Online Language Learning Market Worth $21.2 Billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

Online Language Learning Market Worth $21.2 Billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

PR Newswire

LONDON, July 20, 2020

LONDON, July 20, 2020 /PRNewswire/ -- According to a new market research report titled "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®, 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.

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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.

Globalization has brought people and cultures closer together. However, to survive and thrive in a global economy, companies must overcome language barriers and hence the global economy is shifting away from the English-speaking world, according to the U.S. Council on Foreign Relations. Also, according to Alexika (a provider of professional language services), it is observed that overseas consumers prefer information in their own language and it is estimated that 60% of online consumers hardly or never buy from English-only websites.

Moreover, 72.4% of customers are more likely to buy products that have information available in their native language.  In addition to this, the rising number of multinational companies globally is further boosting the demand for foreign language learning in an attempt to facilitate communication and performance across geographically diverse functions and business endeavors. According to the United Nations Conference on Trade And Development (UNCTAD), between 1990 and 2016, the total assets of MNC foreign affiliates grew 25-fold to $112 trillion, sales of MNC foreign affiliates increased seven-fold to $37.5 trillion, and the value of exports of MNC foreign affiliates quintupled to $6.8 trillion, while the number of people employed by foreign affiliates quadrupled to 82 million. This growth in multinational companies is contributing significantly to the growth of the trade and businesses among countries, ultimately leading to the growth of the online language learning market.

Impact of COVID-19 on the online language learning Market

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. For instance, in response to coronavirus and school closures, Busuu Ltd. (U.K.) provided access to online language learning lessons for kids. Similarly, Coursera is making popular Spanish-language courses available for free ranging from wellness to professional development.

In addition, 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 the companies was to suspend operations and eliminate the noncritical business travel during the outbreak. Also, most of the companies have allowed work from home, which is inevitable in current situation. This gave time to professionals to brush up their language skills and improve their professional abilities. Therefore, the pandemic proved to be a turning point for online language learning market and higher growth is expected over the next 12 months.

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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, 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, the software as service segment is estimated to command the largest share of the overall online language learning market in 2020, and is also slated to grow at the fastest CAGR during the forecast period. The large share of this segment is mainly attributed to the factors such as reduced capital expenditure, swift implementation, and growing adoption of SaaS-based management systems in most of the organizations.

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Based on mode, the consumer segment is estimated to command the largest share of the overall online language learning market in 2020. Growing adoption of the online language learning apps, availability of short and long term pricing plans, and drop in internet data costs are some of the major factors supporting the growth of this segment. However, the K-12 segment is slated to grow with the fastest CAGR during the forecast period due to growing adoption of digital technologies in education sector and government initiatives and investments to support digitization in education.

The report also includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2020). The online language learning market has witnessed number of product launches in recent years. For instance, in March 2020, Rosetta Stone Inc. (U.S.) launched Rosetta Stone unlimited tutoring. It features a group of learners paired with an expert native-language instructor. Also, in November 2019, Busuu Ltd (U.K.) launched the Grammar Review Training Tool. The AI-powered grammar practice tool is currently available for only iOS users learning English, French, German, Italian, and Spanish.

The online language learning market is highly consolidated market with major players such as 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.), and Linguistica 360, Inc. (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

Online Language Learning Market, by Language type

Online Language Learning Market, by Mode

Online Language Learning Market, by Geography

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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php

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https://www.meticulousresearch.com/product/learning-management-system-market-5052/

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