Artificial Intelligence or AI refers to intelligence or capabilities like learning, speech recognition, identifying data patterns, etc., which are exhibited by machines. It is artificial intelligence that enables machines to perform all these tasks. With the promise of personalized education, artificial intelligence can bring about a radical transformation in the way we learn and teach.
Personalized education refers to education that is customized as per the needs, interests, and strengths and weaknesses of the learner. It can identify and address the learning gaps. AI can help prepare a customized curriculum by assessing the strengths and weaknesses of learners.
Further, it can track the progress in learning and suggest tests and feedbacks or can redirect the entire learning process. This can help ensure better learning outcomes. AI can also enable educators to spend more time with their students by automating administrative tasks like grading.
Apart from this, it can make education more accessible. AI can ensure universal access to education even to students with visual and hearing impairment. For example, the Presentation Translator, which is a free plug-in for PowerPoint, can create subtitles in real-time for instructions given by the instructor.
All such advantages provided by AI are going to boost the global AI in the education market in the coming days. the global Artificial Intelligence in Education market is projected to grow at an impressive CAGR of 38% from 2018 to 2023 and reach USD 2 billion by the end of 2023. The market will receive a major boost from the proliferation of smart devices and rapid digitalization in many parts of the world.
Moreover, many adaptive learning programs and software have already been adopted for individualized or personalized education, which helps students learn at their own pace. Further, multilingual translators are being increasingly integrated with the AI technology and this will propel the growth of the Artificial Intelligence in Education market in the near future.
Apart from these, the growth of the market will be driven by an increasing number of adaptive learning programs, games, and software, growing demand for adaptive and personalized learning, the rising importance of higher technical education, and increasing use of AI chatbots in the education sector.
However, the high cost of deployment and lack of technical expertise and skilled teachers could be a hindrance for the market. But, increasing investments in the education sector will provide growth opportunities in the coming years. Moreover, vendors and institutions are also collaborating to encourage the application of AI software and solution in education, which too will drive the growth of the market.
In 2017, North America held the largest share in the global Artificial Intelligence in Education market and this trend is expected to continue in the coming years as well. The region held about 59% of the market share in the year 2017. The dominance of the North America region can be attributed to the higher adoption of AI technologies, presence of prominent vendors in the region, and rapid deployment of AI by educational institutions of this region.
Another region that is expected to grow at a significant rate in the Asia-Pacific region. The region is expected to grow at the highest CAGR in the coming years, owing to increasing adoption of cloud-based services and initiatives taken by governments to promote digitalization and automation.
The Artificial Intelligence in Education market is characterized by strong competition due to the presence of several startups and regional vendors, along with the global players. At present, the key global players that are dominating the global AI in education market include IBM, Microsoft, Google, AWS, Nuance, Pearson, Century Tech, Blackboard, Cognii, Knewton, Jenzabar Inc., Content Technologies, Pixatel Systems, Fishtree, Cognizant, Jellynote, Bridge-U, Quantum Adaptive Learning LLC, and DreamBox Learning, among others.