Press release
Mobile-First and Hybrid Models Propel Online Language Learning Market to $39.42 Billion at 20.1% CAGR
Online Language Learning Market Report
Online Language Learning Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $39.42 billion In 2028 At A CAGR Of 20.1%:
The online language learning market size has grown exponentially in recent years. It will grow from $15.85 billion in 2023 to $19 billion in 2024 at a compound annual growth rate (CAGR) of 20%. The growth in the historic period can be attributed to internet accessibility, mobile devices, demographic shifts, economic factors, social and cultural factors, and language certification.
The online language learning market size is expected to see exponential growth in the next few years. It will grow to $39.42 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to gamification and engagement strategies, global connectivity, remote work and digital nomadism, microlearning and bite-sized content, and inclusive and accessible design. Major trends in the forecast period include mobile-first learning, AI-powered personalization, hybrid learning models, accessibility and inclusivity, and data-driven insights and analytics.
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Online Language Learning Market Major Segments
The online language learning market covered in this report is segmented -
1) By Language: English, Mandarin, Spanish, Other Languages
2) By Language Proficiency Level: Beginner, Intermediate, Advanced
3) By Learning Mode: Self-Learning Apps And Applications, Tutoring
4) By Application: Individual Learners, Institutional Learners
Key Driver - International Student Boom Boosts Online Language Learning Market
The increasing number of international students is expected to propel the online language learning market going forward. International students are individuals who travel from their home countries to study at educational institutions located in foreign countries. The combination of academic excellence, career opportunities, cultural enrichment, and global networking makes studying abroad an attractive option for an increasing number of international students. Online language learning provides international students flexibility, convenience, and effectiveness in improving language skills and integrating into their host country's educational environment. For instance, in November 2022, according to the Institute of International Education (IIE), a US-based organization that focuses on international students, 948,519 international students from over 200 different locations were enrolled in U.S. higher education institutions during the academic year 2021-2022, marking a 4% growth compared to the preceding academic year. Therefore, the increasing number of international students is driving the development of the online language-learning market.
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Prominent Trend - AI-Powered Language Learning Innovations Transforming Online Language Education
Major companies operating in online language learning are focusing on technological advancements such as AI-powered language learning to enhance the effectiveness and personalization of their platforms. AI-powered language learning involves using artificial intelligence technologies to improve and personalize the language learning experience. For instance, in November 2023, Busuu, a UK-based developer of a language learning platform, launched Vocabulary Trainer to enhance the learning experience for its users. Vocabulary Trainer comprises over 1,000 lessons created by expert linguists and is enhanced with machine learning technology. This tool offers personalized study plans and speech practice to help learners improve their vocabulary effectively. The Vocabulary Trainer utilizes intelligent spaced repetition and a decay metric to optimize long-term memorization, adapting in real-time to each learner's vocabulary strengths and weaknesses for a tailored language learning experience.
Online Language Learning Market Players
Major companies operating in the online language learning market are Pearson plc, New Oriental Education and Technology Group Inc., VIPKid, McGraw-Hill Education, Berlitz Corporation, Houghton Mifflin Harcourt, IXL Learning Inc., Tandem, Chegg Inc., Duolingo Inc., Babbel, iTutorGroup, Rosetta Stone Inc., Cambly Inc., Busuu, Open English LLC, Voxy Inc., EF Education First Ltd., Lingokids, HelloTalk, Sanako Corporation, italki, Oxford University Press, FluentU, Wall Street English
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the online language learning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online language learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Online Language Learning Market Report Structure
3. Online Language Learning Market Trends And Strategies
4. Online Language Learning Market - Macro Economic Scenario
5. Online Language Learning Market Size And Growth
…..
27. Online Language Learning Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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