The academic software market in North America is expected to grow from US$ 270.63 million in 2019 to US$ 809.26 million by 2027; it is estimated to grow at a CAGR of 15.2% from 2020 to 2027. Artificial intelligence (AI) is a technology that gives computers the ability, in the same way as humans, to communicate with people, understand events, and learn and react to events.Over the years, AI not only had huge applications across industries—such as security and surveillance and information technology—but it had also experienced a rise in adoption of the technologies in the education sector.
AI is being adopted across schools, colleges, and universities for automating repetitive tasks such as grading, financial analysis, and admission processes.For example, AI can be calibrated to learn and model teacher actions while grading, through advanced computer programs—such as Automated Grading—for automatic grade assignment in the future.
Over the time, the program would learn the academic skills of multiple students and, based on their performances, prepare customized training plans.Additionally, one of the oldest ways to measure instructor performance and how tutors relate to students at various levels is student input.
Although most colleges and universities have moved from paper questionnaires to online surveys, which is a huge leap. With the assistance of AI, there is still space for innovative progress. Chatbots can be used without the intervention of an instructor or other human being to communicate with students in person and collect data. To formulate new and more specific questions, chatbots use responses from previous questions. Thus, rising adoption of AI-powered solutions across the education sector is fuelling the growth of the market. In terms of deployment, the cloud segment led the North America academic software market in 2019.The technology sector has been increasingly witnessing a significant rise in cloud-based software in recent times.
This is because the cloud-based software simplifies the deployment time and significantly reduces the cost of deployment.This benefit has attracted a significant percentage of end users and pertaining to the rising demand for cloud-based software, the majority of the academic software market players are offering cloud-based products.
In addition, the internet infrastructure has matured in developed countries and it is flourishing in several developing countries.This is allowing end users in both developed countries as well as developing countries to access the cloud-based academic solutions.
This factor is driving the academic software market in North America. The academic software developers are continuously investing in developing robust and secured cloud-based software with an objective to protect customer data and offer solutions to teachers and students wherever required. This factor is positively influencing a wide array of companies among various end users across the region, which would drive the cloud-based academic software market during the forecast period. North America is adversely affected by the COVID-19 outbreak.Owing to the favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies.
Any hindrance on industries is therefore projected to hamper the region’s economic development.Currently, due to the COVID-19 outbreak, the US is the worst-affected country in the region, thus affecting the sudden stands still across all the industries present in the region.
It is becoming apparent with the pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries.The education sector is positively affected by the outbreak as all schools, colleges, and universities are temporarily closed to control the spread of the virus.
Eventually, with the high support from the government, the students in North America are shifting to online studies from offline learning methods. For instance, according to data published by the United States Department of Education, 2,500 colleges are presently offering online courses across the States. Additionally, several top universities have committed to decade-long, multi-million dollar contracts and joint ventures in central, vital academic areas with educational online program managers (OPMs). These collaborations, if properly designed, will allow universities to leap forward. Thus, the rising shift of the education sector to online mediums owing to the pandemic is expected to drive the growth of the North America academic software market during the forecast period. The overall North America academic software market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America academic software market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America academic software market. Alma; Software Advice, Inc.; ConexED; Envisio; PowerVista Software, Inc.; Qualtrics; Tophatmonocle Corp.; TrueDialog; and WizeHive are among the players operating in the market.
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