Artificial Intelligence (AI) in Education Market Is Booming So Rapidly: Google, IBM, Pearson
Published Via 11Press : According to HTF Market Intelligence, the Global Artificial Intelligence (AI) in Education market is expected to see a growth rate of 33.51% and may see a market size of USD6,994 Million by 2029. The Market is currently pegged at USD4,511 Million.
Artificial Intelligence (AI) in Education Market Scope
Artificial intelligence (AI) has a significant impact on practically every industry now and will have a significant future impact on education. The advancement of our society will be pushed forward by new AI-based technology. The burgeoning field of artificial intelligence (AI) has the power to completely change how we interact with one another. Artificial intelligence in education has started to develop novel teaching and learning techniques that are currently being evaluated in various settings. The incorporation of cutting-edge technologies and clever algorithms into e-learning platforms is boosting AI in the education business. The proliferation of cutting-edge learning models and technologies, including educational software, machine learning, and AI, has altered the role of educators, changed how we educate, and changed the classroom environment. Due to the rise of AI and improvements in machine learning algorithms, technology has significantly advanced over the last five years. AI technology is widely employed in the fields of language translation, information retrieval, and knowledge acquisition applications and has emerged as a key tool for creating user-friendly decision-support systems.
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Report Highlights
| Attributes | Details |
| Study Period | 2029 |
| Base Year | 2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Google (United States) IBM (United States) Pearson (United Kingdom) Microsoft (United States) AWS (United States) Nuance (United States) Cognizant (United States) Metacog (United States) Quantum Adaptive Learning (United States) Querium (United States) |
| CAGR | 33.51% |
Market Overview:
The parent company of the most popular online learning platform in the world, 2U, Inc., recently announced a significant update to its partnership model as part of its transition to a platform company, unveiling new revenue share options that give universities greater flexibility as well as new tools to assist partners in reducing the tuition of their online degree programs at their discretion. The leading players in the education industry have created a number of creative artificial intelligence solutions to help them solidify their positions in the market. For instance, Google Inc. spent $500 million to purchase DeepMind from a British startup. DeepMind is a maker of artificial intelligence software. Artificial intelligence (AI)-based educational aids, like Microsoft’s Cortana, are something that companies like the Microsoft Corporation are working to develop. Businesses are focusing on a variety of topics, including online educational simulation, artificial intelligence-controlled content, and customized curricula.
Artificial Intelligence (AI) in Education Market Key Players
- Google (United States)
- IBM (United States)
- Pearson (United Kingdom)
- Microsoft (United States)
- AWS (United States)
- Nuance (United States)
- Cognizant (United States)
- Metacog (United States)
- Quantum Adaptive Learning (United States)
- Querium (United States)
Artificial Intelligence (AI) in Education Market Segments
By Type
- Machine Learning
- Deep Learning
- Natural Language Processing
- Computer Vision
- Machine Reasoning
By Application
- Virtual Facilitators and Learning Environments
- Intelligent Tutoring Systems
- Content Delivery Systems
- Fraud and Risk Management
Influencing Trend:
- Greater Attention Paid to Conversational Learning Conversational learning is becoming a more crucial component of education globally because of the increased emphasis on digitalization and e-learning. It is the presentation of information as a dialogue.
- Students benefit from a more engaging, dynamic, and personalized learning experience thanks to this teaching strategy. Additionally, because they can be programmed to accommodate learners’ needs, chatbots are crucial to the conversational learning process.
- Chatbots also offer pertinent content, which leads to effective course completion and time savings. Students can communicate with the chatbot by texting or speaking to it to learn more about the timetable, course structure, and campus amenities.
- Greater Attention Paid to Conversational Learning Conversational learning is becoming a more crucial component of education globally because of the increased emphasis on digitalization and e-learning. It is the presentation of information as a dialogue.
- Chatbots also offer pertinent content, which leads to effective course completion and time savings. Students can communicate with the chatbot by texting or speaking to it to learn more about the timetable, course structure, and campus amenities.
Market Growth Drivers:
- The increasing demand for administrative work automation is a significant factor influencing the adoption of AI learning solutions in the education sector.
- Teachers often devote a lot of time to administrative chores including grading tests, enrolling students, establishing rules, and evaluating assignments.
- By automating administrative activities, artificial intelligence (AI) reduces the stress and pressure on teachers in this way, allowing them to focus more on the learning process for pupils.
- For instance, the McGraw-Hill Education Inc.-provided online tutoring platform ALEKS streamlines the grading procedure by creating a personalized progress report for each student, enabling students to receive personalized feedback.
- One of the key factors fueling market expansion is the rising need for personalized education solutions powered by AI.
Challenges:
- When a machine can approximate human intellect, this is a huge achievement. It takes a lot of money, time, and resources to complete. Because it requires the newest software and technology to stay current and meet market demands, AI is quite expensive. Because AI cannot learn to think creatively outside the box, this is one of its major drawbacks.
- AI can learn over time using pre-fed facts and prior experiences, but it lacks creativity. The Forbes earnings report-writing bot Quill is a good example. Only information and specifics that have already been submitted to the bot are included in these statistics.
Restraints:
- The use of artificial intelligence in daily life is growing and has been around for a while. While there are many advantages to using AI in education, such as increasing student engagement through gratification or attempting to increase grading accuracy by using machine learning algorithms to automatically score essays, some drawbacks should be taken into account before these technologies become widespread throughout the nation.
- The privacy concerns connected with adding fresh, sensitive information to cloud-based databases that might not have proper security safeguards are a significant drawback of artificial intelligence applications. Another worry about the widespread adoption of this new technology is specifically related to education: teenagers who don’t learn how machines work will be at a serious disadvantage if their field heavily depends on computer science skills in the future because people won’t have the necessary knowledge.
Opportunities:
- College campuses and K–12 classrooms should be learning environments first and foremost. Even yet, there are a lot of times when boring procedures like scheduling meetings with advisers or study groups cause distraction. Both teachers and students can benefit from using artificial intelligence to maximize their time and productive efforts.
- Introducing Assistant, a Google AI-powered tool for routine “back office” activities. When trying to organize meetings with teachers or a project group, for instance, it stops the back-and-forth conversations that seem inevitable. It just looks at the schedules of the parties involved and uses AI to determine the next best time slot that is open.
Key Highlights of the Global Artificial Intelligence (AI) in Education Market Study:
- Market CAGR from 2022 to 2029, the anticipated timeframe
- Comprehensive data on the market for artificial intelligence (AI) in education will grow quickly over the coming few years.
- Exhaustive Analysis of Future Trends and Changing Consumer Behaviour
- An estimation of the size of the global artificial intelligence (AI) in the education market and its share of the overall market by type, application, and nation.
- A thorough understanding of consumer demand
- An understanding of the market’s competitive environment and in-depth data on different players • in-depth knowledge of the variables that would hinder the development of artificial intelligence (AI) in education players
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Transformation and Important Triggers:
Business transformation has occurred across the entire corporate landscape as a result of the convergence of a number of key triggers, such as:
- Significant changes in technology and cost structure of artificial intelligence (AI) in the education industry
- A tipping point in globalization
- Challenges posed by regulatory compliance in artificial intelligence (AI) in the education market
- A significant slowdown in developed economies
- The emergence of new forms of competition in artificial intelligence
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