LONDON, April 03, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the digital publishing market forecasts, the global digital publishing market size will grow from $41.3 billion in 2022 to $45.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global digital publishing market size is then expected to grow to $67.8 billion in 2027 at a CAGR of more than 10%.
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The growing digitization of books and educational materials is fueling the growth of the digital publishing market. The conversion of information into digital format aided in the shift in learning methods, such as the transition from traditional printed textbooks to digital modes such as e-readers, smartphones, and tablets. For example, due to the global COVID 19 lockdown in mid-2020, the sale of physical books has decreased as most publishing houses and bookstores have closed and readers have spent the majority of their time reading e-books. During the lockdown, physical book sales in India fell by 80%, while e-book sales nearly doubled. Previously, e-books or online newspapers and journals were popular among Generation Z or Millennials, but with COVID 19, even Gen X and baby boomers became aligned. As a result, this trend is expected to continue post-COVID 19, driving the digital publishing market during the period.
Major players in the digital publishing platforms market are Thomson Reuters Corp., RELX Group PLC., Adobe Inc., Xerox Corp., Apple Inc., Verlagsgruppe Georg von Holtzbrinck GmbH, Amazon.com Inc., Netflix Inc., Comcast Corp., and Alphabet Inc.
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Customers are increasingly turning to internet-based set-top boxes to access high-quality video and audio content. According to market research, the global market for android set-top boxes is expected to reach $695.9 million by 2025. The Telecom Regulatory Authority of India (TRAI) has decided to phase out analogue TV transmission by 2023 and has advocated for the implementation of digital broadcast transmission. The growing use of Android STBs with OTT app integration in place of analogue TVs is expected to drive the digital publishing market even further.
North America was the largest region in the digital publishing market in 2022. Africa is expected to be the fastest-growing region in the global digital publishing market during the forecast period. The regions covered in the global digital publishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global digital publishing market is segmented by type into text content, video content, audio content; by end user into scientific, technical, and medical (STM), legal, and business; by application into smart phones, laptops, pcs, and other applications.
Digital Publishing Global Market Report 2023 by The Business Research Company provides insights on the digital publishing market size, digital publishing market segments, digital publishing market growth opportunities, digital publishing industry share, digital publishing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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