The artificial intelligence (AI) in education market will be worth more than $6 billion by 2024, according to a new research report by market research and strategy consulting firm Global Market Insights, Inc. The U.S. market size was estimated at $400 million in 2017 and is expected to increase at a compound annual growth rate (CAGR) of more than 45% in the next six years.
The AI in education market is driven by the integration of the Intelligent Tutoring System (ITS) in the learning process. ITS is one of the advanced applications of AI aimed at providing immediate and personalized feedback and instructions to learners without the intervention of a human tutor. AI aims to be a virtual facilitator for the learning domain and to create virtual human-like qualities that can think, react, act, and interact in a natural way using verbal and non-verbal communication. The platform collects data points and employs machine learning and predictive models to determine individual knowledge and skill levels and analyze performance. It also provides students immediate feedback for improvement.
Hindering growth at the moment is the high cost of development and deployment and lack of workers skilled in the technology. The risk of data leakage and security also is constraining market growth.
For more information, visit: https://www.gminsights.com/industry-analysis/artificialintelligence-ai-in-education-market