AI in Education: Projected to Hit $15 Billion Market by 2027

JJohn January 26, 2024 7:02 AM

The global market for artificial intelligence (AI) in education is predicted to surge from $2.85 billion in 2022 to $15 billion by 2027, according to a recent report. The growth is largely driven by the increasing use of smartphones and the integration of AI into educational applications.

Smartphones fuel growth in AI in education

The integration of artificial Intelligence (AI) into education is no longer a thing of the future; it's happening right now. As students increasingly use smartphones and other similar devices in their learning, the AI in education market is reaping the benefits. The global AI in education market is predicted to catapult from $2.85 billion in 2022 to an impressive $15 billion by 2027, marking a compound annual growth rate (CAGR) of 39.3%. This growth trajectory isn't happening in a vacuum – it's driven by the widespread adoption of smartphones that fundamentally transform the educational experience through the integration of AI into various educational platforms and applications.

While North America has historically dominated the AI in education market, the tables are turning. The Asia-Pacific region is coming up strong, and is forecasted to be the fastest-growing segment in the market in the coming years. This shift in market dominance reflects the widespread adoption of AI in education across diverse geographical landscapes. No longer is AI in education a Western-centric concept; it's gaining momentum globally, fundamentally transforming education infrastructures around the world.

Innovation driving expansion of AI education market

Innovation is at the heart of the AI in education market's impressive growth. Continuous product innovations, including AI-Generated Lesson Plan Creators and AI-Generated Chat Tutoring services, are pushing the boundaries of what's possible in education. These services, which leverage advanced natural language processing, offer real-time, 24/7 student support, revolutionizing learning experiences and operational efficiencies. As educational technology continues to evolve, these innovations will continue to shape the future of learning.

The AI in education market is home to some big names. From tech giants like Alphabet Inc., Microsoft Corporation, and IBM Corporation, to specialized education technology firms like Pearson plc and McGraw Hill Education Inc., these industry leaders are at the forefront of delivering personalized learning experiences. They offer AI-driven learning management systems, smart content delivery, and efficient administrative functions. Their ongoing commitment to innovation is key to the continued growth and success of the AI in education market.

AI deployment diversifies in education sector

AI solutions and services are making their mark in both cloud-based and on-premises infrastructures. This wide range of applications is a testament to the flexibility and adaptability of AI in education. From sophisticated AI-driven tutoring systems to intelligent content adaptation and risk management, AI is transforming the educational landscape in more ways than we can count. And as the sophistication of these solutions continues to grow, we can expect to see even more groundbreaking trends in the AI in education market.

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