PUBLISHER: SkyQuest | PRODUCT CODE: 1270696
PUBLISHER: SkyQuest | PRODUCT CODE: 1270696
Global Audiobooks Market size was valued at USD 4.24 million in 2021 and is poised to grow from USD 5.36 million in 2022 to USD 28.89 million by 2030, growing at a CAGR of 26.3% in the forecast period (2023-2030).
The global audiobooks market has seen a surge in demand in recent years due to the convenience and accessibility it offers to readers. This growth can be attributed to factors such as the proliferation of smartphones and digital platforms, as well as an increasing interest in personal development and self-help books. The market is expected to continue its upward trend as audiobooks become more widely accepted as a mainstream form of entertainment and education.
Top-down and bottom-up approaches were used to estimate and validate the size of Audiobooks market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The global Audiobooks market is segmented based on Genre, Preferred Device, Distribution Channel, Target Audience, and region. Based on Genre, the Audiobooks market is segmented into Fiction, Non-Fiction. Based on Preferred Device, the Audiobooks market is segmented into Smartphones, Laptops & Tablets, Personal Digital Assistants, Others. Based on Distribution Channel, the Audiobooks market is segmented into One-time Download, Subscription-based. Based on Target Audience, the Audiobooks market is segmented into Kids, Adults. Based on region, the Audiobooks market is categorized into North America, Europe, Asia-Pacific, and MEA.
Driver
The younger demographics and consumers are showing an increasing preference towards audiobooks, leading to a surge in their market demand. The anticipated growth can be attributed to the influence of these individuals on their social circle, thereby expanding the potential customer base. Additionally, the varying audiobook preferences based on age groups present numerous prospects for the industry to explore.
Restraint
The audiobook industry is expected to experience market innovation due to the emergence of digital transformation technologies. The integration of advanced technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) has made it easier for customers to access audiobooks, while publishers have benefited from the technology that enables them to convert written manuscripts into audio files. As a result, even amateur authors, narrators, and publishers can use IoT devices and free programs to produce quality audiobooks and establish a career in audiobook creation. Market leaders are leveraging AI to provide personalized results based on customers' listening history, while other AI capabilities like automating narrations of recorded material to enhance text-to-speech technology and providing file summaries with key takeaways are expected to propel the market in the future.
Trend
The audiobook industry is experiencing a surge in popularity among younger age groups, leading to a growing user base and a positive outlook for long-term growth. This demographic has the potential to influence their families and even convert non-readers into audiobook listeners, while also creating a larger group of potential customers through peer influence. As younger clients may have different listening preferences, there is an expectation that production speed and genre will be impacted. Additionally, there is an opportunity for businesses to enter unexplored markets based on distinct genre preferences among different age groups. As a result, sales volume of audiobooks is expected to vary by age demographic.