(IT-NEWSWIRE.COM, August 10, 2022 ) Meticulous Research®– leading global market research company published a 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”.
According to this latest publication from 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. The growth in the online language learning market is mainly attributed to the factors such as globalization and rising need for communication across the borders, positive impact of COVID-19, and growing e-learning market & penetration of artificial intelligence in e-learning. In addition, the flexible pricing structure and introduction of wearable technologies are the current trends supporting the growth of this market. However, data security and privacy concerns are expected to hinder the growth of the online language learning market to some extent.
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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 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, 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.
Based on mode, the consumer segment is estimated to command the largest share of the overall online language learning market in 2020. 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.
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Geographically, Asia-Pacific region is estimated to command the largest share of the global online language learning market in 2020, followed by Europe, the Middle East & Africa, and Latin America. The growth in this region is expected to be driven by developing economies and growing influx of multinational companies. In addition, the increasing adoption of digitalization and government initiatives for online education are further expected to drive the market growth.
The key players operating in the global 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.), and Linguistica 360, Inc. (U.S.) among others.
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?
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Scope of the Report:
Online Language Learning Market, by Product
Online Language Learning Market, by Language type
Online Language Learning Market, by Mode
Higher education department (HED)
Online Language Learning Market, by Geography
Rest of APAC (RoAPAC)
Rest of Europe (RoE)
Middle East & Africa
Rest on Middle East
Rest of Latin America
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/online-language-learning-market-5025/