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Artificial Intelligence (AI) in Education Market size is set to surpass USD 6 billion by 2024; according to a new research report by Global Market Insights, Inc. 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. The numerous benefits offered by the system is major factor augmenting its demand. It assists students in improving their learning styles, offering personalized tutoring and high-quality education by gauging their pre-existing knowledge and learning. The platform collects data points and employs machine learning and predictive models to determine individual knowledge and skill levels and analyze the performance. It also provides students immediate feedback for improvement.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Amazon Web Services
- Blackboard Inc.
- Blippar
- Century Tech Limited
- Cerevrum Inc.
- CheckiO
- Pearson PLC
- com
- Trueshelf, Inc.
- Sofia Labs LLC
- Querium Corporation
- Knewton Inc.
- Cognii Inc.
- Elemental Path
- Google Inc.
- Microsoft Corporation
- Nuance Communication Inc.
- IBM Corproation
- Jenzabar Inc.
- Content Technologies Inc.
- Yuguan Information Technology LLC (Liulishuo)
- Pixatel System Inc.
- PLEIQ
- Quantum Adaptive Learning LLC.
However, the high cost of deployment and lack of skilled workforce are the factors hindering the AI in education market growth. These systems are expensive to develop and implement and the timeframe required for the development of these systems is large limiting their implementation in the real world. Moreover, the risk of data leakage and security also restrain the market growth.
AI assists in improving the quality of education by addressing the learning challenges faced in the past including planning, reasoning, language processing, and cognitive modeling. Various benefits offered by the acceptance of AI in education sector include tutoring grading, immediate feedback on course quality, personalization in education, and instant feedback to students. The aim of AI is to be a virtual facilitator for the learning domain and to create virtual human-like qualities, who can think, react, act, and interact in a natural way using verbal and non-verbal communication.
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The domain model in AI in education market is estimated to grow at a substantial rate with over 50% CAGR during the forecast period. The domain model represents the knowledge of the subject, expertise, and the relationship between different parts of the subject matter. It assists in improving the domain-specific knowledge, especially in areas of science, technology, math, and engineering. The AI in education systems usually gathers a huge amount of student data, which is computed to enhance the domain model. This helps in offering more personalized and efficient support while refining and testing their understanding of the process of learning and teaching.
The deep learning model for AI in education market is anticipated to grow at a CAGR of 52% during the forecast timespan. The technology helps in protecting the teaching profession with tasks such as developing soft skills amongst students, cultivating pupils, and assisting them to train students and motivate them for better education. They offer collaborative learning methodology between teachers, students, and a wider environment with strong social and team-related skills. The advent of technology has hindered deep learning in schools.
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The key players in the AI in education market are IBM, AWS, Microsoft, Google, Nuance, Century Tech, Blackboard, Pearson, Cognii, Volley.com, Blippar, Knewton, Jenzabar, Content Technologies, PLEIQ, Luilishuo, Pixatel System, and Quantum Adaptive Learning.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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