Artificial Intelligence in Education Market to grow at a CAGR of 45% by 2024.

Artificial Intelligence in Education Market

Artificial Intelligence in Education market is set to grow from its current market was valued at over USD 400 million in 2017 to USD 6 billion by 2024, according to a new research report by Global Market Insights, Inc.

The incredible progress of artificial intelligence in education market can be emphasized by China’s recently implemented plans to achieve global leadership in artificial intelligence research and development, including artificial intelligence application in schools. A report revealed that a high school in Eastern China has installed a facial recognition system for real-time analysis of student engagement, by registering their behavior and facial expressions. Termed as the intelligent classroom behavior management system, its cameras are placed in front of the classrooms above the blackboard and scans the class every 30 seconds. The system can detect various kinds of moods and behavioral pattern of the students.

To elaborate further, this innovative artificial intelligence system is reportedly assisting to track student attendance and refining teaching methods. It is expected to help in maximizing student engagement by making the students conscious of the system. The experiment with the intelligent classroom behavior management system comes on the heels of other artificial intelligence applications implemented in schools across China, such as using the technology for grading papers and argumentative essays.

Essentially, the key components of education are supposed to be learning, reasoning and efficient problem solving which are also the principal characteristics of artificial intelligence systems. Consequently, artificial intelligence has been integrated with the education industry where it has been found to be beneficial in building social skills and emotional outreach. The acceptance of artificial intelligence by educational experts derived from its existence as an assistive tool has encouraged the artificial intelligence based learner model. As per estimates, the learner model held more than 60% of the artificial intelligence in education market share in 2017.

Citing an example of such personalized education, Geekie Lab is an application developed in Brazil with machine learning capabilities which is helping students to cope with lessons at their own pace. The artificial intelligence in Geekie’s education software constantly learns about each student’s progress on individual level through tests and sends the analyzed performance data to their teachers. Further, artificial intelligence facilitates a platform for students to experiment and learn without the fear of judgements by peers, parents or teachers. artificial intelligence can improve the flexibility of the education system by identifying the strengths and weaknesses of students and create a customized program or suggest them courses suited to their needs.w

The artificial intelligence 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 advent of artificial intelligence in education has initiated a change in the dynamics of teaching and will transform the way students learn and acquire skills. Worldwide, the market positions of multinational companies and growing venture capital investments in start-ups has turned the artificial intelligence in education market into an extremely competitive landscape, with expected CAGR of more than 45% over 2018-2024.

Evidently, the integration of artificial intelligence in teaching methodologies of the institutes imparting higher education has facilitated implementation of a more rigorous and enhanced academic standards in the recent years. The complex and intricate tasks such as counselling career path options to students, administrative management, formulating personalized learning frameworks, and provisioning of smart classrooms has been made easier with the aid of artificial intelligence.

With an aim to enhance the affordability and quality of education for all, it has been observed that several leading firms partaking in artificial intelligence in education market have been collaborating with schools, educational content publishers, universities, and online training platforms in the past few years. The recent partnership effected between Colorado State University (CSU) and Cognii Inc. is a significant instance that aptly depicts the transformation being brought about by artificial intelligence in education market across the global learning scenario. Regarded as one of the foremost public research university in the U.S., the faculty at CSU would work hand in hand with Cognii to build a new learning and assessment experience by deploying the Virtual Learning Assistant (VLA) technology.

Elaborating further, the VLA technology of Cognii utilizes Natural Language Processing and conversational artificial intelligence technologies to engage students through a smart tutoring system. It further assesses open response answers of the students with a qualitative natural language feedback that trains them to attain conceptual expertise. It is quite imperative to mention that the VLA has been predominantly formulated to enhance the learning outcomes and knowledge retention abilities of the students, facilitate high-quality personalized education at a wider scale, and improve the productivity of instructors.

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Written by Srikanth

Passionate Tech Blogger on Emerging Technologies, which brings revolutionary changes to the People life.., Interested to explore latest Gadgets, Saas Programs

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