Artificial Intelligence (AI) in Education Market Size By Component (Solution, Service [Professional Service, Managed Service]), By Deployment (On-premise, Cloud), By Technology (Machine Learning, Deep Learning, Natural Language Processing (NLP)), By Appli

Artificial Intelligence (AI) in Education Market Size By Component (Solution, Service [Professional Service, Managed Service]), By Deployment (On-premise, Cloud), By Technology (Machine Learning, Deep Learning, Natural Language Processing (NLP)), By Application (Learning Platform & Virtual Facilitators, Intelligent Tutoring System (ITS), Smart Content, Fraud & Risk Management), By End-use (Higher Education, K-12 Education, Corporate Learning), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global artificial intelligence (AI) in education market is expected to grow at an exponential rate through 2030 owing to growing investments in the advancement of AI technology.

Recently, key players in the AI in education industry have been increasingly collaborating with competitors to enhance their business standing, which has improved overall market dynamics. For instance, in June 2022, the Ministry of Education partnered with Amazon Web Services (AWS) to teach machine learning (ML) and cloud computing skills to higher education students in India.

Amazon Internet Services Private Limited (AISPL), which handles the resale and marketing of AWS in India, and the All India Council for Technical Education (AICTE), a statutory entity under the Indian Ministry inked a Memorandum of Understanding (MoU). The new partnership complemented the Ministry's initiatives to provide students with essential technological know-how and sharpen the focus to establish an Indian workforce that is equipped with these digital skills. This initiative was extended by thousands of AICTE-affiliated universities to help students across the nation.

Furthermore, to help students provide robust technological resources and advanced facilities, industry players are also accelerating product development and innovation, which has significantly fostered the product outlook of the artificial intelligence (AI) in education market. To cite an instance, in November 2020, Blackboard Inc., a major EdTech software and solutions provider, introduced Blackboard Assist, a new feature within the firm's premier cloud learning management system (LMS), Blackboard Learn, to provide higher education students with services and resources to help them succeed in college. The novel feature allows students to connect directly with both tailored third-party help services as well as support services within their institution.

The artificial intelligence (AI) in education market has been bifurcated in terms of component, technology, end-use, application, deployment model, and region.

Based on application, the industry has been divided into fraud & risk management, intelligent tutoring system, learning platforms & virtual facilitators, smart content, and others. The fraud & risk management segment is expected to depict a CAGR of around 50% over the review timeline due to increasing awareness among people concerning online banking frauds.

From the regional perspective, the Latin America artificial intelligence (AI) in education market is set to register notable growth at a CAGR of more than 50% through 2030 because of growing investments in AI technology in the LATAM region. Meanwhile, the MEA artificial intelligence (AI) in education industry garnered a market share of approximately 3% in 2021 and is speculated to expand significantly over the forecast period owing to soaring demand for online education platforms in the Middle East & Africa region.