Artificial Intelligence in Education Market Growth Rate, Future Scope, Analysis
Posted by shweta raj on April 20th, 2021
Market Research Future (MRFR) expects the artificial intelligence (AI) in education market 2020 to be worth close to USD 2 billion by the year 2027. The market’s advancement rate is estimated to be 38% between 2020 and 2027 (review period). We will provide COVID-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
The adoption of the latest technologies has grown significantly following the outbreak of the novel coronavirus. The remote learning practice after the imposition of the lockdown has led to educators making extensive use of tools that are supported by artificial intelligence. However, the AI in education market can be challenged by the financial crunches induced by SARS-CoV-2. COVID-19 has also stopped education institutes from investing in these types of technologies. However, the surge in distance learning during the lockdown era can boost the need for digitized solutions powered by AI, which helps offer automated feedback to the students without the need for parents and teachers.
Technologies like artificial intelligence (AI) that provide real-time data have enhanced the communication between students and their teachers as well as parents. In these uncertain times, artificial Intelligence has complemented MOOC (massive open online courses), by allowing students and educators in remote locations to maintain online classes with no issues. AI chatbots are also becoming a major trend, especially post pandemic. For instance, the University of Murcia (Spain) has been focusing on building an AI-supported chatbots that can answer any query of the student regarding the campus or the study areas.
Market Drivers and Key Deterrents
Product innovation and launches are some of the top strategies that players are employing to gain profits and boost their market position. This in turn, also benefits the AI in education market, in terms of growth. To illustrate, in June 2020, IBM launched a free online learning platform called SkillsBuild Reignite for entrepreneurs and job seekers to aid them in reinventing their businesses and careers. This platform consists of more customized teaching and coursework for entrepreneurs that are planning to recover from the COVID 19 hit on their businesses. Some of the courses include business strategy, financial management, legal support, digital strategy, and more.
The surge in multilingual translators that are integrated with artificial intelligence could be an important boosting factor for the market growth. The mounting significance of higher technical education in different professional fields can also benefit the AI in education industry. In this scenario, AI helps the users learn at their own speed and get certified, thereby boosting their career growth.
MRFR study also outlines the artificial intelligence in education market trends, one of which is personalization, which has gained impetus due to the rising use of web and mobile apps that help educate users and give them a confortable experience. For example, Polyup is a well-known online platform that teaches coding and math in an individual and unique way, making it quite popular among IT professionals.
Significant market vendors include Jellynote (France), Cognizant (US), DreamBox Learning (US), Jenzabar, Inc., (US), Google (US), Bridge-U (UK), Microsoft Corporation (US), Fishtree (US), Pearson (UK), Amazon.com, Inc., (US), IBM Corporation (US), and more.
Some more players who are also trying to get a better position in the global market are Blackboard, Inc., (US), Third Space Learning (UK), Knewton, Inc., (US), Quantum Adaptive Learning, LLC (US), Metacog, Inc., (US), Querium Corporation. (US), Century-Tech Ltd (UK), to name a few.
Segment-wise, the AI in education industry has been considered for deployment, components, technology, as well as application.
The main deployment-based categories that the report provides are on-cloud and on-premise.
The market, depending on component, comprises software as well as services.
The prime technologies covered by MRFR analysts are natural learning process/NLP and machine learning.
The application areas of AI in education are virtual facilitators, intelligent tutoring systems, interactive websites, chatbots and content delivery systems.
The geographical categorization of the AI in education market elucidates Europe, North America, Asia Pacific/APAC, and RoW/the rest of the world.
Experts project North America to observe the highest growth in the coming years, as the region is known for fast adoption of latest technologies like artificial intelligence, digital learning, machine learning, and more. North America remains the leader, in terms of technological advancements and innovations, which has been encouraged by the high spending on research and development activities in the tech world. The regional market also receives a boost from the escalating use of AI in intelligent tutoring system applications, for providing enhanced instructions to each individual student.
The artificial intelligence in education market can progress at the fastest rate in APAC, with massive support from fast developing countries like India, South Korea and China. Surge in digitalization, rising internet use along with the rising penetration rate of smartphones are some of the chief enablers of market growth in the region. Favorable government regulations along with increasing spending by public and private sectors to induce development of the education system also promote market expansion here. To cite a reference, Toppr (India) is an AI-based company that extensively deploys AI as well as ML to track the weak points and strong points of the learners with the use of learning records and speeds.
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About the Authorshweta raj
Joined: July 2nd, 2020
Articles Posted: 481
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