Education industry is growing rapidly with the more development in the technology and generating so many e-learning platforms which make the learning more innovative. Moreover, with the more development in the technology the industry of education has been undergoing with the gained of significant level. According to the report analysis, ‘Education Industry Analysis’ states that the artificial technology has become an important tool in the education industry and it is widely used in the sector of information level, knowledge acquisition applications and language translation and others. Moreover, this artificial intelligence technology is being used by the market players for designing the digital content. Furthermore, based on technologies, the Artificial intelligence technology in education market is divided into deep learning and machine learning and based on components the AI in education market is divided into solutions and services. It is also expected that in the forecasted period this market will grow with the further development in the AI.
In the developed countries such as North America has shown growth potential due to the increasing investments in the region and various key players are taking initiatives for solving problems related to AI. The machine and deep learning technology offers a systematic way to analyze the capability of students from their performance data whereas, this technology is becoming crucial for managing educational patterns and recommending changes and teaching methods. Moreover, the service segment is classified into professional and managed services. In the coming years, the AI in Education Market is expected to exceed USD 6 billion across the globe. Additionally, with the acceptance of AI in the education sector it offers various benefits such as immediate feedback on course quality, tutoring grading, instant feedback to students and personalization in education. The technology helps in protecting the teaching profession with tasks such as cultivating pupils, developing soft skills amongst students and motivate them for better education. The government of every economy is also promoting the usage of this technology in the education industry and investing more and more for improving the digital literacy rate. According to the report analysis, ‘Market Research Reports For Education’ suggests that artificial intelligence tools can help make global classrooms available to all including who speak different languages or who might have hearing and visual hearing impairments. In the recent trend, it is observed that the key players are working more efficiently for making the applications of AI more innovative.
The developed countries is estimated to be the most lucrative portion for AI in education market whereas the Asia Pacific region is becoming more profitable with the significant development in this technology. It is also expected that in the Asia Pacific region market is estimated to grow at a significant CAGR and lead to digitalization. Moreover, North America region is expected to grow with the effective development in the technology of AI and dominate the huge market share followed by the Europe.
Microsoft, Century Tech, Volley.com, Content Technologies, Quantum Adaptive Learning, Jenzabar, IBM, Google, Nuance, Blackboard and others are the major key players in the AI in education market. Whereas, the Microsoft is the leading player of this market followed by Google and Blackboard. Moreover, with the existence of numerous key players results to competitive landscape. Therefore, with the new entrants in this market, the education market will grow positively in the coming years with the rise in technologies in the forecasted period over the decades.
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Ankur Gupta, Head Marketing & Communications