SELBYVILLE, Del., June 23, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the AI in education market which estimates the market valuation for AI in education will cross US $20 billion by 2027. The market is gaining traction due to the proliferation of smart devices and rapid digitalization across the globe.
The growing demand for AI in education is primarily driven by the advanced features and benefits offered by AI technology, attracting investments and fueling its adoption among organizations. The growing integration of Intelligent Tutoring Systems (ITS) into the learning process has assisted in improving students' learning styles, offering personalized tutoring & high-quality education to the students.
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The service segment is expected to grow at a 40% CAGR through 2027. The increase in the adoption of cloud computing services is expected to support the demand for managed services. In addition, the emergence of Software-as-a-Service and Platform-as-a-Service is also contributing to managed service growth. This is anticipated to support market growth over the forecast period.
The machine learning technology segment is predicted to observe significant growth over 2021-2027. Machine learning is significant for understanding educational patterns and suggesting variations for teaching methods. It also enables an unbiased grading system and feedback mechanism for both students and teachers. In addition, it captures and maintains the rich content of information, identifying meaningful patterns within them and converting it into a structured database for future usage, thus, providing lucrative opportunities for market growth.
The K-12 education accounted for over 30% of the AI in education market revenue share in 2020. This growth is attributed to transitions in academic standards and shifting their focus toward measuring students' problem-solving and critical thinking capabilities, preparing them for higher education and career success. AI software tools understand the requirements of students at every stage of learning and prepare the learning course according to the students' strengths and weaknesses, boosting the market demand.
The smart content segment is projected to witness exponential growth over the forecast period. The growth is attributed to beneficial offerings such as online-offline delivery of content such as audio, video & text and filtered content for technology students, resulting in a personalized reading experience. In addition, the reduced cost and resource requirements, flexibility, ease-of-use, and improved consistency in learning will drive the market.
The cloud segment is estimated to expand exponentially in the AI in education market with a 50% CAGR till 2027. The growth is driven due to the increased usage of cloud services, reducing the cost of ownership for educational institutes and enabling them to invest in maintaining and supporting infrastructural developments required to provide a high quality of education. In addition, it allows schools and universities to upgrade their prevailing infrastructure with the advanced technologies without any substantial increase in their capital costs.
Europe held the market share of more than 15% in 2020 on account of the increasing digitalization and growing investments in AI. The internet penetration in the European region is estimated to be approximately 91% in the year 2020. As the internet penetration increases, the population having access to AI-enabled educational services will also rise, fostering the market growth.
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The companies operating in the market are focusing on partnering with governments for an advanced learning platform. For instance, in March 2021, Central Board of Secondary Education (CBSE) signed a partnership agreement with Intel to launch the AI learning platform called AI Students Community (AISC). This platform is aimed to bring together students across both CBSE and non-CBSE schools and learn from Intel AI-certified experts.
Some major findings of the AI in education market report include:
- Growing demand for online learning platforms across the globe is supporting the market growth.
- Europe is expected to hold a significant market share for AI in education solutions with the presence of prominent players and supportive government initiatives.
- Major players operating in the AI in the education market are AWS, Blackboard Inc., Blippar, Century Tech Limited, Cerevrum Inc., CheckiO, etc.
- Companies operating in the market are focusing on developing innovative product launches for advanced online education solutions.
Partial chapters of report table of contents (ToC):
Chapter 3 AI in Education Industry Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Regional outlook
22.214.171.124 North America
126.96.36.199 Asia Pacific
188.8.131.52 Latin America
184.108.40.206 Middle East & Africa
3.3.3 Industry value chain
220.127.116.11 AI in education providers
18.104.22.168 Marketing & distribution channel
3.3.4 Competitive landscape
22.214.171.124 Distribution network
126.96.36.199 Business growth
3.4 AI in education industry ecosystem analysis
3.4.1 Hardware provider
3.4.2 AI in education software providers
3.4.3 Cloud service providers
3.4.4 End users
3.4.5 Vendor matrix
3.5 Industry evolution
3.6 Features & benefits of AI in education sector
3.7 Technology & innovation landscape
3.7.2 Video analytics
3.7.3 Augmented reality and virtual reality
3.7.4 Education neuroscience
3.8 Use cases
3.9 Investment portfolio
3.10 Patent analysis
3.11 Regulatory landscape
3.11.1 Health Insurance Portability and Accountability Act (HIPAA)
3.11.2 Payment Card Industry Data Security Standard (PCI DSS)
3.11.3 North American Electric Reliability Corp. (NERC) Standards
3.11.4 Federal Information Security Management Act (FISMA)
3.11.5 The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.11.6 Sarbanes-Oxley Act of 2002
3.11.7 The Education Act 2011
3.11.8 Right to Education
3.11.9 Individuals with Disabilities Education Act
3.11.10 No Child Left Behind Act
3.11.11 Children's Internet Protection Act (CIPA)
3.11.12 United Nations Education, Scientific, and Cultural Organization (UNESCO)
3.12 Industry impact forces
3.12.1 Growth drivers
188.8.131.52 Increasing venture capital investment in AI and EdTech
184.108.40.206 Exponentially growing digital data
220.127.116.11 Growing integration of ITS in learning process
18.104.22.168 Increasing partnership with education content providers
22.214.171.124 Rising adoption of cloud-based services
3.12.2 Industry pitfalls & challenges
126.96.36.199 Data safety & security issues
188.8.131.52 Limitation of ITS
184.108.40.206 Lack of skilled professionals
3.13 Growth potential analysis
3.14 Porter's analysis
3.15 PESTEL analysis
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Artificial Intelligence (AI) in Education Market size worth $20 Bn by 2027
AI in Education Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights Inc.