HOW AI AND ML ARE REVOLUTIONIZING THE EDTECH INDUSTRY?

Posted by Siya Sharma on May 10th, 2021

HOW AI AND ML ARE REVOLUTIONIZING THE EDTECH INDUSTRY?

“AI and ML (Artificial Intelligence, Machine Learning) are creating havoc in several fields and industries, including education. The global AI in the education market will reach .80 billion by 2025 at a CAGR of ~45%.”

EdTech has emerged as one of the most important sectors right now, thanks to rapid digitization and the use of technology. The phenomenal growth of this industry has attracted vast amounts of investment and funding from all over the world. Although many people continue to question the use of technology from a young age and the effects it can have on children, the sector continues to expand at a steady rate. Artificial intelligence and machine learning have proven to be extremely useful in this area.

Artificial intelligence (AI) and machine learning (ML) are increasingly changing the face of education and altering educational technologies and institutions. The future of education is changing, and in a few years, things will look entirely different. Ed-tech is increasingly expanding its wings and gaining huge worldwide recognition, from smart classrooms to customised coaching applications. Billions of dollars are being invested in EdTech software growth, with the United States, China, and India attracting the most money.

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What part does artificial intelligence play in education?

In education, AI is now being used in the form of skill development tools and testing methods. As AI educational solutions mature, it is expected that AI will be able to assist teachers and administrators in identifying gaps in teaching and learning, helping them to perform better than ever before.

In the field of education, AI and ML has several applications. The breakthrough benefits both teachers and students. AI would support the education sector in a variety of ways. Byju's, Vedantu, and other e-learning platforms, in particular, are providing a competitive advantage to educational institutions. It has launched artificial intelligence (AI) e-learning tools to communicate with students and provide more personalised tutorials.

Over the last five years, China, which has the world's largest education market, has led education VC investment growth. In 2020, China will account for over 60% of all global VC investment in education, followed by the United States (15%), India (14%), and Europe (5%). Although not as large, VC investment in Indian EdTech has nearly quadrupled since 2018.

Future Applications of Machine Learning and Artificial Intelligence in Education

 According to the most recent figures, 16 per cent of U.S. jobs were lost in the last decade due to advances in EdTech, while 13.6 million new jobs were generated to cope with the increasing trend, and every university is being encouraged to teach students Artificial Intelligence and Machine Learning techniques. Artificial intelligence and machine learning have a bright future in this field, with significant growth expected in the coming years.

According to global reports, by 2023, the education market would have grown by 38 per cent, or USD 2 billion. Almost every country will implement new and improved techniques.

Content Delivery Systems, Natural Learning Processes, and On-Cloud technology will all experience significant growth by 2023.

A student's chances of learning and monitoring can improve with the use of AI and machine learning technologies. Students and teachers may use highly interactive methods to examine and evaluate their success in different subjects.

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Impact of COVID-19 on the EdTech Industry

In 2020, education spent 7B on digital. Although we expect this to rise to 4 billion by 2025, it is still just 5% of total spending and is seen as conservative by many. Although the long-term effect of COVID-19 on education models has yet to be seen, we expect an increase in spending on digital technology in education over the next few years, as well as greater long-term investment in new digital models. Ed-tech is increasingly expanding its wings and gaining huge worldwide recognition, from smart classrooms to customised coaching applications. Billions of dollars are being invested in EdTech software growth, with the United States, China, and India attracting the most money.

Conclusion: Artificial Intelligence and Machine Learning has a greater scope in the education industry

Artificial intelligence has the potential to increase educational quality to levels that our current standardized-curriculum-and-testing structures have not been able to achieve, as well as to enable teachers to concentrate on higher-value creative and interpersonal activities. However, scaling up adoption will require support from key stakeholders such as students, parents, teachers, administrators, and policymakers, as well as overcoming a structurally fragmented market. It will also be important to invest in technology and new capabilities in the classroom and educational administration.

Above all, data protection concerns must be discussed. The use of artificial intelligence in education poses legitimate questions about how educational data, like other personally identifiable information, is collected and used. What are the dangers of a student's longitudinal performance data, which is intended to help teachers enhance teaching, being public, or of low-performing students being denied educational and employment opportunities? To reap the benefits of AI in education, students and families will need to take on positions as advocates and advisors in the design of AI solutions, teachers and administrators will need to become familiar with AI technologies, and policymakers and regulators will need to build a safe environment.

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