Undoubtedly, the emergence of Artificial intelligence has brought major contributions to various sectors, including education. Online learning has grown tremendously over recent years, providing learners with convenient access to knowledge and skills. And with the introduction of powerful Artificial language models like ChatGPT, many are wondering if it has the potential to overtake established online learning firms. So, let's dive a little deep how ChatGPT might overtake Online learning firms
On November 30, 2022, OpenAI, an American Artificial Intelligence research laboratory, released its Artificial Intelligence chatbot, ChatGPT. And with its ability to understand and engage in human-like conversational interactions, ChatGPT gained one million users in its first week after launch. By just giving appropriate instruction, it can generate essays, write blogs, business pitches, marketing copies, email copies, answer questions, compose music, and even write poetry. Anyone can interact with ChatGPT, with an internet browser. One just has to type in the commands, and ChatGPT will respond to them. It is like a Gennie- with a plethora of information just one command away. Due to its convenience and user-friendliness, the ChatGPT website currently receives an estimated 1 billion monthly website visitors with approximately 100 million active users.
With the rapid acceptance of Artificial Intelligence Chatbots like ChatGPT, fears soon began to emerge regarding the unintended consequences of unrestrained AI research. As a result of such concerns, a letter, signed by Elon Musk and Apple co-founder Steve Wozniak, calling for a six-month embargo on the development of massive "AIs" was published in March. The introduction of AI tools like ChatGPT is expected to cause significant disruption in the job market, questioning whether we should automate all the jobs away, including the fulfilling ones.
According to a poll by the World Economic Forum with more than 800 businesses comprising 11.3 million employees, 25% of respondents predicted employment losses from AI, while 50% predicted job growth. In March, Goldman Sachs predicted that recent advances in AI might automate almost 300 million full-time jobs, with lawyers and administrative employees among those who would be impacted.
These predictions were further supported by the impact of the Ed-Tech firms by the introduction of ChatGPT.
Chegg Inc. is among the first listed companies to publicly acknowledge the potential impact of OpenAI's generative chat product, ChatGPT, on their business. Chegg's shares dropped by at least 42% after the company reported a significant spike in student interest in ChatGPT, which is affecting their new customer growth rate. The best feature of ChatGPT is its ability to replicate human speech, which allows it to communicate ideas clearly and naturally. This has made it popular for tasks such as composing school essays and writing code.
According to The Financial Times, following Chegg's announcement of a significant spike in student interest in OpenAI's ChatGPT, London-listed Pearson's shares fell by about 15%, while language-learning platform Duolingo's stock went down by 10%, and US-listed education company Udemy dropped by more than 5% on Tuesday. The impact of ChatGPT's emergence on the education sector has become a hot topic for investors, with some companies, like Chegg, seemingly ready to embrace the trend, while others are taking a more cautious approach.
While ChatGPT holds immense potential, it also faces challenges and limitations that might hinder its complete takeover of online education firms:
Lack of Human Touch: Online education often lacks the personal connection between learners and educators. While ChatGPT can simulate human-like responses, it may not fully replicate human interaction's empathetic and intuitive nature.
Subject Matter Expertise: ChatGPT's knowledge is based on the data it has been trained on, which may not cover every subject comprehensively. It might struggle to provide in-depth explanations or insights in highly specialized domains.
Ethical Considerations: AI systems like ChatGPT raise ethical concerns regarding data privacy, bias, and accountability. Ensuring the responsible use of AI in education requires careful attention to these issues.
It is more likely that ChatGPT will complement and enhance the existing online education ecosystem rather than entirely replace it. Established online education firms can leverage AI technology to integrate ChatGPT as a valuable tool within their platforms, providing learners with an enhanced and personalized learning experience. However, only the future will tell us about the real implications.
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