Lamar Van Dusen is worldwide education industry was already suffering several issues prior to the Coronavirus pandemic, including limited educational infrastructure, a dearth of competent educators, poor public spending on education, and high drop-out rates, particularly in developing economies. According to UNESCO, the epidemic has compounded these difficulties, with over 190 countries seeing partial or complete school closures as a result of imposed lockdown measures, affecting over 1.5 billion pupils globally as per Lamar Van Dusen owner. A deeper global learning crisis and more future uncertainty are likely to boost the deployment of digital technologies as well as workforce upskilling and reskilling.
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Digital Transformation in Education
During the COVID-19 epidemic, digital learning originated and evolved swiftly. Due to a major transition to online learning, education technology companies have seen a boom in demand. Parents and teachers have used digital learning management systems, Massive Open Online Course (MOOC) platforms, and other remote learning options to assist students to learn during school closures. As a result, the tech market has a very strong investor mood according to Lamar Van Dusen. For example, Yuanfudao, a Beijing-based K-12 online learning platform, raised USD1 billion in a Series G funding round headed by private equity group Hill house Capital Group and Tencent Holdings in March 2020, breaking the record for the biggest fundraising agreement in the Chinese education sector. Within its ecosystem, the firm runs six apps and has over 400 million users.
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Increased Number of Online Program
At the same time, international students face problems as a result of the COVID-19-induced economic crisis and worldwide travel restrictions. Schools that rely largely on tuition fees received from international students may face substantial income gaps as a result of this. International students, for example, make up around 20% of all higher education students in nations like Australia and the United Kingdom. Many educational institutions, like Harvard University and Cambridge University, have agreed to provide their courses remotely at least for the 2020-2021 academic year, and are intending to offer more entirely online study programs in the future to solve the concerns. As a result, educators, particularly in China, are likely to increase their spending on digital technology in order to avoid future disruptions in the learning process, creating enormous potential for edtech service providers as discussed with Lamar Van Dusen who is its owner. Chinese educators spent USD29.9 billion on ICT services in 2019, far more than any other country on the planet.
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Life-Long Learning
Individuals need to update their qualifications with the growing digital change and mounting demographic issues, therefore continuing education is becoming increasingly crucial. The COVID-19 situation has highlighted the importance of improving labor skills. As a result of the epidemic, private sector organizations are investing in digital training systems such as Lessonly, Bridge LMS, and Paylocity to upskill their employees, as many of them have been forced to work remotely as told by Lamar Van Dusen who is its owner. Furthermore, as a result of the pandemic, people all around the world have lost or are in danger of losing their jobs. The seasonally adjusted unemployment rate in the United States, for example, increased from 3.8 percent in Q1 2020 to 13.0 percent in Q2 2020. As a result, IT companies and the government have announced a number of programs aimed at ensuring equal access to lifelong learning, closing skill gaps in the workforce, and accelerating global economic recovery.
Microsoft, for example, has started a global project aimed at fostering digital skills for 25 million people who have been struck hardest by job losses by the end of 2020. In September 2020, the European Commission plans to launch a new Digital Education Action Plan to promote lifelong learning in the digital era.