Google Gains Edge Over AMZN, MSFT & AAPL With Socratic Launch
Alphabet’s GOOGL Google is leaving no stone unturned to enhance its edtech offerings on the back of innovative technologies.
The unveiling of the iOS version of Socratic, which is a mobile learning application, is in sync with the endeavor. Notably, it was acquired by Google last year in a bid to bolster presence in the education industry.
Further, the app under review is powered by AI, which makes it capable of understanding the underlying concepts of student’s question with the help of trained algorithms and provides them resources accordingly. It is aimed at guiding high school and university students with their educational queries outside the classroom.
The search giant’s recent launch is a significant one considering the growing proliferation of smartphones and internet among students.
Socratic is likely to gain momentum across the Apple’s AAPL iOS users following its availability on the App Store. Moreover, the brand loyalty of this particular operating system remains a major positive, which in turn is likely to aid the adoption rate of Socratic.
Further, the company is set to launch the Android version of the app this fall in order to expand presence in the edtech space by leveraging the popularity of Android OS.
Additionally, these strong endeavors are likely to provide Google’s a competitive edge against Microsoft MSFT, Apple and Amazon AMZN, which are also making every effort to leverage the increasing dependence of education on advanced technologies.
Robust Features: Key Catalysts
Although Socratic is best known for Mathematics, it can efficiently handle Science, Literature and Social Studies, to name a few. Additionally, the app offers guidance on more than 1,000 higher education and high school topics.
Further, students can clarify their doubts by taking a picture of their question or the page of the textbook that they are unable to understand to get an alternative explanation. Further, they can use their voice to ask questions.
All these features of Socratic are likely to help Google in capitalizing on the global education technology market which as per a report from Research and Markets, is expected to witness a CAGR of 15.4% between 2018 and 2024.
Alphabet Inc. Revenue (TTM)
Rising EdTech Battle
Google, Microsoft, Apple and Amazon are the prominent tech companies which are trying to gain a foothold in the education industry on the back of their education related apps and hardware.
Microsoft recently acquired Flipgrid. The startup is an interactive social learning app for teachers and students with a collaborative approach. Further, the company has come up with a lower-priced Surface laptop and special version of Windows 10 for students.
Additionally, it partnered with OpenClassrooms with an aim to offer students in-demand skills and knowledge required for AI jobs
Further, the company joined forces with 10 higher educational institutes of India such as BITS Pilani, BML Munjal University and SRM Institute of Science & Technology, to name a few, to launch AI backed digital labs in the country, thus expanding its international presence.
Apple on the other hand has been focused on designing a range of education related products, services and programs. The company supports mobile learning and enables students and teachers to share education-related materials through iTunes U.
Meanwhile Amazon, a relatively new entrant in the space, has taken a different approach to address the needs of the education industry through its cloud platform, Amazon Web Services (AWS), which is rapidly replacing physical storage in schools.
Further, the e-commerce giant recently launched an IIT JEE preparation app, JEE Ready, which is in beta stage currently. This will expand its presence in India’s edtech space.
Nevertheless, Google’s growing edtech initiatives are likely to provide tough competition to the above-mentioned companies. Apart from the latest app, the company is making every effort to bring its Chromebook platform, tools and services to classrooms. Its browser-based software like Classroom, Forms and Quizzes, and G Suite for Education is a step in that direction. In fact, Google launched a Chrome OS tablet for schools.
Further, Google rolled out an educational app called Bolo in India that features a huge collection of stories pulled from StoryWeaver, in an attempt to inculcate the habit of reading among elementary school students.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Alphabet Inc. (GOOGL): Free Stock Analysis Report
Apple Inc. (AAPL): Free Stock Analysis Report
Microsoft Corporation (MSFT): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.