New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "AI in Education Market: By Application, By Deployment Type, By Region till 2030”, the market was valued USD 2.5 billion in2022 and is predicted to thrive substantially during the assessment era from 2023 to 2030 at a healthy CAGR of approximately 38.00% to attain a valuation of around USD 23.82 Billion by the end of 2030.
Key Players
Eminent industry players profiled in the artificial intelligence in education market report include
- IBM Corporation (US)
- Microsoft Corporation (US)
- Google (US)
- Cognizant (US)
- Pearson (UK)
- Bridge-U (UK)
- DreamBox Learning (US)
- Fishtree (US)
- Jellynote (France)
- Jenzabar Inc. (US)
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AI in Education Market Report Scope:
| Report Metrics | Details |
| AI in Education Market Size by 2030 | USD 23.82 Billion |
| AI in Education Market Growth | 38.00% CAGR during 2022-2030 |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Cost reduction Increased work efficiency Improved IT security in colleges. |
Drivers
Rising Preference for Smart Content to Boost Market Growth
One significant development in the market for AI in education is the rising preference for intelligent material. At schools & other educational institutions, smart content is becoming more popular since it enables teachers to better comprehend learning platforms, which in turn plays a crucial part in the teaching process. By incorporating gamification approaches, a clever digital content platform offers interactive learning materials, producing a pleasant and realistic learning environment. In order to enable students to practice exercises, get customized content solutions, and get real-time feedback based on their success, businesses are concentrating more on offering smart digital content solutions.
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Opportunities
Growing Need for Personalized Education Based on AI to offer Robust Opportunities
The market is expanding for the growing need for individualized education solutions powered by AI. These solutions assist in developing a personalized experience by assisting in a better knowledge of students, their hobbies, educational background, and academic aspirations. In addition to receiving feedback on their progress all through the course, students can create courses that meet their needs.
Restraints and Challenges
Budget Limitations to act as Market Restraint
Budget limitations, the lack of awareness, dearth of skilled personnel, and less ICT investments in the underdeveloped regions may act as market restraints over the forecast period.
Market Segmentation
The global artificial intelligence in education market is bifurcated based on component, deployment, technology, and application.
By application, content delivery systems will lead the market over the forecast period.
By technology, machine learning will domineer the market over the forecast period.
By deployment type, on-cloud will spearhead the market over the forecast period.
By component, service will have the lions share in the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak presented a number of challenges for businesses and organizations, including educational institutions like colleges and universities. To stop the virus from spreading, governments all over the world instituted social isolation laws and lockdowns. As a result, all educational levels—from elementary to universities—moved totally towards online learning management system. Around 1,000 million students across the globe will be affected by the closure of HEIs in 185 countries in April 2020, according to UNESCO. The epidemic hastened digitalization in academic institutions, which has positively impacted industry growth. Demand for the online learning systems has increased globally as a result of the COVID-19 epidemic. The COVID-19 outbreak changed how educational institutions functioned and affected the rules guiding how learners interact with teachers and one another. The rising acceptance of online education is preparing the next generation for job online. Both educators & students must adapt, discover new channels of communication, and exploit already-present but underutilized resources. The use of online learning is rising as a result of COVID-19, creating an opportunity to introduce cutting-edge AI tools such as chatbots & text-to-speech in the classroom. AI in education has benefited from the expanding development of the interactive e-learning systems and the COVID-19.
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Regional Analysis
North America to Command Artificial Intelligence in Education Market
In 2021, North America had approximately 35.0% market share dominating the market. The market in the region is being driven by elements including the presence of top organizations that create solutions and services, the technology infrastructure facilities, & the massive number of end users utilizing educational gadgets for AI in education. For instance, the IBM Corporation announced in October 2021 that it would train 30 million people in new skills through more than 170 partnerships with business and academia by 2030. This initiative would help to close the rising skills gap, democratize opportunity, and equip future generations of workers with the knowledge and abilities they need to create a better world. According to estimates, North America made $887 million in sales in 2022, and it is anticipated that it will continue in doing so over the upcoming few years. This is due to the region's developed educational infrastructure, high priority placed on relieving teachers of administrative burdens, significant investment in educational technology, increased demand for intelligent solutions to boost students' academic performance in the region, and increased need for personalized learning in classrooms. Additionally, a number of significant players are concentrating more on the academic content such as audio, video, & charts that uses AI to improve students' knowledge.
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APAC to Have Admirable Growth in AI in Education Market
During the projection period, Asia Pacific is anticipated to experience the quickest growth. The presence of market participants in the area can be credited with the expansion of the regional market. Ones active in the area include Noodle Factory PTE. Ltd, Baidu, Squirrel AI, TechNode, BYJU'S, and Liulishuo. The main drivers of the market growth include improvements in AI technology, rising government investment and spending, and the adoption of new technologies in the region's education sector. For instance, the CBSE in collaboration with Intel and the SAFAL evaluation system, announced the AI for Everyone program in July 2021, according to the Indian Prime Minister. A four-hour, self-paced learning program called AI for All demystifies AI in a means that everybody can understand.
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