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AI in Education Market Valuation to Hit the Billion-Dollar Benchmark By 2024

Author : Ronak Bora | Published Date : 2020-09-09 

AI in Education Market is projected to surpass USD 6 billion by 2024 due to the growing demand for Intelligent Tutoring System (ITS) by educational institutions. The educational institutes are adopting advanced ITS to offer personalized learning experience and enhance tutoring methods. The integration of intelligent algorithms and AI in the learning platform also promotes the growth of the market. The technology has transformed the classrooms and changed the role of educators in the learning process by providing more user-friendly and sophisticated tools for both educators and students.

The increasing partnership between the education content developers, publishers, education institutes, and EdTech Companies to develop digital content and provide e-learning services to their students foster the demand. Furthermore, increasing investments in the EdTech and AI technology also supports the growth of AI in Education market. However, the limitation of the ITS system, data safety & security issues, and lack of skilled professionals are the major forces hindering the market growth.

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AI in education market is exceedingly delivering positive outcomes while bridging the gaps between learning and teaching. E-learning platforms infused with virtual and augmented reality technologies have contributed heavily to the market growth. The learning platform and virtual facilitators application held 55% of the total revenue in 2017. These applications have provided effective support to learning and knowledge transfer outside the classrooms, across all grades and socio-economic levels, minimizing the dependency of students on parents and teachers who can only be available for limited periods of time.

The AI in education market is characterized by a massive demand for virtual classrooms and tutors, owing to their cost-effectiveness and efficient delivery methods. Educational establishments are collaborating with EdTech (educational technology) companies to develop degree programs on virtual platforms and also a multitude of open courses to encouraging free education.

The learner model is estimated to account for more than 60% share in the AI in Education market. The demand for the more student-centric learning platforms from higher educational institutions impacts the growth. Moreover, the integration of the adaptive learning technology also augments the demand for the learner model. On the other hand, the domain model is estimated to grow significantly during the forecast period with the CAGR of more than 50%. The market is driven by the need for personalized learning solutions. Due to this, the solution providers are focusing more on developing user-friendly systems with subject knowledge to guide students better.

Asia Pacific AI in Education is estimated to grow substantially with the CAGR of more than 51% during the forecast timeline. The supportive government policies and digitalization activities in the region are driving the market growth. China leads the investments in technology and accounts for 17% of the global external investments in AI. Increasing investment by Chinese players is also one of the major factors driving the growth in the region.

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Some of the major vendors that are serving the AI in Education market are: Nuance Communication, Microsoft, AWS, IBM, Google, Cognii, Pearson, Jenzabar, Volley.com, Content Technologies, Pixatel Systems, PleIQ, Knewton, Blippar, Blackboard, Century Tech, Quantum Adaptive Learning, and Liulishuo.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope,

1.1.5. Definition

1.1.6. Methodology and research parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2. Executive Summary

2.1. AI in Education market 360º synopsis, 2013 - 2024

2.1.1. Regional trends

2.1.2. Model trends

2.1.3. Deployment trends

2.1.4. Technology trends

2.1.5. Application trends

2.1.6. End-Use trends

Chapter 3. AI in Education Market Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2013-2024

3.4. Industry ecosystem analysis

3.5. Industry evolution

3.6. Market news

3.7. Features & benefits of AI in education sector

3.8. Technology & innovation landscape

3.8.1. Chatbot

3.8.2. Video analytics

3.8.3. Augmented reality and virtual reality

3.8.4. Education neuroscience

3.9. Use cases

3.10. Market news

3.11. Regulatory landscape

3.11.1. Health Insurance Portability and Accountability Act (HIPAA)

3.11.2. Payment Card Industry Data Security Standard (PCI DSS)

3.11.3. North American Electric Reliability Corp. (NERC) Standards

3.11.4. Federal Information Security Management Act (FISMA)

3.11.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999

3.11.6. Sarbanes-Oxley Act of 2002

3.11.7. The Education Act 2011

3.11.8. Right to Education

3.11.9. Individuals with Disabilities Education Act

3.11.10. No Child Left Behind Act

3.11.11. Children’s Internet Protection Act (CIPA)

3.11.12. United Nations Education, Scientific, and Cultural Organization (UNESCO)

3.12. Industry impact forces

3.12.1. Growth drivers

3.12.1.1. Increasing venture capital investment in AI and EdTech

3.12.1.2. Exponentially growing digital data

3.12.1.3. Growing integration of ITS in learning process

3.12.1.4. Increasing partnership with education content providers

3.12.1.5. Rising adoption of cloud-based services

3.12.2. Industry pitfalls & challenges

3.12.2.1. Data safety & security issues

3.12.2.2. Limitation of ITS

3.12.2.3. Lack of skilled professionals

3.13. Growth potential analysis

3.14. Porter's analysis

3.15. PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-in-education-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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