North America Is Dominating the AI in Education Market

The global AI in education market was valued at USD 2,126 million in 2022, and this number is expected to reach USD 25,772 million by 2030, advancing at a CAGR of 36.6% during 2022–2030, as per P&S Intelligence. This growth can be credited to the snowballing expenditure in AI technology, the increasing need for personalized education based on AI, and the growing requirement for automating organizational tasks.

The whole scenario has changed after the pandemic, and numerous educational institutes throughout the globe have accepted numerous technologies, including virtual reality, chatbots, assign coursework, and learning management systems, for the betterment of their educational processes. Furthermore, numerous service providers are inventing many services for AI in academics. 

AI in Education Industry Revenue Estimation & Growth Forecast to 2030

In 2022, the solution category held a higher revenue share, of 77.4%, and it is projected to continue its dominance in the coming years as well. This is mainly credited to the surging need for AI academic services to allow educationalists to automate organizational tasks and discover more possibilities for improving the efficiency of classroom education. 

Moreover, numerous major players are concentrating more on the improvement of education systems step by step. Additionally, the increasing number of mobile phone users, growing government initiatives, improving internet connectivity, and surging acceptance of digital payment is contributing to the market growth in this category.

In 2022, the cloud category held a larger share of AI in the education market and is also projected to remain in the leading spot in the coming years. This is ascribed to the increasing utilization of cloud platforms to aid in IT modernization and the growing concentration on decreasing the total price of ownership. Moreover, cloud technology allows students to develop their knowledge and aids in managing business processes, which results in improved student engagement and better performance.

In 2022, North America generated the highest revenue, of USD 887 million, and it is projected to remain the market leader in the future as well. This is because the region has an advanced educational system, a high emphasis on lowering the burden on educators concerning administrative tasks, huge expenditure on EdTech, a growing necessity for personalized learning in teaching space, and a hike in demand for intelligent solutions to advance students’ academic performance in the continent.

The growing need for automating organizational tasks is another major reason driving the acceptance of AI learning solutions in the education sector. Teachers usually devote a lot of time to performing administrative tasks, including enrolling students, grading exams, assessing homework, and defining policies. AI can be very helpful in this regard, by reducing workload and stress on educators by automating administrative events, which, indeed, motivates them to pay more attention to the learning part for students.

Hence, the snowballing expenditure in AI technology, the increasing need for personalized education based on AI, and the growing requirement for automating organizational tasks are major factors driving the AI in education market growth. 

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AI in Education Market Growth Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

The focus on digitization and e-learning is increasing rapidly in order to enhance the quality of education that is provided. Ascribed to this, the concept of conversational learning is also becoming an important aspect of education around the globe. The concept of conversational learning involves the presentation of content as a two-way conversation. Teaching through conversational learning solutions makes the process more interactive and interesting for the children. Since, chatbots can be programmed as per the learner’s needs, they are becoming an important part of the conversational learning process. Chatbots also offer students relevant content, which saves their time and results in successful completion of the course.

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Because of this, the application of artificial intelligence (AI) in the education sector is rising. AI in education majorly focuses on identifying the needs of students and developing personalized curriculum for enhancing the learning experience of students. According to a P&S Intelligence report, in 2019, the global AI in education market reached $1.1 billion and is predicted to generate $25.7 billion in 2030, advancing at a 32.9% CAGR during the forecast period (2020–2030). The two components in the domain are service and solution, between which, the larger demand was created for AI solutions during 2014–2019. Hardware and software tools & platforms are the two major AI in education solutions.

Different applications of AI in education are intelligent tutoring systems, content delivery systems, virtual facilitators, and learning platforms. Chatbots and interactive websites are some other applications. Among these, the largest demand during 2014–2019 was created for learning platforms, which are further expected to be the most in demand during the forecast period. This is because of the increasing preference for distance and online education courses by students and working professionals, growing focus on the integration of next-generation technologies in the education sector, and growing trend of self-learning through online platforms. The fastest growth in demand is projected to be registered by the intelligent tutoring systems applications.

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A key driving factor for the industry is the increasing demand for personalized education based on AI. Personalized learning solutions aid in better understanding of the students, including their academic goals, interests, and educational background, which further helps in creating a customized educational experience. Students can design courses as per their requirement and also obtain feedback related to their progress throughout their course. For example, in June 2019, Lingvist Technologies OU, a provider of language courses, launched an AI-powered language learning platform called Couse Wizard, which allows users to create and customize courses according to their interests, hobbies, and career by speaking or typing keywords.

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How is Growing Education Industry Driving AI in Education Market?

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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