation verticals. As schools and offline coaching centers reopen, demand for edtech startups offering K-12 courses has decreased. However, startups in the upskilling space remain optimistic about their growth prospects.
While the broader edtech sector has been affected by a funding crunch, upskilling courses offered by startups have remained in demand. With the rise of digital technologies and the need for businesses to adapt to the changing landscape, upskilling has become a necessity for employees to stay relevant in their careers. The edtech sector is likely to continue evolving to meet the needs of the changing job market, and startups in the upskilling space remain optimistic about their growth prospects.