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Globally, AI in the education market is projected to be worth $3.68 billion by 2023, having grown at 47 percent since 2018, according to Markets And Markets.
The Artificial Intelligence (AI) market in India is set to reach $7.8 billion by 2025 – covering hardware, software, and services markets – and growing at a CAGR (compound annual growth rate) of 20.2%. AI applications form the largest share of the revenue for the AI software category, at more than 52% in 2020.
Among the various AI technologies being implemented in India, the highest investments are in the field of machine learning applications. In India, investments in artificial intelligence (which was INR 773.64 Bn in 2017) is expected to expand at a CAGR of 33.49% during the 2018-2023 period. The reason behind such high anticipated investments is the growing popularity of AI technologies, especially Machine Learning applications, across business functions like finance, accounting, general management, IT, operations, and administration.
This calls for developing market ready skilled forces and establishes the need for innovative ventures in the Ed-tech space like Dcode AI. The EdTech space is one of the hotspots of investor interest globally including India. The sector has witnessed fast growth for players like the unicorn- Byjus, Unacademy and others.
Globally, AI in the education market is projected to be worth $3.68 billion by 2023, having grown at 47 percent since 2018, according to Markets And Markets. Also, India has a massive K-12 population (265 million+) and there is an increased government focus (NEP 2020) on technical education at school level creating a huge market with needs.
DcodeAI, an India based EdTech startup identified this need timely. Focused on Artificial Intelligence (AI), the company has launched new DIY learning platforms including Natural Language Processing (NLP), Computer Vision (CV), Data Science for children aged between 12 and 18 years. With Angel funding of USD 500,000, DcodeAI is rapidly expanding their product offerings and market reach, skilling students. On a mission to equip the next generation of learners with AI skills, without having a formal coding background, the startup aims to democratize AI learning among primary and secondary level students across 10,000+ schools that are currently part of its network.
Started in mid 2020 by Kartik Sharma and Ashish Aggarwal who have been running EdTech businesses with a network of schools. Kartik is an IITian and Artificial Intelligence Specialist while Ashish graduated from NTU, Singapore and has significant experience in education business. The venture has already raised USD 500,000 as angel round and is in rapid product development and expansion phase.
DcodeAI focuses on low code/no code tools and usage of AI to make learning easy, intuitive and personalized. Hence, even those without any coding background can start to learn and implement AI models. The new set of DIY learning programs is designed for students who can learn the concept of AI and hone their skills in data manipulation, data visualization, statistics, machine learning, deep learning and more. These learning programs are suitable for students who want to learn about developing Chatbots, Image Recognition Models, as well as Voice Recognition-based Bots and Home Automation Systems.
Kartik Sharma, CEO & Co-Founder, DcodeAI said, “Our aim is to democratize AI learning and make it accessible to students, empowering them with market ready skills. AI is still a complex subject for many in our country, while the world is rapidly embracing AI enabled solutions in all areas of life. We believe in the immense potential of our next generation and work towards empowering them to pace up with global innovations. This journey of AI transformation has to start at the school level and this is what we, at DcodeAI. We want to simplify the learning curve of students who want to use AI for solving problems and driving impactful innovations. Our immediate goal is to reach out to 500+ schools in India by Q1 FY2022 and further expand our global footprint in countries like Africa, UK, USA and UAE by Q2 FY2022.”
Kartik further adds, “Rapid digitization is opening immense possibilities in the EdTech space. The pandemic has further disrupted the education system badly making students switch to online learning.” Talking about the growth plans, he said that the company will continue to deepen its focus in the Indian markets while also aggressively getting into newer markets.
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