AI in Education Market Research Report: By Component (Solution, Service), Deployment (Cloud, On-Premises), Technology (Natural Language Processing, Machine Learning), Application (Content Delivery Systems, Learning Platforms, Virtual Facilitators, Intelligent Tutoring Systems), End Use (K–12 Education, Higher Education, Academic Research, Corporate Training)
NEW YORK, Feb. 26, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global AI in education market share reached a value of $1.1 billion in 2019 and is expected to attain $25.7 billion in 2030, registering a 32.9% CAGR during the forecast period (2020–2030). Based on component, the service category is predicted to grow at the faster pace during the forecast period, which is ascribed to the increasing requirement for professional services across the globe, primarily in the U.K., China, Canada, Germany, and the U.S.
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On the basis of technology, the machine learning category is projected to grow at the fastest pace in the AI in education market during the forecast period. This is attributed to the rising requirement for automated grading systems, increasing need for creating customized assignments for each student based on his/her weaknesses and strengths in order to improve the overall learning process and feedback, and growing emphasis on intelligent decision-making among educators.
The natural language processing technology (NLP) accounted for the largest share of the AI in education market. This was due to the rising requirement for a natural language conversational experience among educators and students. The NLP technology aids in processing text and speech in an electronic format from discussions and chats on portals, which further assists educators to assess and analyze in a better way and students in writing assignments, thereby improving the learning model. This growing utilization of NLP is further driving the growth of the market.
Browse report overview with 115 tables and 73 figures spread through 170 pages and detailed TOC on "AI in Education Market Research Report: Global Industry Size, Share, Trends and Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/ai-in-education-market
When end use is taken into consideration, the higher education category is predicted to register the fastest growth during the forecast period in the AI in education market. The major reasons for this are the growing requirement for personalized counselling among students, increasing demand for AI-supported learning platforms, and rising need for automating administrative tasks during admission process, including course registration and enrollment. The K-12 education category held the largest share of the market in 2019.
The rising need for automating administrative tasks is contributing significantly to the growth of the AI in education market. A lot of time is spent by educators on different administrative duties such as enrolling students, assessing homework, grading exams, and defining policies. In this regard, AI helps in reducing the workload on teachers by automating administrative activities. This further allows the teachers to pay more attention on the learning aspect of education.
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Geographically, North America accounted for the major share of the AI in education market. The Asia-Pacific region is expected to advance at the fastest pace during the forecast period, which is attributed to the increasing investments in EdTech in countries including India and China, emerging trend of smart learning, and ongoing transformation in the education sector. This is further providing growth opportunities to startups in the region.
The global AI in education market is highly fragmented in nature, characterized by the presence of a large number of global and regional players. Major players in the market, including IBM Corporation, Microsoft Corporation, Nuance Communications Inc., Pearson plc, Carnegie Learning Inc., and Google LLC, are focusing on product launches and partnerships to increase their footprint in the market. For instance, in September 2018, U.S.-based provider of educational technology Carnegie Learning Inc. released MATHia, an AI-based math learning solution for students of 6–12 grades. It provides a personalized learning experience with real-time assessment and feedback. Moreover, it is equipped with the text-to-speech feature, which helps teach students by reading topics in their preferred language.
Some of the other important players operating in the AI in education market are Blackboard Inc., Amazon Web Services Inc., Jenzabar Inc., and Cognii Inc.
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