AI in Education Market is set to register 40% CAGR through 2027; Global Market Insights Inc.
AI in Education Market is projected to experience a healthy growth during 2021 to 2027 propelled by the rise in government spending towards the upgradation of the education sector.
Selbyville, Delaware, United States – August 9, 2021 /MarketersMedia/ —
Global artificial intelligence (AI) in education market size is predicted to surpass US$20 billion by 2027, says Global Market Insights Inc. AI in education industry globally is undergoing a rapid transformation. The shutdown of schools, colleges, universities, and other educational institutes, owing to the COVID-19 outbreak, is encouraging the necessity to modernize the traditional education system.
There are numerous benefits offered by AI technology, that primarily drives its demand across institutes and organization. The rise in government spending towards the upgradation of the education sector should encourage the adoption of advanced devices and technologies to enhance the learning experiences of students. For instance, the general government expenditure in European Union on education was around EUR 654 billion in 2019.
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Below mentioned are some key factors augmenting the adoption of AI in the learning sector.
Adoption of cloud computing services
From the service segment, AI in education industry share is predicted to witness a 40% CAGR up to 2027. The rapid expansion of cloud computing services is complementing the demand for managed services across enterprises providing online education. The advent of Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) are getting highly popular as it allows easy and affordable access to complicated software and IT infrastructure components.
Machine learning (ML) in education pattern analysis
The artificial intelligence (AI) in education industry share from the machine learning technology segment is slated to witness notable growth in the coming years. Machine learning plays a vital role in analyzing educational patterns and recommending variations in teaching methods. It facilitates establishing a neutral grading system and feedback mechanism for students and teachers. It effectively maintains a structured database for future usage by identifying relevant and meaningful patterns among the rich content of information.
Integration of AI software tools
The K-12 education segment held a market share of 30% in artificial intelligence in education market in 2020. The integration of artificial intelligence in education sector has shifted focus towards identifying problem-solving and critical thinking capabilities of students and motivating them for higher education and career selection as per their interests. AI software tools are designed to sense students’ requirements at different learning stages and plan study courses for students as per their strengths, weaknesses, and interests.
Preference for cloud-based services
AI in education industry share from cloud deployment is anticipated to witness around 50% CAGR through 2027. The adoption of managed cloud-based services among educational institutes has significantly reduced their cost of ownership and allowed them to invest in developing the necessary infrastructure for quality and advanced education systems. The demand for cloud-based services is growing constantly among schools and universities to improve the educational experience of students.
High access to AI capabilities across Europe institutions
Europe artificial intelligence (AI) in education industry share in the global market was over 15% in 2020. Rapid digitalization of the education sector, robust IT & technology infrastructure, and surging expenditure toward the implementation of sophisticated technologies, such as IoT, AI, ML, Bigdata, and others, are some factors driving the business growth in Europe. The access to the internet in the European region was around 91% in 2020. High penetration of the internet, along with the growing acceptance of modern technologies, are complementing the deployment of artificial intelligence in education sector across Europe.
Prominent firms functioning in the artificial intelligence (AI) in education industry are emphasizing on collaboration with various government institutions to introduce advanced learning platforms and gain an upper hand in the global competitive landscape. For example, in India, the Central Board of Secondary Education (CBSE) in March 2021, joined hands with Intel to introduce an AI-based learning platform, named AI Students Community (AISC). The purpose of this platform to bring together the students of both CBSE and non-CBSE schools to provide educational learning from Intel and AI-certified experts.
The introduction of an intelligent tutoring system (ITS), along with other online learning platforms, has drastically improved the learning styles of students by offering personalized tutoring and quality education to students.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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