Embedded Files
The AI Market Today
The AI Market Today
In 2021, the global artificial intelligence market was estimated to be USD 87.04 billion. It is expected to grow to reach USD 119.78 billion in 2022. (Precedence, 2021).
Worldwide, big tech business drives the market and responds to increasing interest in AI solutions across all sectors. The major players operating in the AI market are Intel Corporation, Microsoft, IBM, Google, Amazon Web Services, Baidu, Inc., NVIDIA Corporation, H2O.ai., Lifegraph, Sensely, Inc., Enlitic, Inc., AiCure, HyperVerge, Inc., and Arm Limited. (Precedence Research 2021)
AI in the EdTech Market
AI in the EdTech Market
In the area of education, Global Market Insights Inc. (GMI) places the current global market size at USD 1.8 billion. They predict that the market could reach a market value of USD 20 billion by 2027 (GMI, 2021).
According to Grandview Research, Learning platforms and virtual facilitators make up the bulk of the Ai in the EdTech market, followed by Intelligent Tutoring Systems (ITS), smart content, fraud & risk management, etc.
Regional Differences
Regional Differences
North America still currently dominates the global market and, in 2021, accounted for a revenue share of about 42.0%. Recent Legislation in the U.S. has paved the way for increased growth. In 2019, the American AI Initiative was launched as a nation-wide strategy for promoting leadership in artificial intelligence worldwide. This initiative establish guidelines for the use of AI and was a move towards gaining public trust in AI.
Another emerging market that is predicted to grow is Asia Pacific. Large companies and startups alike are bolstering the adoption of AI in the region.
This graph on the left shows the breakdown of the projected growth in the region at a compound annual growth rate (CAGR) of 45%.
Projections
Projections
The AI global market is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. This can be shown in the graph on the right.
Tech behemoths like Google, Facebook and Microsoft are already investing in the scalability of AI across diverse business sectors.
The Job Market
The Job Market
The students of today will become the workforce of tomorrow. As educators, we must anticipate the skills needed for the future of the job market and Artificial Intelligence will be a staple of this new world.
According to the Microsoft Report, The class of 2030 and life-ready learning: The technology imperative, AI-driven automation could replace up to 50 percent of existing jobs in the U.S. Furthermore, Between now and 2030, 375 million people around the world may need to switch occupational categories. Teaching and training will be forced to adapt to this new world.
The fastest-growing areas of the job market, however, will be those requiring deeper-level cognitive skills, as well as social and interpersonal skills (Microsoft and McKinsey & Company, 2020). To meet this need, education will have to incorporate AI into curriculums to address the future needs of digital literacy. Then, as more tasks become automated, social and interpersonal skills will become evermore paramount.
The bottom line: Investing in the Future of AI
The bottom line: Investing in the Future of AI
There is no doubt we will be living in an AI-driven world. As educators, how do we 'invest' in the future of AI?
Monitor the market: New tools and solutions are coming to market every day! Keep your ears open for innovations that may be beneficial to your classroom.
Teach AI as a form of Digital Literacy: Young learners of today will live in a completely different reality tomorrow. AI will penetrate all areas of life and, as such, digital literacy skills will be essential in the workforce. Websites like Teaching AI for K - 12 propose ways to teach AI to your students.
Emotional and Social Skills are paramount! In this tech driven world, interpersonal skills and soft skills will be necessary in the workforce of the future. Be sure not to neglect these skills in favour of the more obvious technical and cognitive skills needed to work in an AI-driven world.
Discussion prompt: We know the workplace of the future will be shaped by the use of AI. What are some other ways in which we, as educators, can prepare learners for this new reality?
Page updated
Google Sites
Report abuse