The global artificial intelligence (AI) in education market had a valuation of $1.1 billion in 2019 and it is predicted to generate a revenue of $25.7 billion by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 32.9% between 2020 and 2030. The factors driving the advancement of the market are the growing requirement for AI-based personalized education and burgeoning demand for automating various administrative tasks.
The adoption of personalized learning solutions massively improves the overall learning process. These solutions help educators better understand the educational backgrounds, academic goals, and interests of students, which, in turn, leads to a highly customized and better educational experience for students. Moreover, these solutions allow students to design courses as per their needs and interests and also obtain proper feedback on their progress throughout the entire duration of the course.
Read Full Report: AI in Education Market Revenue Estimation and Growth Forecast Report
For example, Course Wizard, which is an AI-based language learning platform developed by Lingvist Technologies OU, allows users to develop and customize learning courses as per their interests, career choices, and hobbies by speaking or typing keywords. With the assistance of various machine learning (ML) algorithms, this platform decides the phrases or words that are familiar with the user and the ones that require more practice. This way AI-based solutions improve the efficacy of various learning programs.
Depending on technology, the AI in education market is divided into natural language processing (NLP) and machine learning (ML) categories. Of these, the natural language processing (NLP) category recorded higher growth in the market during the last few years. This was because of the huge requirement for a natural language conversational experience among both educators and students. Moreover, the NLP technology helps in speech and text processing in an electronic format from discussions and chats on portals.
When end use is taken into consideration, the market is classified into higher education, K-12 education, corporate training, and academic research. Out of these, the higher education category is predicted to exhibit the fastest growth in the market in the forthcoming years. This is primarily ascribed to the growing requirement for personalized counseling among students, the soaring demand for automating administrative tasks, especially during admission processes including course registration and enrollment, and the surging requirement for AI-based learning platforms.
Across the globe, the AI in education market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the future years. This is credited to the rapid transformation in the education industry, the rising popularity of smart learning, and the surging investments being made in EdTech in the various regional countries such as India and China. Furthermore, many startups working in the industry are rapidly launching their operations in this region.
Hence, it can be said with full surety that the market will exhibit huge expansion across the world in the upcoming years, mainly because of the growing demand for personalized education and learning programs in several countries around the world.
