AI Technology Plays Vital Role in Education

According to a new market research report "AI in Education Market by Technology (Deep Learning and ML, NLP), Application (Virtual Facilitators and Learning Environments, ITS, CDS, Fraud and Risk Management), Component (Solutions, Services), Deployment, End-User, and Region - Global Forecast to 2023", published by MarketsandMarkets, the global market to grow from $537.3 Million in 2018 to $3,683.5 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 47.0% during the forecast period. The AI technology is playing a crucial role in enhancing and improving teachers' and students' knowledge. Additionally, the increasing adoption of the AI technology for various applications in the education sector and growing need for multilingual translators integrated with the AI technology are expected to drive the growth of the AI in education market. The Natural Language Processing (NLP) technology segment is expected to grow at a higher CAGR during the forecast period. In the education sector, the Natural Language Processing (NLP) technology is playing a crucial role to synthesize the educational data for generating the final output.