Artificial Intelligence (AI) is the theory and development of computer systems with the capability of performing repetitive tasks that require human intelligence. In the AI in education market, AI-enabled solutions and services perform various functions such as knowledge delivery, the grading and grouping of students on performance basis, and intelligent tutorial systems in the education sector to improve the learning experience and knowledge of students and teachers.
MarketsandMarkets forecasts the global AI in education market to grow from USD 537.3 Million in 2018 to USD 3,683.5 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 47.0% during the forecast period. The increasing adoption of the AI technology for various applications in the education sector and the growing importance of AI-enabled multilingual translators are expected to drive the growth of the AI in education market. Major AI in education vendors include IBM (US), Microsoft (US), Bridge-U, DreamBox Learning (US), Fishtree (US), Jellynote (France), Jenzabar (US), Knewton (US), Metacog (US), Querium (US), Google (US), AWS (US), Cognizant (US), Carnegie Learning (US), Century-Tech (UK), Cognii (US), Elemental Path (US), Liulishuo (China), Nuance Communications (US), Osmo (US), Pearson (UK), Third Space Learning (UK), Quantum Adaptive Learning (US), ALEKS (US), and Blackboard (US). These market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and penetrate deeper into the untapped regions.
Pearson was founded in 1844 and is headquartered in London, UK. It is the world’s largest education company that provides expertise in the field of educational courseware and assessments. The company offers a wide range of teaching and learning services that are powered by advanced technologies. These products and services are used by millions of teachers as well as students who seek quality education around the globe. In February 2018, Pearson partnered with Microsoft Research Asia (MSRA) for 3 years to integrate AI capabilities with market-leading English language learning curriculum.
Nuance Communications is one of the renowned players in the AI in education market. The company’s important solutions include natural language understanding and voice recognition. It offers biometric speaker authentication, optical character and text-to-speech recognition capabilities, professional services and implementation support, and dialog and information management so that its customers can create a better experience for their clients. In August 2016, the company launched a new version of its speech recognition software to provide mobile devices with the professional-grade speech recognition technology.
AI in Education Market by Technology (Deep Learning and ML, NLP), Application (Virtual Facilitators and Learning Environments, ITS, CDS, Fraud and Risk Management), Component (Solutions, Services), Deployment, End-User, and Region - Global Forecast to 2023
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