How growth in Artificial Intelligence Market can help in Transforming Education Industry

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Artificial intelligence was considered a games changer and it has proven to be the same as well. In today’s day and age, people are surrounded with AI in every possible aspect. People readily use AI-enabled Intelligent Virtual Assistants (IVA) such as Alex and Siri. AI has also taken over the industrial landscape such as automated organizational systems and mechanical systems such as packaging and installation systems are powered by AI. Being a versatile intelligence system, AI is being implemented in almost every sector and education is not an exception. The education is also becoming more personalized for catering to the specific needs of both the academicians and students. Both the students do not necessarily have to be physically present for studying and interacting with their teachers. The credit goes to the internet, innovations in Information Technology (IT), and the advent of AI.

The global AI industry is growing rapidly with a Compound Annual Growth Rate (CAGR) of 40 percent. The current market value of the global AI industry is $3.5 billion which is expected to reach $26.4 billion by 2023. Aspects such as Natural Language Processing (NLP), machine learning, image recognition, and predictive analysis are the important aspects of AI that are now being extended to robotics, speech recognition, and vision. Industry experts are also saying that the AI technology is likely to replace the significant amount of human workforce in the next 5-7 years. This will eliminate approximately 2 million jobs worldwide and this won’t take long as the shift is expected to take place by 2022. Such change will not stop there as the situation will escalate and eliminate approximately 3 million jobs worldwide by 2030.

The Impact of AI on the Education Sector:

Here is a detailed explanation of how AI will positively impact the education sector.

  • Creating Smart Content: AI-enabled robots and software can create smart content that can help students through increased accessibility and availability. This includes content that is available online such as recorded/live video lectures, and videos supported by Virtual Reality (VR) and Augmented Reality (AR).

 

  • Globalize Education and Learning: Education sector has infinite growth opportunities and the students can obtain knowledge without having to consider the geographical boundaries. AI can help students in learning fundamental IT skills. Such a scenario also creates opportunities for the students to choose from a wide range of available online courses and learn from remote locations as well.

 

  • Creating a Personalized Learning Experience: AI can understand students’ preferences and create courses that are tailor-made for their specific needs. This will also help the industry in general as the educational institutions can also design and develop courses as per the need and wants of the students.

 

  • Increased Efficiency and Efficacy: AI can simplify the majority of administrative tasks for the institutions and help them focus on the students and their issues. It saves a lot of time on both the students’ and institutes’ side. Such an approach can create an automated workplace environment that can operate in its full efficacy.

 

The AI industry is growing rapidly due to the technological innovations. The market penetration is also increasing in the developing regions and it is also expected to grow even more in the coming years. To get the complete market information about the global AI industry, click here.

 

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