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The Artificial Intelligence (AI) in education market is expected to grow at a CAGR of 47.0% during the forecast period.
MarketsandMarkets forecasts the global 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 increasing adoption of the AI technology for various applications in the education sector and growing need for multilingual translators integrated with the AI technology to enhance teachers’ and students’ experience and improve their knowledge are expected to drive the growth of the AI in education market. Whereas the slow digitization rate is affecting the adoption of the AI technology in the emerging countries. This factor is expected to act as a restraint for the growth of the market.
The machine learning and deep learning technology segment is expected to have the larger market size during the forecast period.
Based on technologies, the AI in education market is divided into machine learning and deep learning, and Natural Language Processing (NLP). The machine learning and deep learning technology segment is expected to have the larger market size during the forecast period.
The machine learning and deep learning technology offers a systematic way to analyze the progress of students from their performance data. This technology is becoming crucial for understanding educational patterns and suggesting changes and reforms to classrooms and teaching methods.
The solutions segment is expected to have the largest market size during the forecast period.
Based on components, the AI in education market is divided into solutions and services. The solutions segment is further divided into software tools and platforms. Whereas the services segment is classified into professional services and managed services. Among solutions, the software tools segment is expected to have the larger market size during the forecast period. Software tools are used in various educational applications to analyze the hidden patterns from students’ data for predicting the outcome of various problems.
North America is expected to have the largest market size during the forecast period.
In terms of regions, North America is expected to have the largest market size in the AI in education market during the forecast period. North America has shown growth potential due to the increasing investments in the region and various initiatives taken by AI solution providers. The region is expected to witness a considerable growth during the forecast period. In the North American region, various universities and schools have started deploying AI-powered solutions to enhance the overall learning experience and meet the changing demands of learners and teachers.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the AI in education market.
- By Company Type: Tier I: 24%, Tier II: 40%, and Tier III: 36%
- By Designation: C-Level: 28%, Director Level: 34%, and Others: 38%
- By Region: North America: 38%, EMEA: 32%, and APAC: 30%
The report includes the study of the key players who offer AI in education solutions and services. These players 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). The report also includes the in-depth competitive analysis of these key AI in education market players along with their company profiles that include business overviews, product offerings, recent developments, and market strategies.
The AI in education market is segmented on the basis of technologies, applications, components (solutions and services), deployment modes, end-users, and regions. The technology segment of the AI in education market includes machine learning and deep learning, and NLP. The application segment includes virtual facilitators and learning environments, Intelligent Tutoring System (ITS), content delivery systems, fraud and risk management, and others (education data management, job recommendation, and training and development). On the basis of components, the solutions segment includes software tools and platforms, while the services segment includes professional services and managed services. The end-user segment comprises educational institutes, educational publishers, and others (Massive Open Online Courses (MOOCs), Virtual Learning Environments (VLEs), computer-based tests, adaptive learning, and immersive learning). On the basis of deployment modes, the AI in education market is divided into cloud and on-premises deployment modes. Based on regions, the AI in education market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The report would help the market leaders and new entrants in the AI in education market in the following ways:
- The report segments the market into various subsegments, hence it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across various verticals and regions.
- The report helps in understanding the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
- The report helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.