Chicago, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global NLP in Education Market size is projected to grow from USD 99 million in 2023 to USD 228 million by 2028, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period, according to a new report by MarketsandMarkets™.
The NLP in education is being used in language learning applications to provide better pronunciation feedback, enhance translation quality, and create conversational bots that allow students to practice speaking with a virtual tutor.
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NLP in Education Market Dynamics:
Drivers:
- Rising demand for efficient language learning
- Increasing adoption of predictive analytics to provide targeted support to students at risks.
- Evolution of AI and deep learning
Restraints:
- Limited availability of educational data impacts efficiency of NLP models
- Risks associated with data breaches and sensitive information leakage.
Opportunities:
- Growing adoption of NLP to assess student performance.
- Soaring demand for personalized learning
- Significant R&D activities by market vendors
List of Key Players in NLP in Education Market:
- IBM (US)
- Microsoft (US)
- Google (US)
- AWS (US)
- SAS Institute (US)
- Inbenta (US)
- Baidu (China)
Welocalize (US) - Yellow.ai (US)
- NICE (US)
- ABBYY (US)
- Automated Insights (US)
- Width.ai (US)
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NLP analyzes student data such as performance history, learning style, and preferences to create personalized learning experiences. By tailoring the learning experience to individual students, NLP can help improve engagement and retention.
According to The Learning Agency Lab, NLP has been successfully and frequently utilised in educational settings to pinpoint grammar and mechanical issues in student writing as well as to offer comprehensive scores for five-paragraph essays. Even if these topics could be crucial, LP has the ability to deal with more pressing issues that students and instructors confront in the classroom. A better match between texts and pupils can be achieved with the use of more recent readability formulas based on NLP, ensuring that reading assignments are both demanding and fruitful. Finally, NLP can be especially helpful for English Language Learners (ELLs) since it can speed up and enhance the quality of language acquisition by giving feedback on both the form and function of language components.
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Based on offering, the NLP in Education Market is segmented into solutions and services. The solutions segment is expected to accumulate a higher revenue during the forecast period, attributed to the growing importance of NLP solutions in the education industry, especially among creative professionals and EdTech companies. On the other hand, the service segment is projected to witness a higher growth rate during the forecast period.
North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America are the five geographic segments that make up the NLP in Education Market. During the projection period, North America is anticipated to hold the biggest market share. There are several technology research facilities and a robust IT infrastructure in North America. Additionally, the region's growing R&D sector and support for technology are contributing to the market's expansion for NLP in education. The US contributes more than any other country to the size of the North American NLP in education industry because the majority of the Key NLP providers have their headquarters here.
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