Sep 05, 2018 (Heraldkeeper via COMTEX) — According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Artificial intelligence in education market set to cross USD 6 billion by 2024 due to the growing demand for Intelligent Tutoring System (ITS) by educational institutions. The educational institutes are adopting advanced ITS to offer personalized learning experience and enhance tutoring methods. The integration of intelligent algorithms and AI in the learning platform also promotes the growth of the market. The technology has transformed the classrooms and changed the role of educators in the learning process by providing more user-friendly and sophisticated tools for both educators and students.
The increasing partnership between the education content developers, publishers, education institutes, and EdTech Companies to develop digital content and provide e-learning services to their students foster the demand. Furthermore, increasing investments in the EdTech and AI technology also supports the growth of artificial intelligence in education market. However, the limitation of the ITS system, data safety & security issues, and lack of skilled professionals are the major forces hindering the market growth.
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The learner model is estimated to account for more than 60% share in the artificial intelligence in education market. The demand for the more student-centric learning platforms from higher educational institutions impacts the growth. Moreover, the integration of the adaptive learning technology also augments the demand for the learner model. On the other hand, the domain model is estimated to grow significantly during the forecast period with the CAGR of more than 50%. The market is driven by the need for personalized learning solutions. Due to this, the solution providers are focusing more on developing user-friendly systems with subject knowledge to guide students better.
The Natural Language Processing (NLP) technology held more than 65% share of the revenue in 2017. The technology is widely used in the planning and designing of digital curriculum. It also assists in the process of the content development and e-learning. Furthermore, the technology is also widely adopted in the virtual assistance system to analyze the voice and text of the users. The deep learning technology is anticipated to grow with the CAGR of over 50% during the forecast timespan. The integration of the intelligent algorithms in the EdTech solution is the primary factor driving the demand for deep learning technology.
The virtual facilitators and e-learning platform market is leading the application landscape with about 55% share in the AI in Education market. The growth of the market is credited to the increasing adoption of the online learning platform. The education institutes are focusing more on developing digital content and delivering knowledge through web-based solutions to provide more personalized learning for students. Furthermore, the integration of the virtual facilitators and chatbots in the e-learning platforms to assist students in the learning process also drives the market growth.
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North America accounted for over 60% share in the artificial intelligence in education market. The growth of the market is driven by the increasing investments in EdTech and AI technology. The highly developed education infrastructures and early adoption of the technology in the education sector enhance the market growth. The growing dependence on mobile devices, such as smartphones, tablets, and laptops, to access teaching programs and study materials have given an upsurge to software developers for designing software compatible with these mobile devices, driving the market growth.
Asia Pacific artificial intelligence in education is estimated to grow substantially with the CAGR of more than 51% during the forecast timeline. The supportive government policies and digitalization activities in the region are driving the market growth. China leads the investments in technology and accounts for 17% of the global external investments in AI. Increasing investment by Chinese players is also one of the major factors driving the growth in the region.
Some of the major vendors that are serving the AI in Education market are Nuance Communication, Microsoft, AWS, IBM, Google, Cognii, Pearson, Jenzabar, Volley.com, Content Technologies, Pixatel Systems, PleIQ, Knewton, Blippar, Blackboard, Century Tech, Quantum Adaptive Learning, and Liulishuo.
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 (U.S., Canada, UK, Germany, France, Italy, Spain, Australia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
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