Advantages such as high affordability and high interactive features to drive the global Language Learning Applications Market
Covid-19 Impact on Language Learning Application Market :
Covid 19 pandemic broke out in 2019. Ever since WHO declared 'Pandemic,' it has created disruptions in almost all markets. Remote working, supply chain disruptions, and lockdowns were phenomena produced by this pandemic.
The global Language Learning Applications market size is expected to reach close to USD 28.5 billion by 2029 with an annualized growth rate of 18.8. % through the projected period.
This report offers an overview of businesses changing modus operandi, business strategies, and investment strategies that leaders are adopting across the globe to tackle the challenges possessed by this pandemic. The covid-19 global pandemic has spread across the globe with detrimental impact, disrupting every industry and business. Some industries have faced downfall, and some have experienced positive effects due to this pandemic.
In the pandemic has greatly impacted e-commerce and online sales activity. Most of the industries shifted to remote working structures, with educational institutions at the forefront of this change. Adult education has also soared in terms of language learning to improve foreign language communication. Additionally, besides professional needs, foreign language learning is also a hobby for many and a popular research report by Duolingo has concluded that over 310% uptick has been reported for foreign language learning.
SaaS-based segment to Grab the Largest Market Share
Apps, Tutoring, and SaaS are three segments in which the language learning market is segmented. The segment categorized as software as a service (SaaS) is exhibiting signs of lucrative returns since the previous years and is expected to continue with the trend in the forthcoming years as well in global language learning application market. Features such as ease of implementation, low capital spending, and preferences for high-tech SaaS-based management across organizations are some of the leading growth factors in the global language learning application market.
English Language to Sustain the Highest Revenue Profits
On the basis of the type of the language, like the previous years, the English language is expected to sustain the highest growth and revenue profits in the forecast era, 2021-2028. Growing globalization, preference for English over other languages, consciousness about developing English language skills, and adoption of the English language as a global language are key factors increasing the demand and adoption for the English language. However, Chinese is estimated to grow with the fastest compounded annual growth rate during the forecast period due to the geographic expansion of Chinese companies in various regions and the growing trade relations with China.
Consumer Segment to Emerge as the Most Lucrative
The segment characterized by the consumer segment is assumed to sustain the highest revenue share based on the mode of segmentation. Access to multiple pricing plans to suit long-term and short-term needs, availability of the internet are some of the favorable growth factors in the global language learning application market.
Segment by Geography :
The region of Asia-Pacific is emerging as the most dominant regional market for the global language learning application market. Investments in cheap internet connection, educational investments, and digitization of content are all helping in the regional expansion.
AI integration to improve pronunciation and diction with the help of chatbots, create new opportunities for the global Language Learning Applications Market
Learning languages is emerging as a new trend in present times. Besides corporate needs to maintain effective communication with foreign clientele, learning languages is also a hobby. These developments are allowing immense expansion in the language learning application market. These language learning applications allow learners to understand highly complex concepts in an interactive format that sustains the interest levels of the learners and abstains all monotony.
The global language learning market is experiencing a significant growth upsurge driven by globalization of the world economy and the rapid adoption of cost-effective solutions. Soaring needs for high-end communication, integration of AI in learning and digitization in education besides globalization are harnessing a lucrative growth roadmap for the global language learning application market. Demand for the qualitative workforce and multi-lingual employees also drives this market's growth.
Learning a language through private tutoring or courses can be expensive. To sustain high-interest levels in language learning could be tricky given the difficulty in understanding foreign languages. Many businesses are not aware of language learning applications. These factors act as a restraining factor for this market. Technological risks and duplicitous sources can be some challenges concerning the language learning applications market.
The rise in spending on the education sector, rising mobile phone and internet user base, and increasing job vacancies in the foreign language sector are some of the opportunities for the language learning market.
The key players profiled in the global language learning applications market are Sanako Corporation (Finland), Berlitz Corporation (U.S.), Babbel (Germany), Inlingua International Ltd. (Switzerland), Busuu Ltd (U.K.), Duolingo Inc. (U.S.), iTutor Group (Taiwan), Rosetta Stone Inc. (U.S.), Open Education LLC (U.S.), Memrise Inc. (U.K.), and Linguistica 360, Inc. (U.S.).
Latest Trends and Developments :
- Nualang has introduced new AI technology to improve foreign language learning among learners. This is the latest classroom software that uses AI capabilities to improve speech recognition and improve learning with chatbots to help students improve reading and pronunciation. The development is a significant milestone to improve growth in the global learning language applications market.
Language Learning Applications Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 28.5 billion|
|Growth Rate||CAGR of 18.8% during 2021-2028|
|Segment Covered||By Product, logoBy Language, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Pearson ELT, Wall Street English, EF Education First, Berlitz Languages, Inlingua International, Rosetta Stone, Vipkid, New Oriental, Dexway, Macmillan Education, Eleutian Technology, Live Language, Duolingo, Linguatronics, Houghton Mifflin Harcourt, Babbel, Sanako Corporation, iTutorGroup, Busuu, 51talk, and SANS Inc., among others|
Key Segments of Language Learning Market :
Product Overview,2017-2027 (USD Billion)
Language type Overview, 2017-2027 (USD Billion)
- Mandarin Chinese
- Other languages
Mode Overview, 2017-2027 (USD Billion)
- Higher education department (HED)
Regional Overview, 2017-2027 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa