Increasing Popularity of e-Books and Audiobooks Opening Door of New Opportunities for Book Publishing Firms: Fact.MR Report

According to a new industry research report published by Fact.MR, a market research and competitive intelligence provider, the global book publishing market is estimated to reach a size of US$ 137.36 billion in 2024 and thereafter expand at 5% CAGR through 2034.

The rising usage of smartphones, tablets, and others is driving the market growth for book publishing, and as a result, e-books, audiobooks, and other digital forms are becoming more popular. Another reason for their growing popularity is that people are finding them more convenient and accessible. Digital books are appealing to a large number of individuals in several countries, particularly those where digital platforms are widely used, due to their mobility, affordability, and high accessibility.

e-books are becoming a popular choice among modern readers due to the convenience of carrying high volume content on a single device, the flexibility to adjust reading preferences, and the availability of large online libraries.

Throughout the forecast period, the North American region is analyzed to hold a significant proportion of the book publishing market due to the high demand for both print and digital media. The market expansion in the region is further supported by the increasing number of self-publishing platforms, e-books, and audiobooks, especially in the United States.

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Key Takeaways from Market Study:

• The worldwide market of book publishing is projected to reach a valuation of US$ 224.14 billion by 2034-end.
• The market in South Asia is evaluated to expand at 6% CAGR through 2034.
• India is forecasted to generate revenue worth US$ 10.99 billion by the end of 2034.
• North America is estimated to achieve a value of US$ 39.5 billion in 2024.
• Sales of consumer books (excluding textbooks) are analyzed to reach US$ 71.73 billion in 2024.
• Based on major market, the online retailer segment is approximated to expand at 3.5% CAGR from 2024 to 2034.
• The market in South Korea is projected to increase at a CAGR of 5% through 2034.

“Prominent book publishing companies are expanding their product lines to incorporate new forms and genres, including interactive content, graphic novels, audiobooks, e-books, and others,” says a Fact.MR analyst.

Increasing Demand for Consumer Books

Sales of consumer books (excluding textbooks) are increasing due to the rising digital platforms and the expanding interest in several genres, which are driving the demand for consumer books. Online shops and smartphone reading apps are increasing book accessibility and readers are experimenting with a wider range of books, from fiction to self-help and personal development.

Social media and online forums are used to promote book discussions and recommendations, which is increasing consumer participation. Aspects, such as accessibility, diversity, and community support are contributing to the rise in consumer book sales.

Book Publishing Industry News:

Key players in the book publishing market are expanding their offerings to include diverse genres and formats such as e-books, audiobooks, graphic novels, and interactive content. To attract a larger readership, publishers are increasingly leveraging digital marketing strategies, including social media campaigns, influencer collaborations, and trend-based promotions. These engaging marketing methods help enhance visibility, boost reader engagement, and drive revenue growth by capitalizing on shifting consumer preferences.

Several recent developments highlight the evolving landscape of the industry. In September 2024, Ello, the creator of an advanced AI reading app, introduced a new feature enabling young readers to design their own books. In February 2024, Inkitt, a startup utilizing AI to transform strong narratives into bestsellers, secured US$ 37 million in funding to establish a new-age publishing empire akin to Disney. Additionally, in March 2023, Morocco’s Ministry of Youth, Culture, and Communication launched the 2023 edition of its initiative to support book and publishing projects, further promoting literary growth and accessibility.

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Leading Players Driving Innovation in the Book Publishing Market:

Key industry participants like Penguin Random House; HarperCollins; Simon & Schuster; Hachette Livre; McGraw-Hill Education; Scholastic; Springer Nature; Wiley; Elsevier; Oxford University Press etc. are driving the book publishing industry.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the book publishing market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (consumer books, education books, professional and scientific, technical, & medical books) and major market (online retailers, schools & textbook stores, brick-and-mortar retailers & wholesalers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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