The growth of tutoring industry
Technavio’s latest market research report the emergence of virtual learning is a key trend in the global K-12 online tutoring market through 2021.
According to Jhansi Mary, a lead analyst from Technavio, focusing on research on K12 and higher education sector says, “Although the acceptance rate varies geographically, the global online tutoring market is expected to grow at a CAGR of close to 12%”.
Technavio observes top three emerging market trends driving the global K-12 online tutoring market: emergence of virtual learning, mobile-based online tutoring services and a growing customization of tutoring services.
But there’s another trend at play – blockchain has the potential to revolutionize tutoring, addressing the core of challenges the industry has been struggling with. And there are many…
Tutoring industry challenges
Despite the expected rise of the online tutoring industry, at present most classes are still offline. This means that students spending hours traveling to classes. In some cases, teachers are forced to cover extensive distances commuting between different study centers scattered around the city.
Commercial schools and study centers charge significant markups which affect both students and tutors. This markups mean less students can afford to get support they need, while tutors might struggle to make ends meet and suffer from overwork.
Tutors who do already work online lack reliable communication tools designed for education, and a are mostly forced to teach via Skype. Oftentimes, they are dealing with call disruptions and poor call quality. This problem is particularly prevalent among students who rely on a slow internet connection – those with less financial means or in developing countries.
For students who need support, the quality of tutoring can dramatically impact their future. However, current tutor rating systems remain unreliable, with many reviews turning out to be fake.
Overall, ICT infrastructure enriches the learning process, but tutoring industry has a lot to grapple with. Can blockchain help?
There are several key aspects that make blockchain technology attractive for tutoring industry. Blockchain makes is possible to create a platform that’s decentralized, peer-to-peer, global and fully trustworthy.
One company bringing this ambitious vision to life is NTOK. This peer-to-peer global learning ecosystem will help mentors and students around the world find each other and develop trust, without middlemen
NTOK’s unique approach is supported by the cryptocurrency token, providing several functions. Firstly, the token with enable students to pay tutors directly – anywhere in the world – thus avoiding high transaction fees.
With a rating system that’s based on a blockchain, only a student who attended the lesson can leave feedback for a particular tutor. Similarly, it is technically impossible for anyone except the student to modify or delete any feedback.
The NTOK ecosystem will also enable tutors to record video lessons that can be watched in exchange for tokens, offering an additional, passive income stream for tutors and increasing learning flexibility for students.
What’s next for online tutoring industry?
The annual rate of students who will enroll in online tutoring services worldwide is expected to double over the next few years. Expectations are bound to rise together with the number of players in the space. One thing is certain – those failing to embrace innovation will unavoidably get left behind.