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Online Book Services Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global online book services market was valued at USD 17.1 billion in 2022 and is projected to expand at a CAGR of 17.8% from 2023 to 2030. The growing adoption of digital books and audiobooks is driving market growth, with e-readers, tablets, and smartphones providing convenient access to digital content. Additionally, the increasing availability of free or low-cost e-books and audiobooks is encouraging consumers to switch from physical books to digital ones. Furthermore, the expansion of the internet, mobile technology, and smart devices is creating lucrative opportunities for market participants.
The increasing prevalence of subscription-based services is projected to boost market growth during the forecast period. For instance, in May 2021, Kobo, the global leader in e-reading, launched a new subscription service, Kobo Plus, that provides readers with access to more than 220,000 e-books and audiobooks. Furthermore, the increasing number of product launches is expected to drive market growth in the near future. For instance, in June 2021, Amazon announced the launch of Kindle Unlimited, an all-you-can-read subscription service providing access to more than one million e-books, magazines, and audiobooks.
The increasing preference for digital books and audiobooks due to their convenience and low cost is driving market growth. Furthermore, the rising popularity of online book clubs is fueling demand for online book services. For instance, in February 2021, the online book club Goodreads, which is part of Amazon, announced the launch of its new feature, Book Talk, which enables members to discuss and review books with their friends and fellow book club members. Furthermore, the increasing number of new product launches is propelling market growth. For instance, in March 2021, Flipkart, an e-commerce giant, launched Flipkart Stories, a platform that enables users to discover, read, and share stories.
The increasing number of online bookstores and e-retailers is creating lucrative opportunities for online book services. Furthermore, the increasing demand for audiobooks is driving market growth. Audiobooks offer convenience and allow readers to multitask while listening to stories. Furthermore, the increasing number of promotional activities by publishers is driving the market. For instance, in March 2021, the global publishing house HarperCollins launched an exclusive audiobook subscription service, HarperCollins Audiobooks.
The increasing adoption of e-readers is driving market growth. E-readers are offering a wide range of features such as adjustable text sizes, built-in dictionaries, and page-turning buttons. Furthermore, the increasing prevalence of digital libraries is driving the market. For instance, in April 2021, the world’s largest digital library, the Internet Archive, announced the launch of its new feature, the National Emergency Library, which provides free access to millions of electronic books.
Product Insights
The e-books segment held the largest market share in 2020, accounting for around 59.3% of the overall market. The increasing availability of digital platforms and rising internet penetration is driving the demand for e-books globally. According to an article published by Statista, in October 2020, the number of digital book readers worldwide is expected to surge to 1.26 billion by 2026. Furthermore, the rising trend of digitalization and the growing use of tablet PCs and other digital devices are also driving the demand for e-books.
The audiobooks segment is expected to register the fastest CAGR of 8.6% over the forecast period. Increasing penetration of smart speakers with voice assistance technology is providing a major boost to the audiobook market. According to an article published by Voicebot.AI, in October 2020, the number of smart speaker users worldwide is expected to reach 1.8 billion by 2023. Moreover, the growing accessibility and convenience of audiobooks is further driving the market revenue.
Distribution Channel Insights
The online stores segment captured the major share of over 55.2% in 2022. The growth of the segment is mainly driven by the increasing demand for online book services due to the convenience and competitive prices offered by online book stores. Online book stores are gaining popularity among customers as they offer a wide range of options and discounts on the books, e-books, and magazines. Moreover, they enable customers to compare the prices of different books and find the best deals.
The retail stores segment is anticipated to expand at the highest CAGR of 12.1% over the forecast period. The increasing presence of physical book stores in the market is driving the growth of the segment. According to a study by the International Publishers Association in 2019, physical bookstores are increasing in number and are gaining popularity among customers due to the increased availability of books and the ability to browse through different books. Furthermore, the presence of physical bookstores has enabled customers to get the book of their choice within a short span of time.
Type Insights
The subscription services segment accounted for the largest revenue share of 44.3% in the year 2022. The increasing demand for subscription-based book services is due to the convenience offered by the service providers. Consumers prefer subscription-based services as they provide unlimited access to a wide variety of books and eliminate the need for physical book purchases. Furthermore, the increasing use of smartphones and other digital devices is driving the demand for subscription-based book services.
The digital downloads segment is expected to expand at the highest CAGR of 10.4% over the forecast period. The increasing penetration of the internet and rising adoption of digital technologies is driving the growth of this segment. Furthermore, the growing trend of e-books and digital publications is contributing to the growth of the segment. In addition, the rising use of tablets, smartphones, and other digital devices is supporting the growth of the digital downloads segment.
Regional Insights
Asia Pacific is anticipated to be the fastest-growing region in the online book services market during the forecast period. The region is rapidly emerging as a major market for online book services, owing to the increasing penetration of the internet, increasing use of smartphones, and the presence of a large number of market players in the region. For instance, in June 2021, Amazon launched its Amazon Audible service in India.
In North America, the market is expected to witness significant growth owing to the high penetration of the internet, increasing use of mobile phones, and the presence of numerous players in the region. Additionally, the rising trend of e-learning and increasing digitalization is likely to drive the market growth in the region. For instance, in October 2021, Apple launched Apple Books in the U.S., which provides access to digital books and audiobooks.
Financial Projections
In this part of the online book services business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your online book services. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an online book services business comes from sales of e-books, subscriptions, and advertisement fees. Here you will find a list with a description of each of them and other possible sources of profit such as offering discounts, partnering with other e-commerce companies, and offering additional services.
Projecting Expenses
In this section, all the regular expenses related to keeping the online book services business running will be described. The list of operating expenses includes web hosting fees, software and hardware, inventory, marketing and advertising, personnel costs, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the online book services market are Amazon, Barnes & Noble, Apple, Google, Kobo, and Scribd. These companies are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Amazon launched Amazon Kindle Unlimited, a monthly subscription service that enables users to access over one million books, magazines, and other content.
– In August 2022, Barnes & Noble launched Nook Press, an online self-publishing platform that enables authors to publish e-books and print books in the U.S.
– In October 2022, Apple launched Apple Books, an online bookstore that offers access to millions of books from both independent and established authors.
Some of the prominent players in the online book services market include:
– Amazon
– Barnes & Noble
– Apple
– Google
– Kobo
– Scribd
– Rakuten Kobo
– Ingram Content Group
– Smashwords
– OverDrive
Global Online Book Services Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global online book services market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Fiction Books
– Non-Fiction Books
– Academic Books
– Children’s Books
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Physical Books
– E-Books
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Key Trends are Driving the Growth of the Global Online Book Services Market?
[A]: The increasing popularity of online books and e-books, the increasing availability of online book services, and the growing demand for digital book services are the key trends driving the growth of the global online book services market. Additionally, factors such as the rising demand for subscription-based services, the introduction of new and innovative technologies, and the increasing use of mobile devices are also expected to contribute to market growth.
[Q]: Which Region is expected to be the Most Lucrative for Online Book Services?
[A]: North America is expected to be the most lucrative region for online book services, due to the presence of a high number of players and the increasing demand for digital book services. In addition, the presence of a large number of internet users, the increasing use of mobile devices, and the availability of high-speed internet connections are also expected to boost the growth of the online book services market in the region.
[Q]: What Factors are Hampering the Growth of the Global Online Book Services Market?
[A]: Factors such as the high cost of subscription-based services and the lack of awareness about online book services are hampering the growth of the global online book services market. Additionally, the low availability of payment options for digital books and the lack of proper infrastructure for digital books are also expected to hinder market growth.
[Q]: Who are the Leading Players Operating in the Global Online Book Services Market?
[A]: The leading players operating in the global online book services market include Amazon.com, Inc., Barnes & Noble, Inc., Apple Inc., Google LLC, and Kobo Inc. These companies have been investing heavily in research and development activities, and they are also focusing on expanding their product portfolio to cater to the needs of customers.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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