November 12, 2022

ResearchAndMarkets Forecast Worldwide AI In Education Industry to Reach $12.8 Billion by 2028

R ResearchAndMarkets has published its 'Global AI In Education Market Size, Share, and Industry Trends Analysis Report' that predicts growth of $12.8 billion by 2028, growing at a 33.5% CAGR during the forecast period. One of the factors attributed to the growth of AI has been the development of unique AI education solutions or services that connect to numerous education platforms by many service providers.

UNESCO is also contributing to the growth of the global AI education market by assisting Member States in developing AI technologies, ensuring that the use of AI in educational settings adheres to the fundamental values of equity and inclusion.

…the fact that AI significantly improves the learning and teaching experience is one of the key factors driving the growth of the AI in the education market...

The COVID-19 pandemic had a negative impact on education. Schools, colleges, and other educational institutes globally, were closed, resulting in a drop in demand for AI learning in in-person education. Now that things are opening up, market leaders are competing with many innovative offerings to remain competitive. The market's leading players are employing different strategies to meet demand from various industries. Acquisitions & Partnerships & Collaborations are the market's primary development strategies.

The fact that AI significantly improves the learning and teaching experience is one of the key factors driving the growth of the AI in the education market. AI technology vendors are developing electronic devices with AI capabilities by developing sophisticated learning systems that improve learning procedures. To thrive in a world of fierce competition, educational institutions must provide the best learning environment possible. Century Intelligent Learning, for example, created a classroom that uses AI technology to allow teachers to create academic curricula online, allowing students to access their curricula whenever they want.

While growth is expected, the spread of digitalization in LMICs, or low- and middle-income countries, is slow. This is attributed to the global prevalence of the digital divide. The digital divide is defined as the lower digital growth of developing and underdeveloped countries in comparison to developed countries due to lower technological penetration. A significant number of LMICs are struggling to implement technological advancements. Due to a lack of funding for the basic requirements of IT infrastructures in poor countries, AI-enabled deployments are completely reliant on available data, IT infrastructures, and Internet of Things devices for gathering instances to produce accurate results.

Posted in News and tagged News, AI in Education, ResearchAndMarkets, UNESCO, Acquisitions, Century Intelligent Learning
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