Market Highlights
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.
COVID-19 Analysis
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.
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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.
Key players
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.
Market Segmentation
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.
Regional Analysis
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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Market HighlightsArtificial Intelligence (AI), when integrated with education sector, helps to tap new opportunities of an enhanced learning process and student engagement.
With the use of artificial intelligence and cloud technologies, the students can get assistance regarding any basic or advanced concept any time they require.
This helps students get educational support even after school hours.The major factors contributing to the growth of AI in education is the growing adoption of automation technology, which helps in reducing the time and paperwork required for administrative tasks such as grading, admission process, and others which helps the professors to utilize this time for lesson planning and focusing on individual student.
Adding to this, integration of AI offers customized and interactive software and services according to each student’s need, which helps him/her to understand the concepts in a better way.
By adopting the cloud deployment for AI in education market, the services provided become feasible, scalable, and cost-effective.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/6365Key playersThe prominent players in the market of AI in education are, IBM Corporation (US), Microsoft Corporation (US), Google (US), Amazon.com, Inc., (US), Cognizant (US), Pearson (UK), Bridge-U (UK), DreamBox Learning (US), Fishtree (US), Jellynote (France), Jenzabar, Inc., (US).Other players in the market include Knewton, Inc., (US), Metacog, Inc., (US), Querium Corporation.
(US), Century-Tech Ltd (UK), Blackboard, Inc., (US), Third Space Learning (UK), Quantum Adaptive Learning, LLC (US).Regional AnalysisThe global market for AI in education is estimated to grow at a significant rate during the forecast period from 2018 to 2023.
Artificial Intelligence in Education Market Synopsis:Artificial Intelligence (AI) is slowly becoming an important part of the education sector.
Report on the global artificial intelligence in the education market, as published by Market Research Future (MRFR), holds a speculation on proliferation possibilities at 38% CAGR between 2018 and 2023.
AI takes help of machine learning (ML) and natural learning for assessing students.
Many advantages and benefits of AI are aiding its growth in the education sector.
In terms of technology, the market has been segmented into machine learning (ML) and the natural learning process (NLP).
Regional SegmentationA geographical outlining of the global artificial intelligence in education market encompasses North America, Asia Pacific, Europe, and Rest of the World (RoW).
Artificial intelligence in education offers opportunities for student engagement that can't be found in usually out-dated textbooks or within the mounted setting of the standard four-walled room.
This blog post maps some effective ways in which the education system can harness artificial intelligence services to enhance learning and boost student success.
As an enterprise-grade Chatbot development company, Oodles AI builds effective virtual assistants and chatbots for streamlining learning and making education accessible to all.Learn more: Artificial Intelligence in Education
Secondly, it is an education at any time.
You can study when it's convenient to you in a real-time mode and get feedback all the time.
Teachers all over the world object the automatization of an entire education process, insisting on the idea that we can't refuse teachers.
As they believe, that only a professional can understand all needs of a scholar and only a human can harmonize a training program.
Yet, the experience of a ThinkerMath platform that uses Artificial Intelligence latest developments proves the opposite.Advantages of Artificial Intelligence in education for schools and teachersThere are lots of advantages of usage Artificial Intelligence in schools not only for students, but also for the teachers and schools as well, here are some of them: The AI program advantages for schools and teachers Ability to detect weaknesses The ability to detect weaknesses in various spheres of a training course.
For instance, Coursera notifies teachers when the majority of students gave incorrect answer on a question.
