The global spread of coronavirus has halted the entire planet, and there is a bad hit on big and small businesses. With the Indian Government’s shutdown initiative to fight coronavirus pandemic, the education system has undergone a paradigm change. Most of the country’s 180 billion dollars education sector is becoming online to tailor to the modern effect.
This COVID-19 epidemic ruins specific jobs in industries like restaurants, leisure, airlines, and the automotive industry, but particular sectors appear to be exempt. Some promising ed-tech start-ups, content, and media are reshaping few Indian industries with rapid growth, exceeding expectations from their user base.
In line with Nasscom’s latest report, approximately 92% of start-ups deal with a decline in revenues following the outbreak. While almost 62% of income declines by more than 40 percent, in the autumn, it is just over 80 percent for around 34 percent start-ups. Approximately 70% say they have fewer than three months of runway. KPMG analysts expect ed-tech and health-tech to continue to see investments by large private capital firms as the overall deal stream is expected to be quite small, particularly during Q2 2020.
Because school rooms were renovated due to pandemic in one day and brought online, the hiring process within the ed-tech start-ups is going up. The hiring in the education sector has risen by 20% during January–May of the current calendar compared to the same span last year – according to TeamLease’s statistics.
Educational organizations adopt online courses and several companies in education technologies, offering briefly free classes to account for school-teaching losses.
According to research company Tracxn, ed-tech firms have earned USD 686.32 million in the past three months in 21 fundraising cycles, rising from 450 million in 87 rounds in 2019. India has a current consumer base of about 9.6 million, which will cross USD 1.96 billion by 2021. This phenomenon is carefully looked at by various Edtech venture capital firms due to significant investments in the Indian market.
For example, in March 2020, Byju’s app declared unrestricted access to its learning service, and post the lockdown, the students who use its products reported a 60% rise. The online tutoring market is forecast to increase dramatically in the next two years to about 10 million users, according to a Google-KPMG report.
Education experiences from the Covid-19 crisis
Governments and all kinds of organizations throughout the world did not anticipate this global crisis. The COVID-19 crisis is a chance for policymakers to learn from each other and work together to reduce the pandemic’s consequences and maybe even “build back better” through several various strategies being adopted by countries across the globe.
Ed-tech-and health-tech opens up enormous possibilities for virtual classrooms in the short term, but certain areas such as B2B Marketing are still not overlooked.
To assist nations in this effort, the Harvard Global Education Innovation Project, HundrED, the OECD for Education and Skills Division, and the World Bank Group Education Global Practice Education International Practice Group pool skills and services around the globe on crisis education.
India is leading to technological advances, and the health sector has become one of the leading players. In an ever-changing technological world, innovative or adaptive, learning new technologies and evolving are the best strategies for a successful business. Due to the growing proliferation of telemedicine, health-tech is another field in which the hiring concerns stay unchanged. During the January-May period, employment in the sector experienced a modest 1% decrease compared to the last year.
According to TeamLease’s Assistant vice-president words, the digital marketing and IT divisions of companies are hiring employees because the emphasis on remote work includes enhancing or strengthening brands’ online presence. Also added, Covid-19 has extended other organizations’ usage of technology.
India is the pioneer in the implementation of digital health technologies, according to the 2019 Future Health Index (FHI) reports. The Indian medical industry is on the rise, with USD 372 billion forecasts to cross by 2022.
Growing lifestyle disorders, increasing demand for quality health care, and accelerating growth in internet usage, technology advancements, accelerated insurance penetration, and improved life expectancy, alongside government initiatives such as e-health, are driving developments and technological innovations within this market.
Through the Internet of Things (IoT), several new technologies have arisen. In addition to advances in Big Data, technologies such as miniature wearable biosensors have opened the floodgates for more customized and precision eHealth and mHealth services than ever before. Such entrepreneurs are fast, flexible, and creative, and they have speeded up their efforts to guarantee the right treatment in this time of crisis for patients in rural pockets.
Skills in Demand
Coronavirus spreading has resulted in very rapid work changes. Work from home and video conferencing work is now standard, and it seems to be staying here. In the recruitment sector, a similar scenario takes place.
According to Xpheno’s co-founder, their team monitored the best tech skills for 2020 before closure in December 2019. In contrast to the results, amid the coronavirus, overall job openings through these competencies decreased only less than 10%. A consolidation of demand through skills has been made, which demonstrates that businesses require capabilities operationally.
Many other technologies like IoT, Blockchain, Artificial Intelligence, and Big Data appeared to have taken a back seat before the year began. However, recruiting professionals also claim that it is essential to match the right companies with these specific skills.
Many joint organizations and several others are quickly attempting to curate and provide relevant information and share guidance and documentation that they generate.
Action for a Better Future
It is essential to make the workforce ready for the potential technical transition, and all stakeholders are concerned. Enterprises must collaborate closely with the Government to expand the usage of technical resources and ensure the workforce’s progress. Newer technologies like AI, blockchain, especially for skiing, provide further opportunities.
Do you plan to step into the ITIL career? Why waste time during the Covid-19 pandemic, just rock-on now with online training courses. ITIL 4 Foundation is the latest interface for all kinds of States, institutions, and businesses to quickly and efficiently handle rapid major environmental shifts. For India to keep up with this, the Government needs to fund research and collaborative efforts.