The artificial intelligence (AI) in education market is projected to witness exponential growth by 2027 primarily driven by the proliferating significance of education across the globe. Additionally, rising awareness regarding the potential benefits of AI in the education sector is expected to further support market growth over the forecast period.
After the COVID-19 outbreak, government-imposed lockdowns across the globe disrupted traditional education methods as students could not attend classes physically. Thus, there was a prominent demand for viable alternatives, such as digital technologies, to conduct online classes.
Thus, increasing integration of advanced technologies, particularly AI, has propelled market adoption in key regions. Moreover, increasing government and research efforts to promote AI technology in the education sector have also boosted market expansion substantially across the globe.
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For instance, in June 2021, U.S. Senators Marco Rubio, Marsha Blackburn, Maria Cantwell, and Jacky Rosen presented a bipartisan legislation to establish a U.S.-Israel AI research and development center. The center would support bilateral cooperation in AI as well as focus on the advancement of the sector.
The bill directs the U.S. Secretary of State to build the center in consultation with the United States Secretary of Commerce and heads of other pertinent U.S. agencies. The center would act as a hub for research and development in AI technology across the education, public, and private sectors in the two countries.
The artificial intelligence (AI) in education market has been categorized on the basis of component, technology, end-use, application, deployment model, and region. Based on component, the market has been divided into solution and service (professional service and managed service).
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The professional service segment held over 70% share in the artificial intelligence (AI) in education market revenue in 2020 and is estimated to see substantial growth through the assessment timeframe. Growing deployment of AI solutions across educational institutions is projected to drive segmental growth through the forecast timeline.
In terms of application, the market has been categorized into fraud & risk management, learning platforms & virtual facilitators, smart content, intelligent tutoring system, and others. The fraud & risk management sub-segment holds a sizable share in the artificial intelligence (AI) in education market revenue and is expected to progress at a CAGR of approximately 40% through the analysis period. Rising awareness regarding online banking frauds are likely to fuel segmental expansion through the estimated timeframe.
In the regional landscape, the Latin America artificial intelligence (AI) in education market is calculated to expand at a CAGR of over 40% through the projected period. Surging investment in AI technology in the region is speculated to support market growth over the forecast period.
In 2020, the MEA artificial intelligence (AI) in education industry accounted for over 3% share in the overall market revenue and is anticipated to observe lucrative growth over 2021-2027. Escalating demand for online education platforms in the region is estimated to significantly drive market expansion through the analysis period.