Companies operating amid stiff competition in the global cloud-based language learning market are focusing on providing innovative web services, developing applications for users, and providing learning tools that are tailored to the specific needs of learners. Moreover, as a part of this strategy, companies are engaging in various strategic partnerships, mergers and acquisitions, expanding their businesses through new service additions and geographical presence.
Transparency Market Research estimates that the global cloud-based language learning market will exhibit a promising 12.8% CAGR from 2017 to 2025, rising from a valuation of US$146.3 mn in 2016 to US$427.5 mn by 2025.
North America to Continue to Account for Massive Chunk in Global Revenue
On the basis of language, the market for cloud-based language learning chiefly caters to learning solutions for languages such as English, Spanish, Chinese, French, German, Japanese, Italian, and Russian. Of these, the segment of English learning is expected to emerge as the primary adopter of cloud-based language learning solutions in the near future. This can be chiefly attributed to the rising inclination of making English as the preferred language in academics and business sectors due to globalization.
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In terms of geography, the North America market for cloud-based language learning is presently the leading contributor of revenue to the global market. The region, home to several famed higher education institutes, leads on account of the vast number of foreign students that take up English learning courses. The North America market for cloud-based language learning accounted for a 50% of the global market in terms of revenue contribution in 2016 and is expected to remain one of the leading regional market for cloud-based language learning solutions in the next few years as well.
Rising Proliferation of Cloud Computing Technology to Remain Key Growth Factor
The education industry is rapidly evolving in its journey towards digital transformation. It has emerged as one of the most dynamic industries to embrace the vast advancements in technology, telecommunications, and networking technologies, using them to benefit a number of areas, including global reach and efficiency of content delivery. Cloud computing, owing to its several cost and flexibility benefits, is estimated to be at the core of the education industry’s ongoing digital transformation in the next few years.