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(IT-NEWSWIRE.COM, July 06, 2022 ) According to a new market research report, titled “Online Language Learning Market by Product (SaaS, Apps, Tutoring), User (Consumer, Government, K-12, Corporate), Language (English, German, Japanese, Korean, Mandarin Chinese) and Geography - Forecast to 2027”, published by Meticulous Research®, the online language learning market is expected to grow at a CAGR of 18.7% from 2020 to reach $21.2 billion by 2027.
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The online language learning market is changing at a rapid pace due to the globalization of the economy and the adoption of cost-efficient technology-based products. The growth in this market is majorly driven by the globalization and growing need for communication across borders, growing E-learning market, COVID-19 impact, and penetration of artificial intelligence in e-learning. Further, increasing spending on education sector, rising internet and mobile phone user base, and preference for multilingual employees by multinational companies provide huge growth opportunities for the players operating in online language learning market. In addition, flexible pricing structure and introduction of wearable technologies are the recent trends.
The E-learning is growing at a fast pace and enabling individuals from different geographies to stay connected and learn different courses through the Internet. The flexibility in learning, low cost, easy accessibility, growing investments in digital learning activities, and increased effectiveness by animated learning are some of the major factors favoring the market growth. Moreover, in recent years, users have developed an appreciation for the ease of access and improved effectiveness through new animated, engaging, and interactive learning tools. Also, the escalation in the number of internet users and growing access to broadband pooled with mobile phones with online capabilities are also fueling the market growth.
In addition, the rising interest in distance language learning is likely to benefit the E-learning market. Distance language learning has proved to be the best option for language learners to receive instruction in an adaptable environment. This allows flexibility to the learners and also helps to manage time for those under the pressure of shaping business and/or life responsibilities. Also, distance learning if pursued through universities or certified institutes, offers face-to-face interaction with native speakers, which speeds up the learning process and provides tailored lessons as per the learner’s ability. Therefore, with technological improvements in learning and teaching, interest for E-learning platforms is growing globally, ultimately driving the online language learning market.
Key questions answered in the report-
Which are the high growth market segments in terms of product, mode, language, and regions/countries?
What was the historical market for online language learning across the globe?
What are the market forecasts and estimates for the period 2020-2027?
What are the major drivers, restraints, challenges, opportunities, and trends in the overall online language learning market?
Who are the major players in the overall online language learning market?
How is the competitive landscape and who are the market leaders in the overall online language learning market?
What are the recent developments in the overall online language learning market?
What are the different strategies adopted by the major players in the overall online language learning market?
What are the geographical trends and high growth regions/ countries?
Have Any Query? Speak to Analyst at https://www.meticulousresearch.com/speak-to-analyst/cp_id=5025
Impact of COVID-19 on the Online Language Learning Market
The COVID-19 pandemic has severely impacted education systems and businesses across the globe. According to UNESCO, nationwide closures have impacted over 60% of the world’s student population. So far, the pandemic has affected 1.72 billion learners. Therefore, due to these measures, online language learning platform developers are innovating and launching free subscription-based apps to broaden their user base.
Similarly, amidst this pandemic, business leaders are compelled to make decisions impacting both the short and long term. To protect their employees and reduce the spread, the major goal of companies was to suspend operations and eliminate non-critical business travel during the outbreak. Also, most of the companies have allowed work-from-home, which is inevitable in the current situation. Due to this, there has been a surge in interest among professionals to learn languages, thereby propelling the growth of the online language learning market.
The online language learning market is mainly segmented by product (Software as a Service (SaaS), Tutoring, Apps), language (English, French, Spanish, Mandarin Chinese, Japanese, German, Italian, Arabic, Korean, and Other Languages), user (consumer, K-12, government institute, corporate institute, higher education departments, and other users) and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional level.
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On the basis of product, the SaaS segment accounted for the largest share of the overall online language learning market in 2020. The large share of this segment can be attributed to its growing adoption, minimum capital expenditure, swift implementation, mobility & flexibility, better employee engagement, ability to store data in one centralized location, remote access to the content, and cost-effectiveness. This segment is also projected to register the highest CAGR during the forecast period of 2020-2027.
Based on the type of language, the English language dominated the overall online language learning market in 2020, owing to the growing globalization, consciousness about developing English language skills, preference of English over other languages, and adoption of English as a global language. On the other hand, Mandarin Chinese is projected to register the highest CAGR during the forecast period due to rapidly changing global trade & economic scenario, rising deals with Chinese companies, growing education opportunities in China, and expansion of industries in the country.
On the basis of users, the consumers segment commanded the largest share of the overall online language learning market in 2020. Growing accessibility to internet, increase in mobile phone user base, and consistent launch of mobile apps at reasonable price by key players are some of the key factors driving the growth of this segment.
The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by the leading market participants in the industry over the past 4 years (2018–2021). The online language learning market has witnessed number of new product launches in recent years. The leading players such as Rosetta Stone Inc. (U.S.), Busuu Ltd (U.K.), Mondly Languages (Romania), iTutor Group (Taiwan), and Duolingo Inc. (U.S.) are actively involved in this strategy to expand their product portfolio in various countries.
The key players operating in the overall online language learning market are Berlitz Corporation (U.S.), Rosetta Stone Inc. (U.S.), Memrise Inc. (U.K.), Inlingua International Ltd. (Switzerland), Sanako Corporation (Finland), Duolingo Inc. (U.S.), Babbel (Germany), Busuu Ltd (U.K.), iTutor Group (Taiwan), Open Education LLC (U.S.), Linguistica 360, Inc. (U.S.), Mondly Languages (Romania), FluentU (Hong Kong), and Mango Languages (U.S.) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/online-language-learning-market-5025
Scope of the Report:
Online Language Learning Market, by Product
Software as a Service (SaaS)
Tutoring
Apps
Online Language Learning Market, by Language
English
French
Spanish
Mandarin Chinese
Japanese
German
Italian
Arabic
Korean
Other languages
Other languages include Dutch, Polish, Swedish, Turkish, Indonesian, Portuguese, Norwegian, Brazilian, Danish, Irish, and Indian languages
Online Language Learning Market, by User
Consumers/Individuals
K-12 (Kindergarten to 12th Grade)
Government Institutes
Corporate Institutes
Higher Education Departments
Other Users
Other users include non-profit organizations, libraries, and homeschools
Online Language Learning Market, by Geography
Asia Pacific
Japan
China
India
South Korea
Australia
Indonesia
Taiwan
Hong Kong
New Zealand
Rest of APAC (RoAPAC)
Europe
Germany
U.K.
France
Italy
Spain
Russia
Poland
Netherlands
Belgium
Sweden
Austria
Switzerland
Finland
Norway
Turkey
Ireland
Rest of Europe (RoE)
North America
U.S.
Canada
Mexico
Middle East & Africa
Saudi Arabia
Rest on Middle East
Latin America
Brazil
Rest of Latin America
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Meticulous Research™
Khushal
+91 744-7780008
sales@meticulousresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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