NetworkNewsWire
Editorial Coverage: How and what students learn is always
changing, but the landscape has become particularly frantic lately
with ubiquitous digital technologies. Digital technologies have
changed nearly everything, including the student-school-teacher
paradigm from kindergarten to higher education to how and who
companies hire. The COVID-19 pandemic, a growing choir of voices
calling for educational equality, outlandish tuition costs and even
so-called “wokeness”
have people and companies rethinking educational dynamics. In the
thick of it is the burgeoning educational technology (edtech)
industry, which is growing rapidly to meet evolving demand from
today’s generation of digitally native learners, as evidenced by
both analyst forecast and upstarts such as Nextech AR
Solutions Corp. (CSE: NTAR) (OTCQB: NEXCF) (Profile) immediately finding customers for
its new digital learning platform. The evolution also spotlights
other companies in the space, including Chegg
Inc. (NYSE: CHGG), Grand
Canyon Education Inc. (NASDAQ: LOPE), Stride
Inc. (NYSE: LRN) and Strategic Education Inc. (NASDAQ:
STRA) for what they bring to the table to help people
of all ages learn and excel.
- Growing at a 19.9% CAGR through 2028, the global edtech market
is forecast to reach $380 billion.
- Nextech AR Solutions has parlayed its retail technology into
its exclusive EdTechX platform.
- EdTechX has been labeled co-sell ready by Microsoft, a
designation that should expedite sales.
- Ryerson, Nextech were awarded up to $150,000 for the creation,
delivery of AR learning experiences.
Click here to view
the custom infographic of Nextech AR Solutions
Corp. editorial.
Edtech: A $380 Billion Industry
The value of compounding interest comes in handy when
considering that analysts at Grand View Research estimate that the
global education technology market grew from $86 in 2020 billion to
$106 billion in 2021. Grand View forecasts a stunning 19.9%
compound annual growth through 2028, implying the market size will
surge to $379.8 billion in that time. Fueling the growth is the
fact that the movement is
global, including emerging markets in Africa where tech is
providing wider access to learning.
Looking ahead, the future of education involves considering
technology here and on the horizon, including things such as
virtual reality ("VR"), augmented reality ("AR") and machine
learning ("ML"). AR has already become incredibly useful and
popular today, overlaying real word visuals with computer-generated
objects in real time. The utility is amazing, as learning becomes
interactive and engaging without the user having to be immersed in
a computer-generated world. Grand View sees the global AR market
growing also exploding; it forecasts a 43.8% compound annual
growth rate to $340.2 billion by 2028.
Nextech AR
Solutions Corp. (CSE: NTAR) (OTCQB: NEXCF) specializes in
developing and operating AR platforms, three-dimensional product
visualizations, human holograms and 360° portals. The company was
voted a 2019 Top-20 Most Promising AR/VR Tech Solutions by CIO
Review, and NTAR calls many Fortune 500 companies clients for an
array of applications, such as e-commerce, digital advertising,
hybrid virtual events (events held in a digital format blended with
in-person attendance) and learning and training experiences.
All told, the company has curated more than 4,100 events for
clients that hosted in excess of 10 million visitors. That proven
technology undergirded the company’s R&D of a new product to
disrupt the higher education market. That’s exactly what seems to
be happening with the recent launch of EdTechX, a comprehensive
education product combining enterprise-scale video streaming,
integrated assessments, AR holograms and data analytics.
Augmented and Remote Learning Just Tip of
Iceberg
With its flagship business model, Nextech has already made
inroads in the higher education markets. Ryerson University,
Carnegie Mellon University, University of South Florida, Université
Laval (in Quebec City, Quebec) and UN Educational, Scientific and
Cultural Organization ("UNESCO") are just a few of the clients
already in the company’s portfolio. Of course, they would be
natural fits for EdTechX as well, and some have already made the
leap, including Ryerson, Carnegie Mellon and Black Student
Fund.
The opportunities are only limited to the imagination. Nextech
can provide virtual learning labs, digital courses and poster
sessions, live demos and collaborations, Q&A sessions, teaching
tools, downloadable course content and more. Applications aren’t
limited to the classroom either, with homecoming events,
convocations and career fairs all available for design.
As demonstrated in this video,
Ryerson and Nextech collaborated to incorporate AR and hologram
technologies to develop customized virtual labs for different
Ryerson science programs. On June 10, Ryerson and Nextech were
jointly awarded from eCampusOntario, a provincial-run program, up
to $150,000 for the creation and delivery of AR learning
experiences for use within post-secondary education
institutions.
Don’t Overlook the Microsoft Effect
With the new EdTechX platform being commercialization, Nextech
this month launched its LiveX platform on Microsoft Azure. This
presents an opportunity for EdTechX to be seen by the more than
5,300 colleges and universities in the United States and give those
educational institutions the change to transform traditional
learning and events into digital experiences for the more than 19
million students they enroll.
Only days after the launch, EdTechX was deemed by Microsoft to
be co-sell ready, an accomplishment with tremendous implications.
Co-seller is the upper echelon of Microsoft partners and is
reserved only for elite global independent software vendors
("ISVs"), a branding that speaks volumes to the quality of the
technology and platform for potential customers. The Microsoft
co-seller process includes building demand, sales planning, sharing
sales leads, accelerating partner-to-partner empowered selling and
delivering marketplace-led commerce.
“Nextech AR Solutions is helping education institutions
digitally transform the way educators teach and the way students
learn, by enabling remote experiential learning through EdTechX.
Studies have shown that these types of immersive technologies
improve student engagement and student outcomes,” commented Nancy
Teodoro, education partner lead at Microsoft Canada, on the new
agreement.
Attracting Clients, CEO Support
It doesn’t take a Rhodes Scholar to recognize the revenue
opportunities involving the exploding edtech and AR markets
mentioned above. As it happens, though, Nextech is staring at some
of the best up-and-coming markets in general when it comes to
attracting clients.
Each year, the U.S. Labor Department releases its forecast for
expansion and contraction in specific industries. Look at those
estimates released in September shows that Nextech AR and digital
experience platform services customers represent eight out of the
top 10 for fastest-growing industries.
Genuine passion for management is always encouraging for
stakeholders to see, but it pales in comparison to a CEO repeatedly
laying out money to keep building a position. Nextech CEO Evan
Gappelberg wears his optimism about the future of the company on
his sleeve for the world to see.
In May, Gappelberg made his seventh purchase of Nextech stock in
the last year-and-a-half. This time he exercised warrants for
$186,650 worth of stock, putting money in the company’s coffers
while increasing his overall holdings to 9.86 million shares.
Gappelberg explained his outlook on the company in depth during a
recent Nextech
presentation at the 2021 LD Micro Invitational.
Getting in Front of the New Way to College
How big is a big enough market opportunity? $100 billion? $500
billion? Fact is that while size is important, it is timing the
penetration of the market that generally determines if a company
can capture any share. Edtech, AR and other digital learning
technologies still have a lot of runway to grow long legs in the
coming years. Traditional universities are going to have to learn
to adapt, while others are already charting a good course.
Chegg Inc.
(NYSE: CHGG), a digital textbook rental service and loose
version of an online tutor, is wildly popular among high school and
college students the world over. The company’s newest offering,
launched this month, is branded Uversity, a platform that
facilitates educators and faculty members share things such as
notes, videos and practice tests with Chegg members,
albeit students or educators.
Grand Canyon
Education Inc. (NASDAQ: LOPE) ("GCE") provides a spate of
education services to 26 colleges and universities in the United
States, including learning management systems, internal
administrations, academic services, counseling services and more.
GCE has
developed significant technological solutions, infrastructure and
operational processes to provide superior services that support the
students, faculty and staff of its partner institutions.
Stride Inc.
(NYSE: LRN) is a technology-based education company that
provides proprietary and third-party online curriculum, software
systems, and educational services to facilitate individualized
learning for students primarily in kindergarten through 12th grade
(K-12) in the United States and internationally. A key opinion
leader as well, a recent survey conducted by Stride with
third-party research provider Qualtrics determined that most
parents want more choices and experience for their kids when it
comes to education, especially established virtual learning
platforms.
Strategic
Education Inc. (NASDAQ: STRA) is an education
services holding company best known for its for-profit online
schools Capella University and Strayer University, as well as
non-degree programs schools such as DevMountain, Hackbright
Academy, and Sophia Learning. Capella is expanding its degrees
while keeping the workload flexible for its students. More than
10,000 students are now part of the FlexPath program, which allows
students to move at their own pace but incentivizes them to go
quickly through a pay schedule based on time rather than credit
hours.
Where education is going next will likely remain fluid, but the
standard of most students attending a four-year, on-campus
university looks to be shifting. Technology has changed that
forever with the potential to earn the same degree via different
channels. Companies that are getting in front of the new paradigm,
especially those leaning on technology, should prosper going
forward.
For more information about Nextech AR
Solutions, please visit Nextech AR
Solutions.
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