Artificial Intelligence (AI) In Education Market Size Predicted To Reach $30 Billion By 2032

FinancialNewsMedia.com News Commentary 

PALM BEACH, Fla., Feb. 14, 2023 /PRNewswire/ -- AI and ML are transforming education models and drastically modifying teaching and learning methods from the elementary level to higher education, K12, and lifelong learning. Cutting-edge technologies are assisting in identifying & attracting students to universities, forecasting enrolment, predicting outcomes, and recognizing at-risk students with personalized material and AI-enabled teaching assistants and tutors, which is likely to impel the market development.  Major players involved in the artificial intelligence (AI) in education market…are concentrating on improving processes and putting expansion plans into action. A recent report from Global Market Insights projected that the Artificial Intelligence (AI) in Education Market size is predicted to reach USD 30 billion by 2032.  The report said: "Growing adoption of AI services at educational institutions (will) foster segment growth… In terms of components, the artificial intelligence (AI) in education market from the services segment is projected to cross USD 10 billion by 2032. The expanding use of AI in schools and universities to improve student learning through individualized learning programs and the incorporation of smart learning content to make teaching and learning more comfortable is foreseen to complement segment expansion. Furthermore, AI services can make educational classes available to all students throughout the world, including those with visual or hearing disabilities or who speak various languages."   Active Tech Companies in the markets today include:  Amesite Inc. (NASDAQ: AMST), Microsoft Corporation (NASDAQ: MSFT), C3 AI (NYSE: AI), Alphabet Inc. (NASDAQ: GOOG), Coursera (NYSE: COUR).

"Under services, the managed service segment is held a sizable market share in 2022 and is anticipated to grow significantly between 2023 and 2032. Managed IT services assist schools and education providers in being more efficient by automating tasks with robust technologies and offering support when needed, allowing educators to focus on teaching and learning rather than technology management. Furthermore, the rising emphasis of educational providers on cost reduction has considerably influenced the need for managed IT services to aid them in making effective use of their digital resources.  R&D efforts to advance machine learning deployment in the education sector to fuel the market revenue share… Based on technology, the machine learning segment accounted for 20% share of the artificial intelligence in education market revenue in 2022. A growing number of educators are utilizing machine learning (ML) to identify struggling students earlier and take action to improve performance and retention. Through localization, transcription, text-to-speech, and personalization, ML is increasing the impact and reach of online learning content. In addition, researchers are accelerating R&D efforts using ML to discover innovative breakthroughs and insights."

Amesite Inc. (NASDAQ: AMST) BREAKING NEWS:  Amesite Announces GPT-3 Powered Functionality to Its AI Toolkit for Customers and Users - Amesite Inc., a leading artificial intelligence software company offering a cloud-based learning platform that delivers 99% learner retention for business and education markets, announced an expansion of platform capabilities today. Amesite is now delivering features leveraging GPT-3, the engine for ChatGPT, on its learning platform, to complement its existing AI capabilities. Amesite's V5 Customers now have the option to offer learners an AI-assist in explaining challenging concepts and drafting materials, 24/7. An enhanced toolkit will become available on April 2, 2023, with the rollout of Amesite's V6 platform.

AI is expected to contribute $15.7T to the global economy by 2030, with the AI software market expected to grow to $1.09T by 2032. The potential global market size of AI in edtech alone is $80B.

Amesite CEO, Dr. Ann Marie Sastry said, "We continue to believe that AI is the future of effective, scalable online learning, and have demonstrated the importance of the technology with our 99% retention rate for paid experiences. With curated access to databases with over 240M pieces of qualified information, our users receive updates on important developments in their fields in real time. Internally, we are leveraging generative AI to deliver an ever-expanding roster of advanced tools – enabling us to dramatically reduce our expenses as we target higher revenue."

Brandon Owens, Vice President of Sales for Amesite, said, "Customers are successfully using our AI-driven platform to deliver learning to a wide variety of users including jobseekers, professionals and executives, museum patrons, and K12 learners. Our Customers aim to deliver learning to 10,000 learners or more per month, and the ability to leverage our technology means improved outcomes and reduced cost. We are confident that these features will drive scale and efficiency for our entire Customer base."

Dr. Betty Kirby, Vice President of Central Michigan University Innovation and Online, said, "There is no doubt that ChatGPT has captured the world's imagination, and we are thrilled that our partners at Amesite will be able to immediately engage our learners and instructors in use of this exciting, emerging technology."

Dr. Rich Cooper, Vice President and Chief Programs Officer at Conner Prairie, said, "Conner Prairie is focused on providing learning to hundreds of thousands of people at scale. To achieve this, we need the best technology possible. Amesite's use of artificial intelligence and new tools for engagement means better experiences and lower cost for us in delivering to our learners. We aim to have the highest possible return on impact, and we are thrilled that Amesite continues to offer us pathways to use the latest ChatGPT features in addition to their present AI technology."  CONTINUED…  Read this full release for Amesite at:  https://ir.amesite.com/ 

Other recent developments in the tech industry include:

Microsoft Corporation (NASDAQ: MSFT) recently announced the following results for the quarter ended December 31, 2022, as compared to the corresponding period of last fiscal year:

Revenue was $52.7 billion and increased 2%; Operating income was $20.4 billion GAAP and $21.6 billion non-GAAP, and decreased 8% and 3%, respectively; Net income was $16.4 billion GAAP and $17.4 billion non-GAAP, and decreased 12% and 7%, respectively; and Diluted earnings per share was $2.20 GAAP and $2.32 non-GAAP, and decreased 11% and 6%, respectively.

"The next major wave of computing is being born, as the Microsoft Cloud turns the world's most advanced AI models into a new computing platform," said Satya Nadella, chairman and chief executive officer of Microsoft. "We are committed to helping our customers use our platforms and tools to do more with less today and innovate for the future in the new era of AI."

C3 AI (NYSE: AI), the Enterprise AI application software company, was recently awarded a contract in partnership with Intelligent Waves LLC to provide mission-critical AI applications for the U.S. Air Force Crowd-Sourced Flight Data Program.

The Crowd-Sourced Flight Data Program, run by the 59^th Test and Evaluation Squadron (59TES) at Nellis Air Force Base in Nevada, is focused on enabling the rapid delivery of software-defined warfighter capabilities. The program's first focus is the F-35A, the U.S. Air Force's latest fifth-generation fighter aircraft with enhanced sensor and data fusion capabilities that allow it to operate in advanced threat environments.

Alphabet Inc. (NASDAQ: GOOG) Google Cloud recently introduced four new and updated AI technologies to help retailers transform their in-store shelf checking processes and enhance their ecommerce sites with more fluid and natural online shopping experiences for customers.

A new shelf checking AI solution, built on Google Cloud's Vertex AI Vision, utilizes Google's database of facts about people, places and things, giving retailers the ability to recognize billions of products to ensure in-store shelves are right-sized and well-stocked. Furthermore, in an update to its Discovery AIsolutions, Google Cloud introduced a new personalization AI capability and new AI-powered browse feature to help retailers upgrade their digital storefronts with more dynamic and intuitive shopping experiences. Finally, Google Cloud's Recommendations AI solution launched new machine learning capabilities that empower retailers to dynamically optimize product ordering and recommendations panels on their ecommerce pages and deliver personalized suggestions for repeat purchases.

Coursera (NYSE: COUR) recently announced financial results for its fourth quarter and full year ended December 31, 2022.  "As the year came to a close, we were reminded of the transformative power of technology to change the way we teach, learn, and work. Every person, in every job, needs to keep learning to stay relevant," said Coursera CEO Jeff Maggioncalda. "More than 21 million new learners came to Coursera in 2022 seeking the in-demand skills and recognized industry credentials that can unlock new job opportunities and advancements in their careers."

Financial Highlights for Fourth Quarter 2022 Were: Total revenue was $142.2 million, up 24% from $115.0 million a year ago; Gross profit was $87.9 million or 61.8% of revenue, up 23% from $71.3 million or 62.0% of revenue a year ago. Non-GAAP gross profit was $88.9 million or 62.5% of revenue, up 24% from $71.9 million or 62.5% of revenue a year ago; Net loss was $(51.7) million or (36.4)% of revenue, compared to $(47.7) million or (41.5)% of revenue a year ago. Non-GAAP net loss was $(6.5) million or (4.6)% of revenue, compared to $(24.1) million or (21.0)% of revenue a year ago; Adjusted EBITDA was $(5.8) million or (4.1)% of revenue, compared to $(19.6) million or (17.0)% of revenue a year ago; and Net cash used in operating activities was $(5.4) million, compared to $0.8 million provided by operating activities a year ago. Free cash flow was $(7.9) million, compared to $(1.9) million a year ago.

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