MarketsandMarkets forecasts the global Artificial Intelligence (AI) in education market to grow from USD 537.3 million in 2018 to USD 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.
North America is expected to be the major revenue contributor to the AI in education market. The region is extremely responsive toward the adoption of advanced technologies in the education sector. It would be the first region to leverage the benefits of the AI technology in the education sector. This region with a significant infrastructural development is continuously working toward technological innovations.
Asia Pacific (APAC) is expected to witness the fastest growth in the AI in education market during the forecast period. This growth can be attributed to the growing rate of digitalization that can be crucial for offering a personalized learning experience. In addition to this, the increasing government support to enhance the quality of education would contribute significantly to the growth of the AI technology in the education sector. Economies such as China, India, and Singapore in the APAC region can cater to several untapped opportunities in the AI in education market.
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On the basis of technologies, the AI in education market is segmented into deep learning and machine learning as well as Natural Language Processing (NLP). Among these technologies, the NLP technology is expected to grow at a higher CAGR during the forecast period, as it is useful to synthesize the educational data that is in the form of human language to generate output.
The component segment in the AI in education market is divided into solutions and services. Among components, the services segment is expected to grow at a higher CAGR during the forecast period. As the demand for the AI technology would grow in the education sector, the need for professional as well as training services is also expected to grow during the forecast period.
On the basis of deployment modes, the AI in education market is segmented into cloud and on-premises. The cloud deployment mode is expected to have the larger market size and grow at a higher CAGR during the forecast period. The demand for cloud-based services in the education sector is expected to grow, due to various benefits such as minimum operational cost and the ease of deployment offered by the cloud deployment mode.
The AI in education market is segmented by application into virtual facilitators and learning environments, Intelligent Tutoring Systems (ITS), content delivery systems, fraud and risk management, student-initiated learning, and others (education data management, job recommendation, and training and development). The demand for the virtual facilitators and learning environments segment is expected to have the largest market size and grow at the highest CAGR during the forecast period. Virtual facilitators and learning environments are helping students by encouraging them to enhance their learning experience for gaining and improving knowledge.
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