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How Rapid is the Growth of the Generative AI in Edtech Market?
The generative AI in the edtech market size has seen extraordinary growth in recent years. From a notable $0.25 billion in 2023, the market is expected to surge to $0.36 billion in 2024, featuring a compound annual growth rate CAGR of 43.7%. This significant growth during the historical period is a result of several factors, including enhanced learning results, growth in education sectors, burgeoning demand for personalized and adaptive learning experiences, increasing student engagement and motivation, and exponential data growth in the education sector.
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What’s Fueling the Rise of Generative AI in Edtech Market?
Envisaging continued growth, the generative AI in edtech market size is set to catapult to $1.56 billion by 2028, propelled by a CAGR of 43.9%. Several elements contribute to this projected robust growth during the forecast period. Factors such as government initiatives, escalating demand for scalable and efficient educational solutions, substantial investments from public and private sectors, an increasing trend of digital learning platform adoption, and enhancements in educational content creation have been instrumental.
Additionally, the increasing adoption of digital learning platforms and online education is expected to further accelerate growth within the generative AI market in edtech moving forward. These platforms deliver educational content and resources, enabling remote learning through a variety of tools and technologies. Expanding internet connectivity and demand for flexible, accessible learning options are driving this adoption. Generative AI in edtech creates personalized learning experiences, generates interactive and adaptive content, automates administrative tasks, and provides real-time feedback and support, all combined to improve engagement, accessibility, and educational results for students in remote learning environments.
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Who are the Key Movers and Shakers in the Generative AI in Edtech Market?
A host of major companies operating in the generative AI in edtech market include Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Pearson plc, McGraw Hill, Unacademy, Anthropic PBC, Coursera Inc., Duolingo, Grammarly Inc., Jasper AI Inc., GoGuardian, Edmentum Inc., Brainly, Kiddom Inc., Writesonic, Cognii Inc., Edsby, Squirrel AI.
What are the Emerging Technological Innovations in Generative AI in Edtech Market?
Major companies are concentrating their efforts on devising innovative technologies such as AI-driven educational tools to enhance personalized learning, expedite content creation and afford adaptive educational experiences. These tools employ AI to enhance teaching and learning processes, tailor lessons to individual learning styles and progress, enhance interactive conversation practice, give comprehensive guidance to learners, offer real-time feedback, and contextual explanations.
How is the Generative AI in Edtech Market Segmented?
The generative AI in edtech market segmentation is as follows:
1 By Technology: Adaptive Learning, Content Generation, Automated Grading, Personalized Tutoring, Virtual Simulations, Intelligent Learning System, Other Applications
2 By Deployment: Cloud, On-Premise
3 By End-User: Students, Teachers, Administrators, Educational Institutions, Other End-Users.
What is the Regional Landscape of the Generative AI in Edtech Market?
North America reigned as the largest region in the generative AI in edtech market in 2023. Other regions covered in the generative AI in edtech market report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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