A ‘young country’ with high enthusiasm for education and Internet penetration… Grow K-Edutech market [K블루오션을 찾아라]

⑥ Accelerate ‘digital education’ to Malaysia!

K EduTech is seeking a way out in the Association of Southeast Asian Nations (ASEAN) instead of Korea, where the school-age population is decreasing. K-EduTech companies have already entered countries such as Vietnam and Thailand, which have a strong passion for education, high Internet penetration rates, and young populations, and are providing local partnerships and customized education programs. The Korea Trade-Investment Promotion Agency (KOTRA) is paying attention to Malaysia as another country to grow the K-Edutech market in ASEAN.

Photo = Getty Image Bank

On the 22nd, market research firm Global Data predicted that the Malaysian edtech market, which was worth about $240 million last year, will achieve a compound annual growth rate (CAGR) of over 13% by 2028.

Malaysia has the necessary background for the growth of the edtech industry. First of all, Malaysia, with a population of 34.1 million, is a ‘young country’ with 10.28 million people under the age of 19. As of 2022, the Internet penetration rate is 97.4%, and the Internet penetration rate among 15-19 year olds, the main target group of edtech, is 99%. In addition, in ASEAN, excluding the city-state of Singapore and the oil-producing country Brunei, it is the only country with a per capita income exceeding $10,000, so there is relatively high room for government-level investment in the field of education.

In fact, the Malaysian government is accelerating the introduction of edtech in the wake of the novel coronavirus infection (Corona 19) pandemic. Malaysia’s Ministry of Education developed DELIMa, a direct e-learning platform, with the goal of promoting online learning in 2020 during the pandemic. Delima, which stands for ‘Digital Education Learning Initiative Malaysia’, is a platform that provides access to digital education resources such as digital textbooks and educational videos. Artificial intelligence (AI) solutions are introduced to provide personalized learning for each student.

In addition, the Malaysian government is also carrying out a project called ‘JENDELA’ to improve internet accessibility and speed nationwide from 2020 to build an edutech foundation. The goal is to achieve a 100% 4th generation mobile communication (4G, long-term evolution) network construction rate in densely populated areas by the end of 2025 and to improve mobile broadband speed to 100 megabits (Mb) per second.

However, some say that the Malaysian edtech market is yet to bloom. Melissa Gomes, CEO of Edvolution, an edutech company headquartered in Penang, Malaysia, said, “(The government’s) digital education policy such as edutech is in its infancy stage,” adding, “Support for the development of the latest education methodology and education content is essential.” “There is a significant shortage,” he said.

This is an opportunity for K-Edutech companies. KOTRA Malaysia Kuala Lumpur Trade Center predicted, “In Malaysia, the number of people who are positive about the Korean Wave and want to take Korean language courses or take Korean language certification tests is increasing, which will have a positive impact on K-EduTech’s market entry.”

There are also Korean companies that have already entered the Malaysian market. Edtech company Emergency Education signed a contract with Asia-Pacific University of Technology (APU), a prestigious science and engineering university in Malaysia, four months ago and plans to provide an e-learning platform and smart learning solution to APU’s Korean language education center starting this fall semester. Using this solution, you can connect around the world and take Korean classes anytime, anywhere via video, AI, etc.

Joint planning: Segye Ilbo and Korea Trade-Investment Promotion Agency

Reporter Lee Dong-soo ds@segye.com

[ⓒ 세계일보 & Segye.com, 무단전재 및 재배포 금지]