AI Apps And Edtech – How They Are Rising Through The Market
The world has witnessed a paradigm shift due to the technological revolution – specifically to frontier techs like Artificial Intelligence (AI) and Education Technology (Edtech). The global AI market size, estimated at $87.04 billion in 2021, is expected to exceed around $1,597.1 billion by 2030. On the other hand, the global Edtech market valued at $237.6 billion in 2021 is expected to reach $998.4 billion by 2030.
The COVID-19 crisis provided vital lessons for business leaders. When it comes to digital evolution, the global pandemic accelerated the adoption of AI and Edtech, making them critical to businesses as they responded to the shifts in working arrangements and consumer purchasing behaviors.
As implementation of these technologies continues apace, business leaders now understand the power AI apps and Edtech has on businesses. From healthcare and retail to banking and life sciences, AI apps and Education Tech are unleashing powerful potential in various industries.
Why We Think This Matters
Products built around AI and Education Technology depend on the marketplace and, thus, are customer-oriented.
Let’s take Skoove as an example. Skoove is a piano and guitar learning interactive app that gives users feedback by combining audio technology, music teaching science, and machine learning to create a unique learning experience. The AI model powering the product continually learns from the feedback of other users’ successes and failures and adapts accordingly. This creates a unique learning experience that relies on other users’ real-time input.
Such online learning platforms and AI mobile applications have massively improved access to education and learning. It has enhanced the learning process and introduced adaptive learning that fills out existing knowledge gaps.
The continual learning and adapting part of the technology is its most significant selling point and the cause for its unprecedented growth. But that’s not all.
To understand the how and why behind the rise of AI apps and Edtech, we need to take a look at both technologies separately:
How and Why is AI Apps Rising Through the Markets?
The rise of Artificial Intelligence apps is simply due to the benefits it provides and their usage:
AI Apps Can Automate Repetitive Learning and Data Discovery
AI apps perform frequent, high-volume tasks that allow data collection without needing to perform the tasks manually. From gathering information to initiating a process, the manual time required to complete these tasks is reduced simply through AI, thus providing an overall improved customer experience.
AI Apps Benefit from Progressive Learning Algorithms
Artificial apps let the data do the programming by adapting advanced learning algorithms. In simple words, AI finds structure and predictabilities in data. This helps the algorithms acquire new skills and evolve as given more data.
This way, an algorithm can teach itself to play an instrument, learn a language, navigate to a destination, or know the right product to recommend to a consumer depending on the data it receives. Therefore, it gives a more personalized experience to each user.
AI Apps Can Analyze Data Deeply
Since artificial intelligence can analyze more and deeper data using neural networks, AI has made building a fraud detection system with five hidden layers possible. All you need is lots of data to train deep learning models. This can help several financial and banking institutions.
AI Apps Achieve Greater Accuracy
The usage of neural networks also allows AI apps to achieve incredible accuracy. Take the example of Amazon’s Alexa or Google Assistant. Both are based on deep learning and are known to provide accurate results the more they are used.
Why is Edtech Rising Through the Markets?
The COVID-19 pandemic is one of the primary reasons behind the growth of Edtech since its introduction to the markets. Let’s discuss some of the most prominent reasons behind its popularity:
Convenient and Less Expensive
People are increasingly turning to online learning solely due to convenience and the costs. In the age of technology, where everything is available in the palm of our hands, it only makes sense that learners are diverting towards online learning.
Lack of time, resources, and motivation has led to substantial growth in Edtech markets.
Personalized Learning Experience
Edtech allows students to learn at their own pace and accord, giving them space to create their schedules and timelines. Educators are also given room to utilize digital resources to create a more collaborative and creative learning environment.
Online learning platforms provide a flexible environment and adaptive learning tools that actively engage students and help educators identify and resolve the obstacles each student faces.
Gamification Creates a Fun Learning Experience
Edtech allows teachers to apply elements of games to an educational setting, creating a more interactive and engaging learning environment. This approach seeks to motivate students with little to no direct interaction with classmates and teachers.
Gamification is known to improve the appeal of learning processes by adding innovation, fun, and productivity to increase knowledge retention and the ability to learn new skills. For instance, if you want to know the piano at home, Skoove brings you the best AI-powered platform. It allows you to learn basic and advanced piano techniques and concepts, like the circle of fifths, notes, chords, intervals, etc.
Adopting a Hybrid Model
Offline learning will continue as it used to before COVID-19. However, introducing a hybrid model can increase local and global accessibility to students and educators. Students can benefit from the ease of access and affordability, and teachers can teach from around the world no matter their location or physical ability.
Artificial intelligence apps and Edtech go hand in hand. Education Technology increases student and teacher reach and allows engaging and innovative learning. Whereas AI helps identify learning gaps based on student performance and non-verbal cues such as facial expressions and classroom behavior.
The AI-powered Edtech experience can redesign and reshape education as we know it by providing a more personalized, focused, and discovery-filled learning journey. This personalization can create powerful learning experiences, deeper engagement and focus, better retention, and a tailored personal learning journey which is the main reason behind its enormous success in today’s world.
