AI In Education Market Analysis 2023-2027: Projected Market Size, Growth Driver, And Major Trends As Per The Business Research Company's AI In Education Global Market Report 2023
LONDON, Oct. 31, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s AI In Education Global Market Report 2023, the global artificial intelligence (AI) in education market is projected to reach $3.99 billion in 2023, growing at a remarkable CAGR of 39.7%. With a forecast of $15 billion by 2027, this industry is soaring to new heights, driven by the increasing number of smartphone users.
Smartphone Revolution Fuels AI in Education
The rising number of smartphone users is serving as a primary driver for the rapid expansion of the AI in education market. The ubiquity of smartphones has empowered learners with personalized and adaptable educational experiences, integrating AI technology into educational applications and platforms. Real-time interaction with AI-powered virtual assistants and seamless communication capabilities offered by smartphones have made high-quality, personalized learning accessible to a wider audience. For instance, according to the Ericsson Mobility Report 2022, smartphone subscriptions are expected to reach 7,740 million by 2028, creating an environment ripe for AI-powered education.
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Innovations by Major Players
Key players in the AI in education market include Alphabet Inc., Microsoft Corporation, Amazon Web Services Inc., and IBM Corporation, among others. These industry giants are at the forefront of innovation, continually introducing advanced solutions to strengthen their market position. A recent example is Nerdy Inc.'s launch of AI-Generated Lesson Plan Creator and AI-Generated Chat Tutoring, integrated with ChatGPT. These solutions provide real-time support and personalized learning, reinforcing the trend of product innovation in this space.
Regional Insights
North America took the lead as the largest region in the AI in education market in 2022. Nevertheless, Asia-Pacific is poised to be the fastest-growing region in the coming years, highlighting the global nature of this transformative industry.
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Segmentation of the AI in Education Market
The global AI in education market is segmented into five key categories:
- Component: Solutions and Services
- Technology: Natural Language Processing (NLP) and Machine Learning
- Deployment: Cloud and On-Premises
- Application: Learning Platform and Virtual Facilitators, Intelligent Tutoring System (ITS), Smart Content, Fraud and Risk Management, and Other Applications
- End-User: K-12 Education, Higher Education, Corporate Training and Learning
Stakeholders in the education and technology sectors should closely monitor the dynamic AI in education market. The exponential growth driven by smartphone adoption and constant innovations by major players presents opportunities for those looking to invest, collaborate, or develop strategies in the education technology landscape. This AI in education market report is a valuable resource for understanding the current landscape, identifying trends, and positioning oneself to thrive in this ever-evolving industry.
AI In Education Global Market Report 2023 by The Business Research Company provides insights on the AI in education market size, AI in education market segments, AI in education market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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