According to ReportLinker, a technology company that simplifies how analysts and decision makers get industry data claims that global English language learning market to reach us$27 billion by the year 2027. The organization in the latest study also says that amid the COVID-19 crisis, the global market for English Language Learning is around US$9.6 Billion in the year 2020. However, there is huge demand for learning English language around the world and the size is expected to US$27 Billion by 2027 i.e. CAGR of 15.
The widespread of English as a global language and enrollment for online classroom programs by many learners relying on English language has increased in the recent years. This is also expected to contribute in the growth of translation services as the students from several languages would need study material not just in English but also helping guides in their local languages.
Why is English important?
The study done by ReportLinker is just showing a trend; however, it is well known a fact that English is the language is international business, science, research, education system, etc. Interestingly enough over around 80% of academic journals are written completely in English. Therefore, when English is language of learning and modern day globalized business, the English language learning market is naturally going to expand.
ReportLinker in its report also claims that COVID19 has impacted the English language learning market as well. However, according to them after an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the through Books segment is readjusted to a revised 12.9% CAGR for the next 7-year period. Interestingly, the data from the organization shows that the book segment currently accounts for a 23.4% share of the global English Language Learning market.
Global Distribution of English Language Learning Market
The study says that the U.S. accounts for over 28.8% of global market size in 2020, while china is forecast to grow at a 20.7% CAGR for the period of 2020-2027. Needless to say the English language learning market in the U.S. is estimated at US$2.8 Billion in the year 2020. Whereas the US currently accounts for a 28.77% share in the global market, China would be catching the pace in the coming years as there is huge demand for English language trained people.
Nonetheless, China, the world second largest economy, according to the data is forecast to reach an estimated market size of US$5.4 Billion in the year 2027. The same study also talks about the other two major markets where it tells that among the other noteworthy geographic markets are Japan and Canada. Whereas for Japan forecast is to grow at 11.5%, for Canada it is 14.1% over the 2020-2027 periods.
The ReportLinker study also gives estimates for Europe wherein it says that within the continent Germany is forecast to grow at approximately 12.6% CAGR. The study estimates that the rest of European market will reach US$5.4 Billion by the year 2027.