Global $21.2 Bn Online Language Learning Market to 2027 - Increasing Penetration of Artificial Intelligence in e-Learning Driving Growth
Dublin, Sept. 24, 2020 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The online language learning market is expected to grow at a CAGR of 18.7% from 2020 to 2027 to reach $21.2 billion by 2027
The growing need for communication across borders, increasing e-learning market, and penetration of artificial intelligence in e-learning are the key factors contributing to the growth of this market.
The 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, non-profit, higher education), language (English, German, Japanese, French, Spanish, Italian, Arabic, 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 account for the largest share of the overall online language learning market in 2020. However, Mandarin 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.
Based on product type, software as service is estimated to account for the largest share of the overall online language learning market in 2020. The large share of this segment is mainly attributed to the less capital expenditure, adoption of SaaS-based management systems, and its faster implementation.
Based on mode, the consumer segment is estimated to command the largest share of the overall online language learning market in 2020. The large share of this segment is mainly due to the high use of online learning by consumers/individuals because of the increase in the use of mobiles, availability of regular updates in mobile apps, and ease of use.
Market Dynamics
Drivers
Globalization and Growing Need for Communication Across Borders
Growing E-learning Market
Penetration of Artificial Intelligence in E-learning
Impact of COVID-19 on Language Learning Market
Restraints
Data Security and Privacy Concerns
Opportunities
Increasing Spending on the Education Sector
Rising Internet and Mobile Phone User Base
Increasing Preferences for Multilingual Employees by the Multinational Companies
Challenges
High Cost of Implementation
Trends
Flexible Pricing Structure
Introduction of Wearable Technologies
Scope of the Report:
Online Language Learning Market, by Product
Apps
Tutoring
SaaS
Online Language Learning Market, by Language type
English
French
Spanish
Mandarin Chinese
German
Italian
Arabic
Japanese
Korean
Other languages
Online Language Learning Market, by Mode
Consumer
K12
Government
Corporate
Non-profit
Higher education department (HED)
Companies Mentioned
Babbel (Germany)
Berlitz Corporation (U.S.)
Busuu Ltd (U.K.)
Duolingo Inc. (U.S.)
Inlingua International Ltd. (Switzerland)
Linguistica 360 Inc. (U.S.).
Memrise Inc. (U.K.)
Open Education LLC (U.S.)
Rosetta Stone Inc. (U.S.)
Sanako Corporation (Finland)
iTutor Group (Taiwan)
For more information about this report visit https://www.researchandmarkets.com/r/gg85o0
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900