According to a new market research report published by Credence Research “Cloud Based Language Learning Market (Language- English, Spanish, Chinese, French, German, Japanese and Others (Italian, Russian, etc.)), Training Type (Education and Corporate) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall cloud based language learning market worldwide was valued at US$ 150.8 Mn in 2018 and is set to grow with a CAGR of 10.4% during the forecast period.
Tremendous growth of cloud services market worldwide and penetration of internet based services globally are the major factors for the cloud based language learning market growth. The cloud services market was estimated more than US$ 360 Bn in 2018 and it is expected to grow at a CAGR of nearly 12% in years to come. Easy setup, less operational cost, easy resource maintenance, flexibility, and other benefits of cloud services had helped the market growth. Growth of education industry and inclination towards learning different languages are the other key factors for the market growth. Growth of k-12 sector worldwide will also boost the demand for cloud based language learning market. Therefore, we are expecting huge growth in the cloud based language learning market during the estimate period.
Based on training type, we segmented the cloud based language learning market into education and corporate. The corporate segment was dominant in 2018 with revenue share contribution of more than 57% in the same year. For improvement of workforce efficiency, corporates are training their employees with different languages through cloud based services is the major reason for the segment growth. Growth of business outsourcing activities in the developing economies such as India, Indonesia, The Philippines and others is the other key reason for the segment growth. Consequently, we presume that the corporate segment is expected to witness significant growth during the forecast period in the cloud based language learning market.
Based on the geography, in 2018, North America has the major share in cloud based language learning market. North America contributed approximately 1/3rd of the global revenue share in 2018. North America was dominant in 2018 due to enrollment of foreign students in the region for higher studies and early technological adoption. On the other flip side, we expect that Asia Pacific will be the fastest growing region due to improved networking, growing digitization and adoption of new technologies in the academic institutions. Growing government spending in the education industry will also boost the market in the region. Hence, it is expected that Asia Pacific will be the fastest growing region during the forecast period.
Some of the major companies profiled in the report include Duolingo, Linguatronics LC, Rosetta Stone Inc., Speexx, Lesson Nine GmbH, Sanako Corporation, SANS Inc., Culture Alley, Voxy Inc., EF Education First Ltd., among others.
Browse the full report at https://www.credenceresearch.com/report/cloud-based-language-learning-market
The Global Cloud Based Language Learning Market is Segmented into:
|Segmentation||By Language (2017–2027; US$ Mn)|
|By Training Type (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page