July 19, 2021
According to the research report titled ‘Global Online Language Learning Market – Analysis By Product (Courses, Solutions, Support), Language, By Region, By Country: Opportunities and Forecast (2020-2025)’, available with Market Study Report LLC, global online language learning market was valued at USD 11893.8 million in 2019 and is slated to record a strong CAGR during 2020 and 2025.
Factors like rising trend of learning & knowing different languages, and surging globalization coupled with preference for multilingual employees in multinational companies are propelling the growth of global online language learning market.
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Additionally, rising urbanization, increasing discretionary income as well as economic diversification and other socio-economic factors are propelling the industry outlook.
In terms of product type, the market space is bifurcated into solution, courses and support. The report cites that courses segment is expected to record significant growth during the analysis timeframe, creditable to expanding worldwide business activities leading to interaction with clients from different nations as well as demand for multilingual candidates in corporates.
Based on language, worldwide online language learning industry scenario is classified into Mandarin, Spanish, English, and others. The report further provides the specifics on segmental shares, while unveiling the prospective opportunities.
From regional point of view, the marketplace is divided into North America, Asia-Pacific, and Europe. The document claims that Asia Pacific industry is slated to amass notable gains in the ensuing years, owing to surging spending on courses as well as emphasis on learning languages to converse with employees, officials, and customers across companies.
The competitive landscape of global online language learning market sphere is defined by companies such as Duolingo, Sanako, EF Education First, Pearson plc, Rosetta Stone Inc., and Houghton Mifflin Harcourt Learning Technology among others. These behemoths are constantly working towards expanding their product & service portfolio in order to serve the ever-evolving demands of consumers, thereby multiplying returns.