Market Research Report
Global Online Books Market - 2021-2028
|Global Online Books Market - 2021-2028|
Published: October 11, 2021
Content info: 180 Pages
Delivery time: 2 business days
The online books market size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2028, growing at a CAGR of YY % during the forecast period (2021-2028).
Online books make reading easy for users because maximum online are now available with dictionaries, character summaries appendices and more attractive features. The companies are coming up with modern features such as easy navigation, i.e., by just clicking on an unknown word, users can instantly find out further information that will make reading more comfortable; these factors are thus anticipated to drive the demand for online books in the upcoming years. The growth in compact, readable devices such as tablets and smartphones are the primary growth factor for the global online book market. Consumers prefer online books over books due to the delicacy of books to wear & tear, the need for adequate care and extra cost.
The digitization of books and their convenience over the internet is expected to build a real-time experience for readers. Online book readers who possess tablets or e-readers are inclined to read e-books on devices. The companies are also focusing on marketing strategies to sustain their books in a crowded digital marketplace. The companies increasingly focus on marketing campaigns with classic media outreach and advertising and promotion tactics.
The global online books market is driven by growing internet penetration coupled with an inclination towards online content.
Growing internet penetration coupled with an inclination towards online content.
In the past several years, digital readers have gained popularity with a variety of consumers. Students tired of carrying around a backpack full of books are highly inclined towards online books, which offer the utmost convenient reading experience. Over the years, the way that public reading habits have developed a lot. Most people rely on textbooks to educate themselves on certain issues in the past.
However, now, the public majorly relies on internet sources for reading online. One of the main reasons online have become more popular than physical books is that they are much more accessible. The public can easily access any online book with an internet connection, unlike physical books in which the buyer goes to a bookstore in person. Various companies have been now focusing on launching their books online. For instance, in 2020, Katha has partnered with Kindle and initiated its 15 books available on the digital platform. Katha books offer means of exploring connections and differences existing in the world by using appealing visuals and imaginative narrations.
The rising cost of online books can be a major factor restraining the text-to-speech software market growth. With the rising popularity of online books, manufacturers are now increasing the rate of online books, which is incomparable to the printed books. For example, an education textbook called An Integrated Play-based Curriculum for Young Children was published offered to libraries for US$ 49.9 (£36.99) in print but around US$ 647.8 (£480) for an online book that one student at a time can only read.
Moreover, the cost to libraries for one business studies book, Fundamentals of Corporate Business, published by McGraw Hill, was $US 89.07 (£65.99) in print and US$ 712.6 (£528) as a single user book. The scenarios mentioned above force consumers to opt for hardcover books, which will be a major factor in restraining market growth.
Due to the pandemic, the online books industry has grown significantly. The pandemic and the closure of top bookstores across the world are pushing up online books adoption. For instance, over 2 million new users have joined with Kobo throughout the pandemic. The e-reader version of a book is more effective than a hardcover and numerous online book providers give huge discounts on books, thus inviting first-time buyers. According to a survey, citizens in the UK have nearly doubled their time reading books in the lockdown.
Moreover, an online book is an eco-friendly choice as it lessens paper consumption used for paper books. Online books can be quickly downloaded and can be saved on the device. It is likely to continue the market growth over the forecast period after the pandemic. In addition, the coronavirus-led national lockdown in almost every country in the region. As bookstores continue to follow the lockdown order, educational organizations have surged demand for online books.
By product, the online books market is segmented into education, science, technology & medicine, literature & fiction, mystery & suspense, business & money and others.
Many students globally are interested in digital educational books and are buying customized digital books for their education. Online learning is amongst the prime trends that have hit up swiftly in the digital age. Its growth is enormous and not showing any indications of relapsing. Leading digital education content publishers are implementing marketing strategies to advance digital study materials among students. Such promotions are reducing the need to purchase textbooks.
For instance, in 2020, Cengage Learning announced its new subscription model, "Cengage Unlimited." The subscription grants access to most of the courses and digital books in 70 disciplines. Numerous U.S. universities such as University of Missouri and Ultimate Medical Academy have already subscribed to Cengage Unlimited. Such innovative products offered by digital education content publishers will drive the market's growth during the forecast period.
North America region holds the significant market share for the online books market globally. The key factors driving the global online books market in the region are technological advancement and sophistication of reading devices that present a similar exposure to addressing an actual book. The increasing adoption of electronic devices for reading content is one of the major factors for the rising sales of online books.
The easy access for a wide variety of online book libraries through online assistance is being consumed over the internet, thus emerging as effective alternatives to the traditional delivery method. Services available for these online books, such as e-lending, have also supported the adoption of online books across the region. According to the industry analysis, almost 191 million were sold in the U.S. in 2020.
Publishers have also rapidly reacted to consumers' fast-growing approval of new reading devices by constantly expanding new concepts of books. There have been various initiatives by the organizations in the region. For instance, in 2019 American Library Association and Public Library Association announced a public campaign in response to efforts to limit library access to online books.
The online books market is highly competitive. Companies are focusing on providing online books with numerous disciplines and languages to attract a global audience. Some of the key players contributing to the market's growth are Amazon, Apple, Barnes & Noble, Google, Smashwords, Inc., HarperCollins Publishers, Lulu Press, Inc., Hachette Book Group, Kobo, Scribd, Inc. and others. The major players are adopting various new strategies to dominate the market, such as expanding portfolio, launching new disciplines, acquisitions and collaborations, contributing to the global growth of the online books market.
The global online books market report would provide approximately 61 market data tables, 63 figures, and 180 pages.
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