Are you a founder struggling to develop that cutting-edge idea for your startup? Have you come up with a plan to create an EdTech app, but you don’t know how to go about it?
Are you stuck with the question: Is this the right time to develop an educational app?
If you have any of these questions in mind, then you should read this article on educational mobile application development.
This article will help you learn how to create an e-learning app that will give your startup the breakthrough it needs.
If you prefer visual to text, then go straight to the bonus infographic “How to build EdTech startup”.
Let’s get started.
Why Is It a Good Idea to Create an EdTech Startup Right Right Now?
As we all know, the Covid-19 pandemic and the consequential restrictive laws changed the way people interact, work, and learn.
A prime example is the concept of learn-unlearn-relearn, which is widely adopted. You could even say that it is a highly concise framework for the entire learning process in the 2020s.
The outcome of this opens opportunities for educational app development to develop new EdTech products and bring new business models and innovation.
Therefore, future founders should create innovative apps that appeal to students, tutors, and educational institutions.
Some online educational solutions that entrepreneurs should consider due to the surge in demand include:
Learning applications for easing the learning process of toddlers.
Students, applicants, and pupils that need help to prepare for exams,
Specialists willing to get a new qualification,
Individuals with the desire to try something different, upgrade their educational qualifications and master a skill.
To help you make an educated decision on the type of app you’d like to opt for, we’ll discuss the cost involved in subsequent sections but first, let us discuss the market landscape.
E-Learning Market Statistics
Research by Statista suggests that the eLearning market will be worth $243 billion by the end of 2022.
Another report indicates that the market will increase by $289 billion in 2024.
Prediction by Research and Markets data provider suggests that the global EdTech market will be worth a staggering $398 billion by the end of 2026.
The online learning market is well on course to bring this prediction to reality as investments in this sector peaked in 2020.
Most of that money, 42.9%, which are going into EdTech are based in the US.
Of all those investments, a significant part of that money went to AI-based learning tools, e.g., virtual reality, while mobile learning tools account for 15.9% of the investment.
This illustration shows how the eLearning market will change in the future.
Best Time for Mobile App Development
During the first half of 2019 and up to now, the Covid-19 pandemic caused a surge in traffic going to online educational platforms and learning materials.
Both Android and Apple app stores experienced a near 100% increase in educational application download within this period.
Educational apps currently rank the third most popular application category on Apple Store and the second most downloaded category on the Google Play Store.
The primary reason for the increase is the impact of the Covid-19 pandemic that has shifted from the traditional teaching method. It shows that people are gradually beginning to embrace the idea of learning with apps.
More and more tech companies recognize this demand surge and are filling the gap by venturing into application development for the education industry.
For example, TikTok launched #LearnOnTikTok in 2020, a platform that helps TikTok users self educate in a fun but highly educative way.
As they say, use gamification correctly, and it will become a viral trend.
Illustration shows the changes in the e-learning market before and after the pandemic and what influenced such changes
What’s the Cost of an Educational App Development?
The cost of the development of an educational app varies from $25,500 to $50,000. It is the price of creating an MVP.
The price depends on various factors: from the complexity of an idea to the level and location of an app development company. Let’s take a closer look at a few factors.
- The Complexity of the Concept The complexity of the application’s concept directly impacts the development costs. How?
The difficulty of business logic like the number of roles, number of features, number of integrations, the kind of monetization or in-app purchases defines the complexity of the product.
The complex concept also means more advanced design, more research, and more planning.
And finally, complex business applications usually require more infrastructure work. For example, integration of additional security protocols or creating auto-scaling via Kubernetes.
Here are a couple of examples, so you know what kind of numbers we’re talking about.
You can read more about build an educational app here.