According to a new market research report, the world online language learning market is expected to grow at an annual rate of 18.7% from 2020 to 2027 to reach $21.2 billion by 2027.
“Online Language Learning Market by Product (SaaS, Apps, Tutoring), Mode (Consumer, Government, K-12, Corporate), Language (English, German, Japanese, Korean, Mandarin Chinese) and Geography – Global Forecast to 2027″, published by Meticulous Research®, asserts that “the online language learning market is changing at a rapid pace due to the globalization of the economy and 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, the 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 the overall online language learning market. In addition, the flexible pricing structure and introduction of wearable technologies are the key recent trends in this market.”
The report also assesses the impact of COVID-19, “The COVID-19 pandemic has severely impacted the education systems and businesses worldwide. As the cases rose, the government of all the nations has declared near closures of all schools and working spaces to mitigate the spread of the pandemic. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), nationwide closures are impacting over 60% of the world’s student population, and as of June 2020, the pandemic affected 1.72 billion learners. Therefore, due to this lockdown measures, the online language learning market is seeing several innovations and free subscription-based apps by companies to broaden their user base.”
The global online language learning market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027 – by product (SaaS, apps, tutoring), mode (consumer, government, K-12, corporate), language (English, German, Japanese, Korean, Mandarin Chinese), and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional level.
Based on language type, English language is estimated to command the largest share of the overall online language learning market in 2020. Growing globalization, consciousness about developing English language skills, preference of English over other languages, and adoption of English as the global language are some of the major factors driving the adoption and demand for English language. However, Chinese is slated to grow with the fastest CAGR during the forecast period, due to the growing trade relations with China and geographic expansion of Chinese companies in various regions.