The education industry can easily be called one of the most important parts of any country, since without education life would go back to primitive ways, which is why it is no doubt that the industry is growing swiftly at the present time. As per the Bureau of Labor Statistics, there are more than 100K establishments in the private education service industry, approximately 200K when local, state, and federal government institutions are included.
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With the combination of both, the education industry employs more than 3.5 million people. Attributed to this growth, the education industry, much like any industry really at the present time, is undergoing technological innovations. One of the latest advancements in the industry is the integration of artificial intelligence (AI), which is a rapidly growing technological domain possessing capabilities of altering every aspects of social interaction. In the education sector, AI has begum producing new learning and teaching solutions that are going through testing in different contexts.
Gone are those days when a simple pen and notebook sufficed for in a classroom. These days, the lives of human beings are surrounded by a number of devices that govern the daily lives and the learning platforms are not foreign to these advancements. According to a P&S Intelligence report, in 2019, the global AI in education market attained a value of $1.1 billion and is expected to generate a revenue of $25.7 billion in 2030, progressing at a 32.9% CAGR during the forecast period (2020–2030).
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The components of AI include both services, including professional and managed, and solutions, including software tools and platforms and hardware. The larger demand in 2019 was created for AI solutions, owing their increased need for helping educators in automating administrative tasks and exploring more possibilities for enhancing learning in classroom teaching. Machine learning (ML) and natural learning processing (NLP) are the two AI technologies which are used in the education sector.
The demand for ML is predicted to increase considerably in the coming years, which is attributed to the rising need for automated grading systems, requirement for creating customized assignments for each student as per his/her weaknesses and strengths for improving the overall learning process and feedback, and growing emphasis on intelligent decision-making among educators. The demand for NLP is expected to be higher in the near future as it aids in processing text and speech in an electronic format from discussions and chats on portals that assists students in writing assignments and educators for better assessment.
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