AI in Education Market

NEW YORK, April 2, 2020 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05879065/?utm_source=PRN

The focus on digitization and e-learning is increasing rapidly in order to enhance the quality of education that is provided. Ascribed to this, the concept of conversational learning is also becoming an important aspect of education around the globe. The concept of conversational learning involves the presentation of content as a two-way conversation. Teaching through conversational learning solutions makes the process more interactive and interesting for the children. Since, chatbots can be programmed as per the learner's needs, they are becoming an important part of the conversational learning process. Chatbots also offer students relevant content, which saves their time and results in successful completion of the course.
Because of this, the application of artificial intelligence (AI) in the education sector is rising. AI in education majorly focuses on identifying the needs of students and developing personalized curriculum for enhancing the learning experience of students. According to a the report, in 2019, the global AI in education market reached $1.1 billion and is predicted to generate $25.7 billion in 2030, advancing at a 32.9% CAGR during the forecast period (2020–2030). The two components in the domain are service and solution, between which, the larger demand was created for AI solutions during 2014–2019. Hardware and software tools & platforms are the two major AI in education solutions.
Different applications of AI in education are intelligent tutoring systems, content delivery systems, virtual facilitators, and learning platforms. Chatbots and interactive websites are some other applications. Among these, the largest demand during 2014–2019 was created for learning platforms, which are further expected to be the most in demand during the forecast period. This is because of the increasing preference for distance and online education courses by students and working professionals, growing focus on the integration of next-generation technologies in the education sector, and growing trend of self-learning through online platforms. The fastest growth in demand is projected to be registered by the intelligent tutoring systems applications.
A key driving factor for the industry is the increasing demand for personalized education based on AI. Personalized learning solutions aid in better understanding of the students, including their academic goals, interests, and educational background, which further helps in creating a customized educational experience. Students can design courses as per their requirement and also obtain feedback related to their progress throughout their course. For example, in June 2019, Lingvist Technologies OU, a provider of language courses, launched an AI-powered language learning platform called Couse Wizard, which allows users to create and customize courses according to their interests, hobbies, and career by speaking or typing keywords.
Out of all the regions, North America made the most use of AI in education solutions during 2014–2019 and is further expected to create the largest demand for these solutions in the coming years as well. This is because of the highly developed educational infrastructure, increasing need for intelligent educational solutions for improving student engagement, growing need for personalized learning in classrooms, rising focus on decreasing the burden on teachers, and increasing spending on EdTech, which drives the AI in education market of the U.S.¸ and ultimately the region. The fastest growth in demand for AI in education solutions and services is predicted to be witnessed by the Asia-Pacific region during the forecast period.

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