Language Learning Market Projected to Reach $120.5 Billion by 2030
Author : rekha p | Published On : 15 Mar 2024
Meticulous Research® Unveils Insights into the Future of Language Learning: Market Projected to Reach $120.5 Billion by 2030
Leading global market research company Meticulous Research® has released a comprehensive report on the Language Learning Market titled, ‘Language Learning Market by Age Group (<18 years, 18-20 years, 21-30 years, 31-40 years, >40 years), Language (English, Mandarin, Spanish, French, German, Italian, Japanese), End User (B2C, B2B), and Geography—Global Forecast to 2030.’
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In the latest publication, Meticulous Research® forecasts the global language learning market to achieve a significant milestone, reaching $120.5 billion by 2030, showcasing a robust CAGR of 10.5% during the forecast period.
Market Dynamics:
The growth trajectory of the language learning market is influenced by factors such as globalization, the imperative need for cross-border communication, affordable pricing of language learning applications, and the integration of artificial intelligence (AI) in E-learning. Despite these drivers, resistance to adopting English as a primary language in some regions poses a potential challenge to market growth.
Opportunities and Trends:
The market presents promising opportunities with the escalating demand for multilingual employees by multinational corporations, increased investments in language-focused start-ups, and the rising preference for multilingualism. However, challenges such as a shortage of trained language professionals may impede growth. Key trends include transnational education (TNE), flexible pricing structures, and the integration of social robots to enhance language education.
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Market Segmentation:
The global language learning market is meticulously segmented based on age group, language, end user, and geography.
Age Group:
The <18 years segment is anticipated to dominate the market in 2023 due to a growing preference for interactive learning experiences and an increasing need for language skills.
The 18-20 years segment is projected to exhibit the highest CAGR, driven by the desire to enhance employability and engage with diverse cultures.
Language:
English language learning programs are expected to account for the largest share in 2023, attributed to global demand, urbanization, and the popularity of English proficiency tests.
Mandarin language learning is projected to record the highest CAGR, driven by China's economic growth and increased worldwide interest.
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End User:
B2B language learning platforms are expected to dominate in 2023, driven by demand for training, certification, and user-friendly language learning apps. The B2C segment is anticipated to register the highest CAGR, fueled by the need for industry-specific language skills and enhanced business communication.
Regional Outlook:
Asia-Pacific is projected to hold the largest market share in 2023, driven by multinational company investments, government initiatives, growing economies, and increased Internet penetration.
Key Players:
Leading companies in the global language learning market include Cambridge University Press, New Oriental Education & Technology Group, Houghton Mifflin Harcourt Company, McGraw-Hill Education, Duolingo Inc., Berlitz Corporation, Busuu Online S.L., Babbel GMBH, and more.
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