The political wheel of fortune has turned and we now have some certainty about what that means for UK EdTech and education providers. With 2019 showing excellent export growth for UK companies with BESA recording over 14% growth in UK education exports, there is clearly a demand and a market for UK education products around the world in 2020.
‘Where is this market?’ some might ask.
With questions on the health of the emerging markets and less demand for ex-pat school places across the world it is clear that the market is changing. New growth is coming from the expanding middle classes across China, SE Asia, India and the Middle East where families continue to see English language education (and so UK curricula and associated products) as highly valuable. Supporting this high growth is the continued rise in GDP of Emerging Economies. A recent PWC report predicted that, ‘Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average’ meaning that, ‘six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)’ and leaving the US in third place and the UK 10th by 2050…
While this growth might seem threatening to the UK it also presents a fantastic opportunity for UK exporters to sell into these emerging growth markets. International schools continue to lead the way in both supporting the English language as the international language but also in supporting international-mindedness. More and more parents see this international mindset as valuable and want their children to have the opportunities and advantages that international education is seen as providing.
This growth in demand is supported not only by the continuing growth of iGCSE and British based curricula but also of the International Baccalaureate across PYP, MYP, DP and CP and by Fieldwork education offering the IEYC, IPC and IMYC. There are also really interesting new curricula beginning to appear like New Nordic School and Green School. International education is growing and UK companies are well placed to support and expand with this growth.
So, with some political certainly, it’s safe to say that the UK is open for EdTech Export!