How TIME and Statista Determined the Top EdTech Companies of 2024
The pandemic may no longer have the same grip that it used to on the way that we go about our daily lives—workers have returned to offices and students are back in the classroom. But a new global ranking by TIME and Statista of the 250 top EdTech companies suggests that online learning is here to stay.
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Nine of the top 15 most successful EdTech companies in the world are focused on providing online learning. The rankings are based on a formula evaluating financial strength and industry impact.
Eruditus, the top EdTech company in the global rankings, reported a revenue of close to $400 million for the financial year ending in June 2023, up 75% over the prior year. The EdTech platform offers online courses from more than 80 universities around the world, including business schools at the University of Pennsylvania, the University of Cambridge, and MIT. Eruditus says it has so far educated more than 500,000 people across 80 countries.
Eruditus was incorporated in Singapore but made news this year for reportedly shifting its headquarters to India. “It is a fact that the Indian stock markets are far more attractive than the global peers,” co-founder and CEO Ashwin Damera told Indian news-outlet Mint in January.
The U.S. dominates the list, making up more than one-third of the slots. China trails behind with 10% and the U.K. has just over 6%. Two companies from Brazil also made it into the top 10: Afya runs medical schools and offers online classes in various health fields; Vitru Education provides online and on-campus classes in Brazil to, the company reports, more than 900,000 undergraduate and graduate students.
Brazil’s EdTech market has been growing rapidly for years. The country has struggled with education. In Brazil, just 57% of adults aged 25 to 64 have completed upper secondary education, much lower than the Organization for Economic Cooperation and Development (OECD) country average of 79%, putting it nearly last among the 41 countries studied by the OECD for educational attainment. And the OECD’s 2018 Programme for International Student Assessment (PISA) ranked Brazil 40 of 41 countries studied for students’ skills in reading, math, and sciences. The private sector has capitalized on the opportunity to offer online learning.
“Students that are older, that have worked for a bit, have some kind of education qualification but are upgrading so they can get a better job, they value convenience and affordability,” says Jitin Sethi, managing director at LEK Consulting, focused on education in the Americas. “That creates a unique opportunity to innovate.”
In addition to highlighting 250 top EdTech companies, Statista and TIME also published a Rising Stars ranking to spotlight organizations that had the highest revenue growth rates over the last three years, of companies that submitted applications. Scaler Academy, an online learning platform based in India that teaches coding, system design, and career development skills, topped that list. —Sanya Mansoor
The post World’s Top EdTech Companies of 2024 appeared first on TIME.
