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AI to revolutionise education; market value to exceed $8 billion in 2024
AI in education aims to act as a virtual facilitator, creating entities with human-like qualities
Artificial Intelligence (AI) is poised to revolutionise the education sector, with projections indicating a market value exceeding $8 billion by 2024, according to a comprehensive research report from Global Market Insights. The driving force behind this anticipated surge is the integration of Intelligent Tutoring Systems (ITS) into the educational landscape.
ITS, a sophisticated application of AI, seeks to provide students with immediate and personalized feedback and guidance without the need for human intervention. This transformative technology has the potential to reshape the way students learn by tailoring teaching styles and delivering bespoke tutoring experiences. The core advantage lies in its ability to offer high-quality education by comprehending students’ existing knowledge and learning patterns.
The system operates by collecting data points, utilizing machine learning algorithms, and employing predictive models to gauge individual knowledge and skill levels. This data-driven approach enables the platform to analyze performance and provide students with instant feedback, thereby fostering a more effective learning experience.
Despite the promising prospects of AI in education, challenges loom large. The high cost associated with the development and deployment of these systems poses a significant hurdle. Additionally, there is a shortage of skilled professionals capable of navigating the complex landscape of AI in education. These factors hinder the seamless growth of the AI education market, limiting its real-world application.
The benefits of incorporating AI in education are manifold. It addresses historical learning challenges such as planning, reasoning, language processing, and cognitive modeling. This technological integration translates into automated grading, rapid feedback on course quality, personalized learning experiences, and immediate responses to student queries.
The overarching goal of AI in education is to act as a virtual facilitator, creating entities with human-like qualities that can think, react, and interact in a natural way using both verbal and non-verbal communication. This vision entails a paradigm shift in the traditional education landscape, where AI plays a pivotal role in enhancing the overall learning experience.
Within the AI education market, the domain model is poised for substantial growth, with an estimated compound annual growth rate (CAGR) exceeding 50% during the forecast period. This model represents subject knowledge, expertise, and the interconnectedness of different subject matter components. Its application is particularly crucial in bolstering domain-specific knowledge, especially in fields such as science, technology, mathematics, and engineering.
Simultaneously, the deep learning model within the AI education market is anticipated to experience a CAGR of 52% during the forecast timespan. Deep learning technology plays a pivotal role in safeguarding the teaching profession by assisting in the development of soft skills among students and fostering motivation for better education. It promotes collaborative learning methodologies among teachers, students, and the broader educational environment, emphasizing strong social and team-related skills.
Regionally, the Asia Pacific emerges as the most lucrative market for AI in education, with an estimated CAGR exceeding 51%. This growth is attributed to digitalisation initiatives and supportive government policies that significantly impact market expansion. Noteworthy examples include Japan’s focus on advanced robots equipped with AI and machine learning technology, as seen in the Japan Revitalization Strategy launched in 2015. Similarly, the Indian government’s promotion of technology education in schools and universities aims to shape students into innovators within the AI revolution.
Key players driving innovation in the AI education market include industry giants such as IBM, AWS, Microsoft, Google, Nuance, Century Tech, Blackboard, Pearson, Cognii, Volley.com, Blippar, Knewton, Jenzabar, Content Technologies, PLEIQ, Luilishuo, Pixatel System, and Quantum Adaptive Learning. These influential players are at the forefront of shaping the future of education through the seamless integration of AI technologies. As the landscape continues to evolve, the transformative potential of AI in education remains a dynamic force with far-reaching implications for the future of learning.
