#AI News: Artificial Intelligence in Education Market to Grow at an Impressive CAGR of 39% Through 2020, Says Technavio
LONDON - September 26, 2016 (Investorideas.com Newswire) According to the latest market study released by Technavio, the global artificial intelligence in education market is expected to grow at a CAGR of more than 39% during the forecast period.
This research report titled ‘Global Artificial Intelligence in Education Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
"High student dropout rates coupled with macro-economic pressure to strengthen the general education levels is pushing educational institutions to adopt mechanisms to improve learning quality. Institutions are investing in artificial intelligence technologies, such as augmented reality and virtual reality, to positively impact the education industry," says Jhansi Mary, a lead analyst at Technavio for education technology research.
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The report categorizes the global artificial intelligence in education market into three major segments by models. They are:
- Learner model
- Pedagogical model
- Domain model
Artificial intelligence in education market by learner model
Artificial intelligence in the education market by the learner model is expected to reach USD 63 million by 2020, growing at a CAGR of close to 40%. Vendors are focusing on developing products that are learner-oriented and student-centric. At present, the artificial intelligence technology is extensively used to design content-based products and services for educators. In this context, adaptive learning is the most relevant and practical concept that is in use. Various education content providers are embedding adaptive learning technology to support smart learning options for students. Adaptive sequencing capabilities embedded in content help students learn in a self-directed manner, wherein they have the ownership of content and learning methods. This increases their interest and engagement levels to perform better in the learning process.
However, this technique is being improvised with the onset of Intelligent adaptive learning (IAL). Through this, both students and teachers will have access to all the data captured. Artificial intelligence-backed learner solutions appear to be efficiently capable of personalizing learning pathways. With the help of this technology, teachers will have greater insight over the ways of individual student learning. Apart from this, other technologies are in the pipeline, which will help capture the knowledge of students under metrics such as emotional intelligence.
Vendors in this market are selling their software to education publishing firms and educational institutions. The publishing firms then cater to education customers. Knewton and Desire2Learn are some of the reputed vendors that are using this technology to exploit the market potential. Simultaneously, vendors such as Dreambox Learning have already implemented IAL to power their education content services. Since the technology can be used in any kind of educational content format, there are expansive options to be used at a large scale in educational games as well. Therefore, in these ways, learner-focused artificial intelligence products and services are expected to grow exponentially during the forecast period.
Artificial intelligence in education market by pedagogical model
Artificial intelligence in the education market by the pedagogical model is expected to exceed USD 31 million by 2020, growing at a CAGR of over 40%.
Another important area where artificial intelligence is having a positive impact pertains to improvements in pedagogical methods, primarily in assessment methods, as traditional methods are being replaced by online models. Software solutions previously present in the market were most suitable to gauge student responses for close-ended questions such as multiple choice questions. They were not able to efficiently provide feedback on open-ended questions and essay type answers. With artificial intelligence-based assessment options available in the market, students receive appropriate scoring and suggestions to improve their performance on a real-time basis.
Another important achievement made by vendors is the deployment of NLP and speech recognition technology-backed products in pedagogical solutions. By deploying these solutions, artificial intelligence systems act as mentors to provide accurate answers and analysis of student performance. The biggest advantage that students receive is that they can ask their queries in the natural language as the system is capable of analyzing the tone and nature of questions asked by users. Cognii Virtual Learning Assistant, offered by Cognii, promotes inquiry-based learning, as inquisitive students learn while interacting with the system. Therefore, teachers can facilitate easy teaching mechanism by deploying such technology and help students complete their assignments. Therefore, there is immense scope to improve pedagogy with the help of artificial intelligence, which indicates strong market growth.
Artificial intelligence in education market by domain model
Artificial intelligence in the education market by the domain model is expected to reach USD 11 million by 2020, growing at a CAGR of more than 33%.
The segment consists of solutions that help refine and improve the storage of domain-specific knowledge, mainly in the science, technology, engineering, and math (STEM) field. It can be best described with the help of advancements in online tutoring services available in the market, where there are considerations to converge human teachers and machine tutors in learning programs. Tutoring programs are designed and developed to assist students in their after-school learning classes. "These developments will overcome the acute shortage of qualified faculty in the tutoring market. In educational institutions, such tutoring can be of huge assistance to educators," says Jhansi.
Vendors are developing various subject-based tutors known as intelligent tutoring systems (ITS). These tutors use the natural language processing (NLP) technique to understand queries from students. The concept of cognitive tutors is considered to be a minimally researched area compared with other models of tutoring, such as rule-based tutors. There are various subject-based ITS available, such as Andes, DesignFirst, Cognitive Tutors, and Auto-tutor. Such disruptive developments will accelerate the market growth during the forecast period.
The top vendors highlighted by Technavio’s education research analysts in this report are:
- Nuance Communications
- Quantum Simulations
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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