Artificial Intelligence (AI) in Education Market Size worth $6bn by 2024
Published Date: August 12, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Artificial Intelligence (AI) in Education Market size is set to surpass USD 6 billion by 2024; according to a new research report by Global Market Insights, Inc.
The deployment of AI technology in education creates personalized course contents for students, reduces manual work, and enhances teaching performance. The use of AI in education is catering to the growing need for adaptive & personalized learning among students. It further enhances the teaching capabilities through monitoring and tracking of the learner’s progress. These adaptive learning systems are built on a student’s prior learning to shape pathways for current learning and provide guidance on future learning directions.
The influx of innovative learning models and technologies, such as educational software, machine learning, and artificial intelligence (AI), has changed the role of educators, creating a shift in the teaching methods and transforming the classroom. Over the past five years, the technology has gained a significant level of sophistication due to the rise of AI and advancements in machine learning algorithms. AI technology has become an important tool for the development of a user-friendly decision-support system widely used in the areas of language translation, information retrieval, and knowledge acquisition applications. However, the lack of skilled employees, high cost of deployment, and the growing risk of data security & leakage due to the rising number of cyber-attacks are hindering artificial intelligence in education market growth.
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The rapid integration of ITS into the learning process helps students to improve their learning styles. Additionally, it offers personalized tutoring and high-quality education to students by gauging their pre-existing knowledge and learning. The AI-based educational solution caters to the growing demand among students for immediate feedback that helps in their improvement. For instance, MATHIA, an AI-powered math learning platform developed by Carnegie Learning mirrors the behavior of human tutors. The platform collects data points and employs machine learning and predictive models to determine individual knowledge & skill level and estimates the performance. The platform will be used to adapt the learning path according to the learning process.
Browse key industry insights spread across 270 pages with 258 market data tables & 44 figures & charts from the report, “Artificial Intelligence (AI) in Education Market Size By Model (Learner, Pedagogical, Domain), By Deployment (On-Premise, Cloud), By Technology (Machine Learning, Deep Learning, Natural Language Processing (NLP)), By Application (Learning Platform & Virtual Facilitators, Intelligent Tutoring System (ITS), Smart Content, Fraud & Risk Management), By End-Use (Higher Education, K-12 Education, Corporate Learning), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
The pedagogical model held a significant AI in education market share in 2017 and is expected to maintain the dominance over the forecast timeline. The model supports regular assessments, which are carried out to measure the learning progress of the learners. It also includes how the teacher communicates with the students in intellectual and social environments that the teacher seeks to develop. The major players offering this model are Blackboard, Coursera, General Assembly, 2U, and Tutor Group.
The machine learning model offers a customizable learning experience, student path prediction, suggested learning path, identifying weaknesses, and analyzing areas that require improvement. This technology is significant in understanding educational patterns and suggesting variations in the teaching methods. It also enables unbiased grading system and feedback mechanism for students and teachers, thus aiding artificial intelligence (AI) in education market growth. Teachers no longer have to check student assignments as these tasks are carried out by the machine, allowing the teachers to concentrate on more complex tasks. In March 2018, Google announced to make machine learning education accessible for all by introducing Learn with Google AI. This application allows people to learn different concepts, develop skills, and apply AI to solve real-world problems.
North America held the largest artificial intelligence in education market share with over 59% in 2017 and will dominate the market share over the forecast timeline due to the growing digitization across the region. The educational institutions in the region are rapidly deploying AI to enhance the quality of education. The presence of prominent vendors in the region and their increasing focus on offering innovative solutions across the globe are contributing to AI in education market growth.
Prominent players in the artificial intelligence (AI) in education market are IBM, AWS, Microsoft, Google, Nuance, Century Tech, Blackboard, Pearson, Cognii, Volley.com, Blippar, Knewton, Jenzabar, Content Technologies, PLEIQ, Luilishuo, Pixatel System, and Quantum Adaptive Learning.
Enterprises with deep pockets are acquiring emerging market players, thus aiding emerging market players to spend heftily in R&D to develop innovative solutions. For instance, in June 2018, Reliance Industries Limited (RIL) acquired 73% stake in an AI-based education technology provider, Embibe, and is anticipated to invest USD 180 million in over three years. This acquisition will increase its R&D spending on AI in education. This will cater to the learners across professional skilling, higher education, K-12, vernacular languages, and all other curriculum categories across the world.
The artificial intelligence in education market research report includes in-depth coverage of the industry with estimates & forecast revenue in USD from 2013 to 2024 for the following segments:
- Leaner Model
- Pedagogical Model
- Domain Model
- Machine Learning
- Deep Learning
- Natural Language Processing
- Learning Platform & Virtual Facilitators
- Intelligent Tutoring System (ITS)
- Smart Content
- Fraud & Risk Management
- Higher Education
- K-12 Education
- Corporate Training
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
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