AI In Education Market Growth & Trends
The global AI in education market size is expected to reach USD 32.27 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 36.0% from 2022 to 2030. Digitalization and technological advancement are innovating industrial sectors such as healthcare, manufacturing, education, and banking and finance. The education sector is no exception when it comes to the impact of AI integration on growth. Rapid implementation of innovative technologies such as AI in education is developing the teaching and learning experiences.
The COVID-19 pandemic severely impacted industries across the world. However, the market for AI in education witnessed a significant rise in the demand for innovative AI-based education solutions during the pandemic. Advancements such as chatbots and virtual facilitators make it reliable for the company to provide solutions and services to the students, teachers, and tutors. In July 2021, Intel Corporation, a leading technology-based company, collaborated with the Central Board of Secondary Education (CBSE) in India to launch an AI-based learning platform named AI Students Community (AISC). The collaboration is to integrate students from both non-CBSE and CBSE schools to learn from Intel’s AI-certified experts.
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AI In Education Market Report Highlights
On the basis of component, the solutions segment held the largest revenue share in 2021 and is expected to retain its lead during the forecast period. The services segment is anticipated to expand at a CAGR of 37.1% during the projection period
By deployment, the cloud segment held the largest revenue share in 2021 and is projected to maintain its lead in the forecast period. The growth of the cloud segment is attributed to the rise in the acceptance of cloud services by schools, institutions, and corporates due to the low cost of deployment. The on-premises segment is anticipated to expand at a CAGR of 34.7% during the assessment period
Based on technology, the machine learning segment dominated the market in terms of revenue in 2021 and is projected to maintain its lead during the forecast period. The natural language processing (NLP) segment is likely to register a lucrative CAGR of 36.6% during these years. The growth of the NLP segment can be attributed to the increasing demand for virtual learning by schools and universities, coupled with the rising investment in technological development by educational institutes
In terms of application, the learning platform and virtual facilitators held the largest revenue share in 2021. The smart content segment is likely to register the fastest CAGR of 37.8% during the forecast period. The growth of the smart content segment can be mainly attributed to the increasing adoption of virtual learning platforms by many educational platforms
By end-use, the higher education segment dominated the market in 2021. The K-12 education segment is likely to register a CAGR of 34.9% during the projection period
North America captured the largest revenue share in 2021 and is expected to retain its position during the forecast period. This can be attributed to the existence of a large number of market players and high spending by people on virtual learning for K-12 schools in the region
Asia Pacific is expected to expand at the highest CAGR of 38.7% during the assessment period. The market growth in this region is primarily due to the increasing investment by the governments as well as private organizations to support and bring AI advanced technology usage across the region
