The Impact of Artificial Intelligence on Employee Training and Upskilling: A Look at the Growing Market
Artificial intelligence (AI) is revolutionizing the way companies train and upskill their employees, offering personalized learning experiences that can enhance efficiency and reduce costs. The global AI-in-education market is projected to skyrocket from $3.6 billion in 2023 to approximately $73.7 billion by 2033, according to a report from Market.US.
Despite the promising forecast, online education company Chegg, which has heavily invested in AI tools, recently experienced a decline in stock value, underscoring the volatility of the sector. However, industry experts remain optimistic about the potential of AI in transforming corporate education.
Ryan Lufkin, global vice president of strategy at Instructure, emphasized the benefits of generative AI in providing personalized learning experiences tailored to individual knowledge gaps. This approach can significantly reduce learning time and improve productivity.
Chegg entered the burgeoning AI education market with the launch of CheggMate, an AI-enhanced learning service developed in collaboration with OpenAI’s GPT-4. The platform aims to offer students personalized learning pathways and support, leveraging AI technology to enhance the learning experience.
As more businesses adopt AI-powered learning platforms, experts predict a shift in corporate education that could lead to substantial cost savings and improved employee performance and retention. Rich Caplow, vice president of Product at L2L, highlighted the use of AI in the manufacturing industry to educate employees and enhance operational efficiency on the shop floor.
While AI software like Chegg is readily available for education and training, experts emphasize the importance of making AI training relevant and engaging for adult learners. Michael Ojdana, chief learning officer of Vector Solutions, stressed the need for real-world examples and immediate feedback to enhance the effectiveness of AI-driven training programs.
Overall, the integration of AI in corporate education holds immense potential for transforming the way companies train and upskill their employees, leading to improved performance, cost savings, and enhanced learning experiences.
