Why Invest in USD 88.2 Billion Artificial Intelligence
Allied Market Research published a new report, titled, ” Why Invest in USD 88.2 Billion Artificial Intelligence in Education Market Reach Globally by 2032 at 43.3% CAGR.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Surge in demand for personalized education and adaptive learning, virtual assistants and smart tutoring and improvements in administrative efficiency are primarily driving the growth of the artificial intelligence in education market. However, privacy and ethical issues and access issues and equity concerns hamper the market growth to some extent. Moreover, enhanced motivation and engagement of students and data-driven decision making are expected to provide lucrative opportunities for the market growth during the forecast period.
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The global artificial intelligence in education market was valued at USD 2.5 billion in 2022, and is projected to reach USD 88.2 billion by 2032, growing at a CAGR of 43.3% from 2023 to 2032.
The artificial intelligence in education market is segmented into Application, End User, Component, Deployment Mode, and Technology. On the basis of component, it is segregated into solution and services. On the basis of deployment mode, it is segregated into on-premise and cloud. On the basis of technology, it is segregated into machine learning and deep learning, and natural language processing (NLP). On the basis of application, it is segregated into learning platform and virtual facilitators, smart content delivery, fraud and risk management, intelligent tutoring system (ITS), and others. On the basis of end user, it is segregated into higher learning, corporate learning, K-12 education, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Scenario-
● The COVID-19 pandemic had compelled education institutions to switch to online instruction, which increased the reliance on AI-driven learning resource. These resources includes computerized grading system, intelligent teaching programs and virtual classrooms.
● Online learning platform are in high demand as school and collage shutdown due to pandemic. By offering intelligent virtual coaching, individualized learning opportunities, and automated grading system, AI has significantly aided this shift.
● Due to the restrictions on in-person exams, the use of AI for distant assessments has become more popular. Academic integrity is ensured by using AI-powered proctoring systems to monitor and authenticate students throughout online exams.
● The integrity of the evaluation process is maintained by these systems using facial recognition, eye tracking and behavior analysis algorithms to identify any suspect activity.
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By technology, the machine learning and deep learning segment accounted for more than two-thirds of the global artificial intelligence in education market share in 2022, and is expected to rule the boost by 2032, owing to create personalized learning pathways and adaptive training, where the content, pacing, and mode of delivery of instruction can all be adjusted to fit the needs of particular learners. The natural language processing (NLP) segment would also display the fastest CAGR of 46.6% throughout the forecast period, owing to improve communication and interaction between people and machines, NLP focuses on teaching computers how to comprehend, interpret, and produce human language.
By end user, the higher education segment accounted for more than two-fifths of the global artificial intelligence in education market share in 2022, and is expected to rule the boost by 2032, owing to improve teaching, learning, and administrative procedures in colleges and universities.. The K-12 education segment would also display the fastest CAGR of 46.5% throughout the forecast period, the need to give students more individualized and effective learning experiences are driving the development and expansion of AI in education.
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By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global artificial intelligence in education market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increasing technical developments that are entirely revolutionizing the landscape of the IT industry and, in turn, encouraging the drive for the implementation of efficient servers and networking solutions. The Asia-Pacific region would also portray the fastest CAGR of 48.0% during the forecast period, owing to increase the efficacy and quality of education has increased due to the sizeable population and growing emphasis on education in Asia-Pacific.
The market players operating in the AI in education market are Microsoft Corporation, International Business Machines Corporation, Amazon Web Services, Inc., Google llc, Cognizant, Dreambox Learning, Inc., Bridgeu, Carnegie Learning, Inc., Pearson Plc, Nuance Communications, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the AI in education industry globally.
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