Natural Language Processing in Education Worth $228 million by 2028 - MarketsandMarkets

CHICAGO, May 5, 2023 - A promising future lies in the application of Natural Language Processing (NLP) in education since it has the ability to alter how students engage with educational content and improve academic standards. It has the potential to change the way we teach and learn, enhancing everyone's access to high-quality education.

The global NLP in Education Market size is projected to grow from USD 99 million in 2023 to USD 228 million by 2028, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period. NLP in education is being used in language learning applications to provide better pronunciation feedback, enhance translation quality, and create conversational bots that allow students to practice speaking with a virtual tutor.

Scope of the Report

Solutions segment to hold highest market share during the forecast period

Al solutions are widely used as people become more aware of their alleged advantages. NLP in education is a subset of artificial intelligence (AI) that corresponds to the processing and mining of unstructured data. It helps AI machines comprehend the intricacies and circumstances of language used by people to express themselves. It is often applied to data generated in the form of text, voice, and video materials. NLP in education solutions is provided by vendors like IBM, Microsoft, and Google with cutting-edge functions, including sentiment analysis, text classification & summarization, and speech recognition. Several manufacturers provide high-end NLP in education software solutions or Application Program Interfaces (APIs) with tailored capabilities in response to market customer expectations.

Professional Services segment to hold highest market share during the forecast period

Training and consulting, system integration and implementation, and support and maintenance are the three sub-categories of professional services, where these services are supplementary to the purchase of software. A few businesses lack the necessary knowledge to successfully manage infrastructure, and as a result, they contract it out to firms that can offer these services. These services are essential for the deployment of NLP software. They are in charge of supporting, managing, and maintaining the installed software.

Modeling, organizing NLP, upgrading, and offering numerous other IT services are examples of professional services. Organizations that provide these services include big data specialists, devoted project management teams, support software, tools, services, and knowledge with a focus on the design and delivery of key choices.

Asia Pacific (APAC) to record highest growth rate in NLP in Education Market in 2023

Asia Pacific is anticipated to have the greatest CAGR during the projection period due to its advanced and dynamic adoption of new technologies. The adoption of NLP solutions & services in the region is anticipated to be fueled by the commercialization of AI and ML technologies and the need for additional developments to effectively utilize the technology. More than 50% of the world's population lives in the region. Therefore any significant technology advancements like those predicted by Al are likely to have a significant impact on the region's future. The majority of the NLP market in education share in this region is held by IBM, Microsoft, Google, and Amazon, together with a number of other important NLP-based solution providers. The region's SMEs and large businesses have been implementing NLP-based solutions as they have grown more mindful of government rules and compliances.

NLP in Education Market Dynamics

Driver:

• Rising demand for efficient language learning
• Increasing adoption of predictive analytics to provide targeted support to students at risks.
• Evolution of AI and deep learning

Restraint:

• Limited availability of educational data impacts the efficiency of NLP models
• Risks associated with data breaches and sensitive information leakage.

Opportunities

• Growing adoption of NLP to assess student performance.
• Soaring demand for personalized learning

Challenges:

• Developing customized NLP solutions
• Regulatory and privacy concerns over data security

Key Vendors

Key and innovative vendors in the NLP in Education Market are IBM (US), Microsoft (US), Google (US), AWS (US), SAS Institute (US), Inbenta (US), Baidu (China), Welocalize (US), Yellow.ai (US), NICE (US), ABBYY (US), Automated Insights (US), Width.ai (US), Revolve.ai (Islamabad), Primer.ai (US), Carnegie Learning (US), Gecko (US), Ivy.ai (US), Attivio (US), Conversica (US), Avaamo (US), Aylien (Ireland), Haptik (India), Gupshup (US), Sensforth.ai (US), Chivox (China), and Cognii (US). These vendors have adopted many organic as well as inorganic growth strategies, such as product launches, partnerships, and collaborations, to expand their offerings and market shares in the NLP in Education Market.

Recent Developments:

• In March 2023, Yellow.ai launched Salem, which is a new AI-powered customer service channel available on WhatsApp.
• In February 2023, Microsoft launched Automated ML supports NLP, which allows ML professionals and data scientists to bring text data and build custom models for tasks such as multi-class text classification, multi-label text classification, and named entity recognition (NER).
• In January 2023, IBM announced BM Partner Plus. This new program reimagines how IBM engages with its business partners through unprecedented access to IBM resources, incentives, and tailored support to deepen its technical expertise and help speed time to market.
• In December 2022, NICE launched ElevateAI, a new AIaaS solution that brings the power of Enlighten AI, its purpose-built CX AI, to the developer community.
• In November 2022, Google announced an ambitious new project to develop a single AI language model that supports the world's 1,000 most spoken languages.

Application Integration Market Advantages

• NLP can assist in establishing chances for personalized learning for pupils. NLP can assess the student's language to recommend suitable learning materials, change the level of difficulty of the content, and provide feedback in order to improve learning outcomes.
• Real-time translation and grammatical checks provided by NLP can help students learn new languages. Through the use of NLP, students can communicate with virtual teachers to improve their vocabulary, grammar, and pronunciation.
• Automating the evaluation of student performance is possible using NLP. It may evaluate essays, assignments, and other written content to offer recommendations on grammar, spelling, and other language-related issues. This saves time for teachers while also assisting them in identifying areas where kids need to grow.
• Chatbots that engage with students and respond to their queries can be created using NLP. These chatbots can assist students with their coursework and any questions they may have around the clock.

Report Objectives

• To determine and forecast the global NLP in education by offering, model type, and end user. Application and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA)
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the NLP in Education Market
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall NLP in Education Market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the NLP in Education Market
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
• To track and analyze competitive developments, such as mergers and acquisitions, product launches and enhancements, partnerships and collaborations, and Research and Development (R&D) activities, in the market

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space.