Ocean View, DE -- (SBWIRE) -- 04/23/2020 -- AI in education market trends have been witnessing immense traction leveraging the enhanced way of learning provided by the digital content. Growing demand for Intelligent Tutoring System (ITS) among educational institutions will positively impact the market growth. The educational institutes such as schools, colleges and private coaching centers have been increasingly adopting advanced ITS solutions to provide personalized learning experience to the students. According to a research report by Global Market Insights, Inc., AI in Education Market is projected to exceed USD 6 billion by 2024.

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Furthermore, increasing investments in the EdTech and AI technology considering the product reach and the accessibility will stimulate the AI in Education Market outlook. However, some of the limitation like the lack of skilled professionals and compromised data security of the ITS system can hinder the market growth over the forecast timeframe. Though considering its advantages, it may not be incorrect to state that the hindrances are not adequate to stop the proliferation of artificial intelligence in educational market.

There has been huge demand for the student-centric learning platforms among the educational institutes which will drive the learner model. In addition, shifting preferences for adaptive learning technology will foster the segmental share. Owing to widespread applicability, the learner model is presumed to hold over 60% of the AI in Education market share by 2024.
On the other hand, the growing need for personalized learning solutions will drive the demand for domain model. Moreover, the solution providers are looking to develop tailor made user-friendly systems focusing on the specific subject as per user requirements. Owing to this, the domain model is forecast to grow at a CAGR of more than 50% through 2024.

From a technology perspective, AI in Education market is divided into machine learning, deep learning, natural language processing. Each of them influences the different phases of product development which will drive the industry trends. The natural language processing (NLP) technology accounted for 65% revenue share in 2017 owing to significant usage in planning and designing of digital curriculum.

The NLP technology aids in the process of the content development & e-learning and is widely deployed into the virtual assistance system to analyze and convert the audio and text of the end-users. The deep learning technology is estimated to exhibit a CAGR of more than 50% during the study timeframe. The rising adoption of intelligent algorithms in the EdTech solution will propel deep learning technology demand.

The North American region is estimated to dominate the global AI in education market owing to increasing investments in EdTech and AI technology. The country is the early adopter of new technologies and pre-existence of highly developed educational infrastructures will further foster the regional growth. Growing prevalence of handheld devices such as tabs and smartphones in the educational systems will further augment the artificial intelligence (AI) in education market growth. North America held over 60% share in the AI in education market in 2017 and will continue its dominance through 2024.

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Company profiled in AI in Education Market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Amazon Web Services
2. Blackboard Inc.
3. Blippar
4. Knewton Inc.
5. Google
6. Microsoft Corporation
7. IBM

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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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