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According to a new market research report "AI in Education Market by Technology (Deep Learning and ML, NLP), Application (Virtual Facilitators and Learning Environments, ITS, CDS, Fraud and Risk Management), Component (Solutions, Services), Deployment, End-User, and Region - Global Forecast to 2023", published by MarketsandMarkets, the global market to grow from $537.3 Million in 2018 to $3,683.5 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 47.0% during the forecast period.
The AI technology is playing a crucial role in enhancing and improving teachers' and students' knowledge. Additionally, the increasing adoption of the AI technology for various applications in the education sector and growing need for multilingual translators integrated with the AI technology are expected to drive the growth of the AI in education market.
The Natural Language Processing (NLP) technology segment is expected to grow at a higher CAGR during the forecast period.
In the education sector, the Natural Language Processing (NLP) technology is playing a crucial role to synthesize the educational data for generating the final output. As a result, the use of the NLP technology in educational applications is growing at a rapid pace. This technology helps in analyzing large volumes of data generated by education software.
The cloud deployment mode is expected to have the larger market size during the forecast period.
On the basis of deployment modes, the AI in Education Market is classified into cloud and on-premises. Among deployment modes, the cloud deployment mode is expected to have the larger market size during the forecast period. The adoption of the cloud deployment mode is growing, due to various reasons such as cost-effectiveness, the ease of deployment, and reduced operational cost.
The educational institute's end-user segment is expected to have the largest market size during the forecast period.
The AI technology is a leading trend in the education sector, as it can be easily integrated with educational systems for a better learning experience. AI-powered software can be crucial for scientific research and learning. This software can assist universities and institutes with medical research, technical projects, and clinical practices.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.
In the Asia Pacific (APAC) region, the growing use of digital technology and increasing government support toward the education sector are expected to contribute to the growth of the AI in education market. Moreover, governments in this region are also investing in AI-powered technologies to enhance the quality of education delivered to students.
The AI in Education Market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. Major AI in education vendors include IBM (US), Microsoft (US), Bridge-U (UK), DreamBox Learning (US), Fishtree (US), Jellynote (France), Jenzabar (US), Knewton (US), Metacog (US), Querium Corporation (US), Google (US), AWS (US), Cognizant (US), Carnegie Learning (US), Century-Tech (UK), Cognii (US), Elemental Path (US), Liulishuo (China), Nuance Communications (US), Osmo (US), Pearson (UK), Third Space Learning (UK), Quantum Adaptive Learning (US), ALEKS (US), and Blackboard (US).
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