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Online Language Learning Market Size: Top Trends and Key Dynamics Analysis
Online Language Learning Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Online Language Learning Market 2024 Key Insights:
• 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%.
• International Student Boom Boosts Online Language Learning Market
• AI-Powered Language Learning Innovations Transforming Online Language Education
• Asia-Pacific was the largest region in the online language learning market in 2023
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