AI in the Education Market Is Anticipated to Grow 45% by 2024
The use of artificial Intelligence in the education market is set to grow from its market value of more than $400 million in 2017 to $6 billion by 2024, according to a research report by Global Market Insights, Inc.
China, in particular, has been pursuing AI research and development, including artificial intelligence application in schools. A report revealed that a high school in Eastern China 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 scan the class every 30 seconds. The system can detect various kinds of moods and behavioral patterns of the students.
This system reportedly is helping to track student attendance and refine teaching methods. It is expected to help in maximizing student engagement by making the students conscious of the system. This experiment comes on the heels of other AI applications implemented in schools across China, such as using the technology for grading papers and essays.
Essentially, the key components of education are supposed to be learning, reasoning, and efficient problem solving, which are also the principal characteristics of AI systems. Consequently, AI has been integrated into the education industry, where it has been found to be beneficial in building social skills and emotional outreach. Educational experts’ acceptance of AI, derived from its existence as an assistive tool, has encouraged artificial intelligence-based learner model. Estimates show the learner model held more than 60 percent of the artificial intelligence in education market share in 2017.
One example of personalized education is Geekie Lab. Developed in Brazil, the application has machine learning capabilities that are helping students cope with lessons at their own pace. The artificial intelligence in Geekie’s education software constantly learns about each student’s progress on an individual level through tests and sends the analyzed performance data to his or her teachers. Further, AI facilitates a platform for students to experiment and learn without the fear of judgments by peers, parents, or teachers. Artificial intelligence can improve the flexibility of the education system by identifying students’ strengths and weaknesses and create a customized program or suggest courses suited to their needs.
Collaborations and Partnerships
The AI 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 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 a competitive landscape, with an expected compound annual growth rate (CAGR) of more than 45 percent from 2018 to 2024.
The integration of AI in teaching methodologies of the institutes imparting higher education has facilitated implementation of more rigorous and enhanced academic standards in recent years. AI has helped to make complex and intricate tasks such as counseling career path options to students, administrative management, formulating personalized learning frameworks, and provisioning of smart classrooms easier.
Aiming to enhance the affordability and quality of education for all, several leading firms in the market have been collaborating with schools, educational content publishers, universities, and online training platforms in the last few years. The recent partnership between Colorado State University (CSU) and Cognii Inc. is a significant instance that aptly depicts the transformation being brought about by artificial intelligence in the education market across the global learning scenario. Regarded as one of the foremost public research universities in the U.S., the faculty at CSU are working hand in hand with Cognii to build a new learning and assessment experience by deploying Cognii’s Virtual Learning Assistant (VLA) technology.
This technology utilizes Natural Language Processing and conversational artificial intelligence technologies to engage students through a smart tutoring system. It further assesses students’ open-response answers with a qualitative natural language feedback that trains them to attain conceptual expertise. The VLA has been predominantly formulated to enhance the learning outcomes and knowledge retention abilities of students, facilitate high-quality personalized education on a wider scale, and improve the productivity of instructors.
For more information, visit: https://www.gminsight.com/industry-analysis/artificial-intelligence-ai-in-education-market