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
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