LONDON, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the online book services market, the changing consumer preference toward online book reading is driving the growth of the online book services market. The change in consumer preference towards online books is due to the lower cost of subscription compared to buying all the required books offline, as well as ease of access and convenience of reading compared to traditional books. The other reason which changed the consumer preference toward online book reading is the global pandemic, which led to the closure of most book shops across the globe. This preference change is significantly driving readers towards consuming e-books that are easily available and readable. For instance, in May 2020, Rakuten Kobo, a Canada-based e-book company, revealed that more than 2 million new users subscribed to Kobo during the pandemic. This e-book adoption was driven by the global pandemic and the closure of most bookstores across the globe, indicating the consumer preference change towards online book reading and resulting in the adoption of e-books. Therefore, the changing consumer preference toward online book reading will drive the growth of the online book services market.
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The global online book services market size is expected to grow from $19.00 billion in 2021 to $20.05 billion in 2022 at a compound annual growth rate (CAGR) of 5.51%. The global online book services market share is expected to grow to $24.85 billion in 2026 at a compound annual growth rate (CAGR) of 5.52%.
Strategic partnerships are gaining popularity in the online book services industry trends. Companies are partnering with e-book sellers and distributors to expand their services into new markets by leveraging each other’s resources and expertise. These partnerships are also done to introduce e-books into new areas such as public libraries, to create product availability in most places and increase revenues. For instance, in March 2020, Rakuten Kobo Inc., a Canada-based company that sells e-books, audiobooks, and e-readers, partnered with Booktopia, Australia’s leading online bookseller. The partnership aims to offer a comprehensive digital reading collection, including e-books, audiobooks, and e-readers, to Booktopia consumers in Australia by making Rakuten Kobo Booktopia’s exclusive digital reading partner. In addition, in March 2019, OverDrive Inc., a US-based digital distributor of e-books, audiobooks, music, and videos, partnered with Libreka, a Germany-based platform for the collection and distribution of e-books. The partnership aims to make OverDrive's e-book and digital audiobook product lines available in public libraries in Germany, Austria, and Switzerland.
Major players in the online book services market are Amazon.com, Apple, Barnes & Noble, Kobo Inc, Google, Smashwords, Hachette Book Group, Lulu Press, Scribd Inc, News Corporation (HarperCollins Publishers LLC), and Blurb Inc (Reischling Press Inc).
The global online book services market is segmented by products into education, trade, science, technology, medicine; by end user into teenagers, adults.
North America was the largest region in the online book services market in 2021. The regions covered in the global online book services market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Online Book Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide online book services market overviews, online book services market analyze and forecast market size and growth for the whole market, online book services market segments and geographies, online book services market trends, online book services market drivers, online book services market restraints, online book services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market, online book services market opportunities, and strategies for online book services market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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