LONDON, Sept. 21, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s online book services market research report, shifting consumer preference for online book reading is driving growth of the online book services market. The shift in consumer preference towards online books is due to the lower subscription cost compared to purchasing all the required books offline, as well as the ease of access and convenience of reading through compared to traditional books. The other reason that has changed consumer preference for reading books online is the global pandemic, which has led to the closure of most bookstores across the world. This shift in preference is driving readers significantly towards consuming readily available and readable e-books. For example, in May 2020, Rakuten Kobo, an e-book company based in Canada, revealed that over 2 million new users subscribed to Kobo during the pandemic. This adoption of e-books has been driven by the global pandemic and the closure of most bookstores across the world, indicating the shift in consumer preference towards reading books online and driving the adoption of e-books. Therefore, changing consumer preferences towards online book reading will drive the growth of the online book service 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 reach $24.85 billion in 2026 at a compound annual growth rate (CAGR) of 5.52%.
Strategic partnerships are gaining popularity in online book service industry trends. Companies are partnering with e-book sellers and distributors to expand their services to new markets by leveraging each other’s resources and expertise. These partnerships also aim to introduce e-books to new areas such as public libraries, create product availability in most places, and increase revenue. For example, in March 2020, Rakuten Kobo Inc., a Canadian company that sells e-books, audiobooks and e-readers, partnered with Booktopia, Australia’s leading online bookseller. The partnership aims to bring a comprehensive digital reading collection, including e-books, audiobooks and e-readers, to Booktopia consumers in Australia by establishing Rakuten Kobo Booktopia as the exclusive digital reading partner. Additionally, in March 2019, OverDrive Inc., an American digital distributor of e-books, audiobooks, music and videos, partnered with Libreka, a Germany-based platform for collecting and distributing e-books. . The partnership aims to make OverDrive’s range of e-books and digital audiobooks available in public libraries in Germany, Austria and Switzerland.
The 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 ( Reichling Press Inc).
The global online book services market is segmented by products into education, commerce, science, technology, medicine; by the end user in adolescents, adults.
North America was the greater region in the online book services market in 2021. Regions covered in the global online book services market outlook are Asia-Pacific, Western Europe, Eastern Europe, America North, South America, the Middle East and Africa.
Global Online Book Services Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the Online Book Services Market , analyze the Online Book Services Market and forecast market size and growth for overall market, Online Book Services Market segments and geographies, Online Book Services Market trends, drivers of the Online Book Services Market, Online Book Services Market Constraints, Revenues, Profiles and Market Shares of Top Online Book Services Market Competitors in 1000+ Industry Reports, covering more than 2,500 market segments and 60 geographical areas.
The report also gives an in-depth analysis of the impact of COVID-19 on the market, online book services market opportunities and strategies for the online book services market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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