Published via 11Press: According to HTF Market Intelligence, the global artificial intelligence (AI) in education market is projected to register a growth rate of 33.51% and reach a market size of US$6,994 million by 2029 – US$4,511 million.
Artificial Intelligence (AI) market size in education
Artificial intelligence (AI) is having a significant impact on virtually every industry today and will have a significant impact on education in the future. The progress of our society is driven by new AI-based technologies. The burgeoning field of artificial intelligence (AI) has the power to completely transform the way we interact with each other. Artificial intelligence in education has started to develop novel teaching and learning techniques that are currently being evaluated in different settings. The integration of cutting-edge technologies and clever algorithms in e-learning platforms is driving AI in education. The proliferation of cutting-edge learning models and technologies, including educational software, machine learning, and AI, has transformed the role of educators, the way we teach, and the classroom environment. The technology has evolved significantly over the past five years due to the rise of AI and improvements in machine learning algorithms. Commonly used in language translation, information retrieval and knowledge acquisition, AI technology has become a key tool for creating user-friendly decision support systems.
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Attributes Details Study Period 2029 Base Year 2022 Unit Value (in USD millions) Key Company Profile Google (US) IBM (US) Pearson (UK) Microsoft (US) AWS (US) Nuance (US) Cognizant (US States) States) Metacog (US) Quantum Adaptive Learning (US) Querium (US) CAGR 33.51%
The parent company of the world’s most popular online learning platform, 2U, Inc., recently announced a major update to its partnership model as it transitioned to becoming a platform company, introducing new revenue-sharing options that also offer universities more flexibility than new tools that Support partners to reduce tuition fees for their online degree programs at their discretion. The leading players in the education industry have developed a number of creative artificial intelligence solutions to solidify their position in the market. For example, Google Inc. spent $500 million to buy DeepMind from a UK startup. DeepMind is a manufacturer of artificial intelligence software. Artificial intelligence (AI)-based educational aids like Microsoft’s Cortana are something that companies like Microsoft Corporation are working to develop. Companies focus on a variety of topics, including online educational simulations, artificial intelligence-driven content, and tailored curricula.
Artificial Intelligence (AI) in Education Market – Key Players
Google (US) IBM (US) Pearson (US) Microsoft (US) AWS (US) Nuance (US) Cognizant (US) Metacog (US) Quantum Adaptive Learning (US) Querium (US states) states)
Artificial Intelligence (AI) in Education Market Segments
Machine learning, deep learning, natural language processing, computer vision, machine thinking
Virtual moderators and learning environments, intelligent tutoring systems, content delivery systems, fraud and risk management
Conversational learning is getting more attention Conversational learning is becoming an increasingly important part of education worldwide due to the increasing importance of digitization and e-learning. It is the presentation of information as a dialogue. Thanks to this teaching strategy, students benefit from a more engaging, dynamic and personalized learning experience. Additionally, chatbots are vital to the conversational learning process as they can be programmed to meet learners’ needs. Chatbots also provide relevant content, resulting in effective course completion and time savings. Students can communicate with the chatbot by texting or talking to learn more about the schedule, course structure, and campus amenities. Conversational learning is getting more attention Conversational learning is becoming an increasingly important part of education worldwide due to the increasing importance of digitization and e-learning. It is the presentation of information as a dialogue. Chatbots also provide relevant content, resulting in effective course completion and time savings. Students can communicate with the chatbot by texting or talking to learn more about the schedule, course structure, and campus amenities.
Market Growth Drivers:
The increasing need for administrative work automation is a major factor influencing the adoption of AI learning solutions in the education sector. Teachers often devote significant time to administrative tasks, including marking tests, enrolling students, setting rules, and grading assignments. By automating administrative tasks, artificial intelligence (AI) reduces stress and pressure on teachers in this way, allowing them to focus more on student learning. For example, the online tutoring platform ALEKS, provided by McGraw-Hill Education Inc., streamlines the grading process by creating a personalized progress report for each student, allowing students to receive personalized feedback. One of the key factors behind the market expansion is the increasing need for personalized education solutions based on AI.
If a machine can approximate human intelligence, that’s a great achievement. Completion requires a lot of money, time and resources. Because AI requires the latest software and technology to stay current and meet market demands, it is quite expensive. Since AI cannot learn to think creatively outside the box, this is one of its biggest disadvantages. AI can learn over time from ready-made facts and past experiences, but it lacks creativity. The Forbes bot Quill, which writes earnings reports, is a good example. Only information and details that have already been transmitted to the bot are included in these statistics.
The use of artificial intelligence in daily life is increasing and has been around for a while. While the use of AI in education brings many advantages, such as For example, increasing student engagement through gratification or attempting to increase grading accuracy by using machine learning algorithms to automatically grade essays, some tradeoffs should be considered before these technologies are rolled out nationwide. The privacy concerns associated with adding new, sensitive information to cloud-based databases that may not have adequate safeguards are a significant disadvantage of artificial intelligence applications. Another concern about the widespread adoption of this new technology relates to education in particular: young people who do not learn how machines work will be at a serious disadvantage if their field of study depends heavily on computer science skills in the future, because people do not have the necessary skills .
Campuses and K-12 classrooms should be learning environments first and foremost. However, it is often the case that boring procedures such as scheduling meetings with counselors or study groups cause distraction. Both teachers and students can benefit from using artificial intelligence to maximize their time and productivity. Introducing Assistant, an AI-powered tool from Google for routine “back-office” activities. For example, trying to set up meetings with teachers or a project group will avoid seemingly inevitable back-and-forth conversations. It just looks at the schedules of the parties involved and uses AI to determine the next best open time slot.
Key highlights of the global Artificial Intelligence (AI) in Education market study:
Market CAGR from 2022 to 2029, the estimated time frame. Comprehensive data on Artificial Intelligence (AI) in Education market is projected to grow rapidly in the coming years. Comprehensive analysis of future trends and changing consumer behavior. An estimate of the size of the global Artificial Intelligence (AI) in Education market and its share in the total market by type, application and country. A thorough understanding of consumer demand. An understanding of the competitive landscape of the market and detailed data on various players. • Deep knowledge of the variables that would hinder the development of artificial intelligence (AI) among educational actors
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Transformation and key triggers:
Business transformation has taken place across the enterprise landscape due to the confluence of a number of key triggers such as:
Significant changes in the technology and cost structure of artificial intelligence (AI) in the education industry. A turning point in globalization. Regulatory compliance challenges in the artificial intelligence (AI) in education market. A significant slowdown in the developed economies. The emergence of new forms of competition in artificial intelligence
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