Artificial Intelligence in Education Market Synopsis:
Artificial Intelligence (AI) is slowly becoming an important part of the education sector. AI can provide intelligent capabilities to the machines. Such capabilities include data patterns identification, learning, processing, speech recognition, and others. Report on the global artificial intelligence in the education market, as published by Market Research Future (MRFR), holds a speculation on proliferation possibilities at 39.2% CAGR. By value, the market can be worth the USD 19.8 Bn by the end of the forecast period 2020 to 2027.
The most significant factor for the global Artificial Intelligence in Education Market growth is the use of AI for enhancing the learning process as per the students' requirement and monitoring students' capability. AI takes help of machine learning (ML) and natural learning for assessing students. Many advantages and benefits of AI are aiding its growth in the education sector.
AI can integrate interactive and customized software tools with augmented reality (AR), and virtual reality (VR) deployed on digital devices. Students can learn and understand their studies in a better way via digital interactive content. The use of AI can save time for administrative tasks necessary to be carried out by educational institutions to ensure equal attention to individual students and planning the lessons accordingly. Lastly, AI enables educational institutions to understand the behavior pattern of students by offering face recognition capabilities. However, the difficult integration of AI-based solutions and lack of technical expertise due to complex algorithms can hinder the market growth.
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Major Key Players:
Major players in the global artificial intelligence in education market include Amazon.com Inc., (USA), Bridge-U (UK), Blackboard Inc. (USA), Cognizant (USA), Century Tech Ltd (UK), Fishtree (USA), DreamBox Learning (USA), Google (USA), IBM Corporation (USA), Jenzabar Inc. (USA), Jellynote (France), Knewton Inc. (USA), Microsoft Corporation (MSFT), Metacog Inc. (USA), Pearson (UK), Querium Corporation (USA), Quantum Adaptive Learning, LLC (USA), and Third Space Learning (UK).
Market Segmentation:
The global artificial intelligence in education market segmentation covers application, component, deployment, and technology.
The application-based segmentation of this artificial intelligence in education market covers chatbots, content delivery systems, interactive websites, intelligent tutoring systems, and virtual facilitators, and others. In the context of component, the global artificial intelligence in education market has been segmented into services and software. Regarding deployment, the global artificial intelligence in education market has been segmented into on-cloud deployment and on-premise deployment. In terms of technology, the market has been segmented into machine learning (ML) and the natural learning process (NLP).
Regional Segmentation
A geographical outlining of the global artificial intelligence in education market encompasses North America, Asia Pacific, Europe, and Rest of the World (RoW).
During the forecast period, North America can stand the topmost regional artificial intelligence in education market market for artificial intelligence in education due to the early adoption of technologies such as AI, machine learning, digital learning, and others. Technological advancement and innovative developments, and high investments in research and developments (R&D) in the field of AI technology are also boosting the market. Many prominent market players are also based in North America. The well-known country-specific markets in this region are the USA, Canada, and Mexico.
During the forecast period, the Asia Pacific market can witness significant growth due to emerging economies like India, China, and South Korea. In these countries, the market is surging due to increasing government initiatives to support automation, digitalization, and increasing adoption of cloud-based services. Another technologically advanced country-specific market for artificial intelligence in education in this region is Japan.
Europe is another significant regional market that is growing due to the government spending on quality education, presence of established industries, the presence of many key market players, well-established infrastructure, and the technological advancement that is behind only North America. The ruling country-specific markets in this region are France, Germany, and the UK
The RoW segment covers Latin American countries and the Middle East & Africa (MEA). But the Latin American countries are lagging behind North America. Argentina and Brazil are two strong economies among Latin American countries with high potential to flourish in the sector. In the MEA region, market growth is limited due to the lack of skilled labor and limited availability of technology.
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