11 February 2019, The global Online Language Learning Market is anticipated to witness significant growth in coming years owing to rising demand for multilingual people in professional world. Preference for candidates who can understand and speak multiple languages is increasing among multinational companies. Such candidates are useful for the companies dealing or signing projects with global clients, wherein foreign language translation is needed. This may, in turn, increase the demand for online language learning in coming years. Online platforms help people to learn a language of their choice. They are loaded with interactive videos and audios making the learning process more fun and effective.
Cost benefits associated with language learning from an online platform can drive the market in coming years. Online learning can be done regardless of time and location. Learners don’t have to travel every time to an institute for one or two hour classes. Travelling can be expensive and time consuming too. Videos and audio available online can be downloaded and watched multiple times to clarify the concept. In addition, online learning is convenient than offline, which can, in turn, propel market growth in coming years. Increasing use of smartphones and easy availability of internet can further impel market expansion.
High initial investment required to setup online learning platform is a major challenge for the market. Service providers are expected to invest in R&D to launch innovative products and maintain a competitive edge over others. This, in turn, can push up the investments and reduce profit margins.
Rising demand for professional translators in information technology (IT) companies to manage global projects can present lucrative opportunities for the market. Growing trends in school to teach students at least one foreign language as skill development can also widen the market scope.
The market can be segmented on the basis of product and language. Based on product, the market can be categorized into solutions, courses, and applications. In terms of language, the market can be classified into Mandarin, English, Spanish, and Japanese.
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North America is a leading region in the market owing to increasing use of artificial intelligence (AI) by online service providers. Use of AI can reduce the time taken in learning a language than conventional methods. Hence, most companies are likely to implement AI to gain traction among consumers. For instance, Duolingo offers AI powered chatbots for customer support. Customers can interact with their choice of characters and resolve their queries. In addition, they can get instant feedback on completing interactive exercises, which further helps them to improve their skills on the spot.
Asia Pacific is anticipated to show robust growth in the years to come due to increasing number of students willing to go abroad for higher studies. India is likely to contribute significantly to regional market growth in coming years. This could be attributed to increasing number of students appearing for English proficiency tests to apply for higher studies in foreign universities. Students are expected to take offline or online classes to learn the language, which can propel demand for online platforms offering classes at affordable prices. For instance, Bharatavani is an online portal where one can learn over 83 Indian languages. Supportive initiatives from local government to promote digital education can also drive the market in coming years.
Europe is likely to emerge highly lucrative in coming years due to increasing number of international students and professionals. International students attending colleges in United Kingdom, France, and Italy need to know the local language for better communication and living. Online platforms offering free classes and sessions can help these students in learning, thereby positively influencing growth of market in coming years. Presence of e-learning platforms and applications providing innovative solutions can spur market growth. For instance, Babbel is a subscription-based application that provides a private tutor and audio courses to learners. Having more than 1 million active subscribers, it has meticulously designed courses to make them multi linguistic in less time.
Some of the leading companies operating in the online language learning market are Duolingo, Pearson, Houghton Mifflin Harcour, Sanako, and Rosetta Stone.
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