At 18.7% CAGR, Language Learning Market Size to hit USD 172.71 Billion by 2027 Says Brandessence Market Research
19 Apr, 2021, 18:00 IST
PUNE, India, April 19, 2021 /PRNewswire/ -- Brandessence Market Research has published a new report title and According to the Study, "Language Learning Market is valued at USD 31.10 Billion in 2017 and expected to reach USD 172.71 Billion by 2027 with a CAGR of 18.7% over the forecast period".
Key Players for Global Language Learning Market Report: some major key players for Global Language Learning Market are Duolingo Inc, Sanako Corporation, Inlingua International Ltd., Rosetta Stone, Berlitz Corporation, Memrise Inc., Babbel, Busuu Ltd, iTutor Group and others.
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The ability of any human to process or acquire the capacity to use particular language is termed as language acquisition or language learning. It is an active process since the birth and continues throughout the life. Important aspects in any language learning is reading, writing, listening and speaking which are interconnected. According to Swedish study, language learning helps the brain to grow with improved cognitive and critical skills. Learning different languages can land you an opportunity to see the world and boost your career. Many organizations believe in deep connectivity with other cultures to enhance overall growth and seek professionals with multi-linguistic skills to expand their business opportunities.
During the COVID-19 pandemic, has created positive effect on some industries and few of them have experienced the downfall. The pandemic has boosted the online market positively. Major industries shifted to remote working and educational institutes recognized the benefits of online learning. The lockdown gave space for many to go after their hobbies and foreign language learning was choice of many, according to data from many companies. Duolingo reported boost in users by 300%. Cultural curiosity has boosted the language learning market rapidly.
Rise in Globalization of economy as well as technological advancement is a key driving factor for the growth of Language Learning Market
The major factor driving the growth of Global Language Learning Market is demand in qualitative workforce due to rise in global economy. Lack of multi-lingual employees loses the opportunity for global business. According to the U.S. Department of Labor Estimate, there will be rise in demand for interpreters and translators by 42%. For students pursuing core based higher studies like engineering can opt for German language to increase the chance of getting hired by MNCs globally as most companies are based in Germany or other European countries. The Technological advancement along with increasing customer outreach all over the world is also expected to fuel the growth language learning market. However, learning language by courses or private tutoring can be expensive and maintaining the constant interest in language learning can be challenging due difficulty in foreign languages act as a restraining factor in this market. On the other hand, increasing job vacancies in foreign language sector with high internet penetration and constant advancement in digital technology is expected to create ample opportunities in Language Learning Market.
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Language Learning Market statistics Growth Potential, Competitive Market Share & Forecast, 2021 – 2027. Rise in Globalization of economy along with technological advancement is a key driving factor for the growth of Language Learning Market
Europe is dominating the Global Language Learning Market
Europe is expected to dominate the Global Language Learning Market within the forecast period attributed to highest number of foreign language learners in this region. According to the study by Pew Research Center, highest numbers of primary and secondary students learning foreign language are from European countries. Duolingo, U.S. based firm stated that language learners increased in 2020 in U.K by 132%. The choice of language in this region is English, French and German. In the U.S., Spanish is the top choice by language learners. Asia Pacific is expected to develop at a significant rate owing to the increase demand for language learning as well as rising investments and expansion by various MNC's. Furthermore, language learning is also a part of curriculum in the region is also expected to support the growth of language learning market over the forecast period.
Global Language Learning Market Segmentation:
Global Language Learning Market report is segmented on the basis of Language Type, Services, End-User, and Region & country level. Based upon Language Type, Global Language Learning market is classified as English, French, Spanish, Mandarin and others. The market is classified on the basis of Services are Online courses and Offline courses. On the basis of End-User, market is divided as Educational Sector, Government Sector, Corporate Sector and Others.
Language Learning Market By Regional & Country Level:
- Southeast Asia
Middle East and Africa
- Rest of Middle East and Africa
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Other Trending Reports on Current Covid-19 Situation:
Global Foreign Language Learning Market is expected to grow with the CAGR of 18.9% over the forecast period.
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