BANGALORE, India, Sept. 24, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Online Language Learning Marketby Language (Arabic, English, French, German, Italian, Japanese, Korean, Mandarin Chinese,, Spanish), by End user (Corporate Learners, Educational Institution, Government Learners, Individual Learners) - and Region – Global Forecast to 2025", published on Valuates Reports.The Global Online Language Learning Market size is expected to grow from USD 5,923.90 Million in 2019 to USD 12,452.63 Million by 2025 at a CAGR of 13.18%.
Worldwide, the COVID-19 pandemic has had a positive impact on online education systems. Most businesses have approved work from home, which, in the current situation, is unavoidable. This gave professionals time to brush up their abilities in language and develop their professional skills. Therefore, the pandemic has proven to be a turning point for the demand for online language learning, and rapid growth is expected over the next 12 months.
The online language learning industry is also witnessing many developments and free subscription-based applications by companies to expand their user base.
TRENDS INFLUENCING THE ONLINE LANGUAGE LEARNING MARKET SIZE
The major factor driving the growth ofthe Online Language Learning Market size is easy access to content, virtual reality integration, powerful methodology through, and the incorporation of the latest technology.
In addition, increasing expenditure on education, growing internet and smartphone user base, and multinational corporations' preference for multilingual employees give tremendous growth opportunities for players operating in the overall online market for language learning.
Globalization and the rising need for cross-border connectivity, the growing e-learning industry, and artificial intelligence penetration into e-learning are the key drivers of the Online Language Learning Market size. People and societies have been brought closer together by globalization. In order to survive and prosper in a global economy, businesses need to resolve language barriers, and the global economy is thus moving away from the English-speaking world.
Based on the region, the Asia-Pacific is projected to witness the highest growth during the forecast period. This rapid growth is attributed to many learner bases and the fact that English is the second language in the region.
Based on components, the Services are projected to witness the highest growth during the forecast period. The large share of this segment is mainly due to factors such as lower capital expenditure, rapid implementation, and rising acceptance in most organizations of SaaS-based management systems.
China is the largest consumption market of Digital English Language Learning services in the world, with a market share of 49.74% in 2018. This trend is expected to increase further during the forecast period.
The top five companies in the Digital English Language Learning Market are Vipkid, iTutorGroup, Pearson ELT, Berlitz Languages, and 51talk. These companies together accounted for about 39.37% of the Digital English Language Learning Market market in 2018.
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