According to the research report titled ‘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, 2021 – 2027’, available with MarketStudyReport, global artificial intelligence (AI) in education market is projected to showcase notable growth over 2021-2027.
 

Global artificial intelligence (AI) in education market growth is primarily driven by rising acceptance of cloud-based services, increasing integration of intelligent tutoring systems (ITS) in learning processes, booming digital data, and rising venture capital investment in EdTech and AI.
 

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Elaborating on the recent events, government-imposed lockdowns across the globe following the COVID-19 outbreak hampered traditional teaching techniques as students could not attend classes in person. As a result, there was a high demand for suitable alternatives such as digital technologies to conduct online lessons.
 

Further, increasing government and research efforts to promote AI technology in the education sector is adding to the industry development. Citing an instance, Maria Cantwell, Marsha Blackburn, Senators Marco Rubio, and Jacky Rosen, introduced bipartisan legislation in June 2021 to establish a US-Israel AI research and development center. The center would promote bilateral AI cooperation while also focusing on the sector's progress.
 

However, lack of skilled professionals, limitations on ITS, and data safety & security issues are anticipated to hinder the industry expansion over the forecast period.
 

With respect to component type, professional service segment accounted for 70% of global artificial intelligence (AI) in education market revenue in 2020 and is expected to expand considerably through 2027. The growth can be ascribed to increasing deployment of AI solutions across educational institutions.
 

As per application spectrum, fraud & risk management segment is projected to multiply with a CAGR of 40% over the analysis period, owing to rising cognizance about online banking frauds.
 

Geographically, Latin America industry is slated to register 40% CAGR over the next six years, creditable to rising investments in AI technology in the region. Meanwhile, Middle East & Africa (MEA) held 3% market share in 2020 and is expected to witness notable growth over 2021-2027, attributable to surging demand for online education platforms.  
 

Major firms defining the competitive landscape of worldwide artificial intelligence (AI) in education industry sphere are Knewton (John Wiley & Sons Inc.), Querium Corporation, TrueShelf (True Group Inc.), Pearson plc, CheckiO Inc., Cerevrum Inc., Century Tech Ltd., and Blackboard Inc. among others.