Global Online Language Learning Market accounted for $8.17 billion in 2019 and is expected to reach $20.37 billion by 2027, growing at a CAGR of 12.1% during the forecast period.
Globalization and the increasing need for communication across the borders are propelling the market growth. However, technological risks and duplicitous sources may hamper the growth of the market.
Online language learning is a term referred to as the process of learning a new language. The virtual world is playing an important role in most of the sectors, especially in language learning. Globalization and expansion into new geographies are increasing cultural diversity and communication patterns which demand language learning programs and courses.
Based on the mode, the consumer segment is likely to have a huge demand due to 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.
By geography, the Asia-Pacific is estimated to have a lucrative growth due to the factors such as substantial young population looking for better job opportunities, escalating penetration of smartphones, growing digitization of content, government initiatives for national online education networks, and shortage of teachers in rapidly developing countries.
Some of the key players profiled in the Online Language Learning Market include
- Voxy Inc.
- Duolingo Inc.
- EF Education First Ltd.
- Cengage Learning Inc.
- McGraw-Hill Education Inc.
- Sanako Corp.
- Pearson Plc
- Rosetta Stone Inc.
- Houghton Mifflin Harcourt Co.
- New Oriental Education and Technology Group Inc.
- Eleutian Technology
- Inlingua International
- Wall Street English