Books Market Size, Share and Trend Analysis Report by Type (Science, Historical, Mystery, Fantasy, Literary, Contemporary, Novel, Educational, Comic), by Distribution Channel, by Format, by region and segment forecast, 2021-2028
New York, September 20, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Books Market Size, Share & Trends Analysis Report By Type, By Distribution Channel, By Format, By Region And Segment Forecasts, 2021 – 2028” – https://www.reportlinker.com/p06151354/?utm_source=GNW
Growth and trends in the book market
The size of the global book market is expected to reach USD 159.3 billion by 2028. The market is expected to grow at a CAGR of 2.4% from 2021 to 2028. The increase in consumer spending for books supported by the rise revenue and interest, along with continued innovations in the format that has improved the overall reading experience are among the key factors driving the market.
The market has undergone significant changes over the past decade and has moved in new directions. The evolution of the commissioning process, supported by a generation of smart editors.
The three main areas involved in ordering books – marketing, advertising, sales and distribution – have all evolved in ways that benefit the market.
For example, Bloomsbury Publishing posted record annual profits during the ongoing coronavirus pandemic, as more people turned to reading books while sheltering at home. The publishing house saw sales increase 14% to Â£ 185million, while profits rose by more than a fifth, reaching Â£ 19.2million in 2020. Likewise, in May 2021, a new book distribution company, operating under the Emirates Publishers Association, was formed to enable local publishers to expand their reach into regional and international markets with reduced operating costs.
Based on type, the market is divided into Fiction, Romance, Education, Novels, Comics, and others (including classics and biographies). a visual and immersive experience for readers.
The increasing penetration of audiobooks in developed and developing countries is also expected to complement the growth of various fiction books.
Moreover, the increasing penetration of internet services in developing countries like India and China is expected to drive the market growth. Growth in the other books segment has been slowed as the decision to buy books in this category is often in the hands of government institutes. or university institutes.
In addition, students now prefer to rent their textbooks rather than buy them, which should further hamper the growth of the segment.
Different media selling products and services in the market, with the emergence of digital technology in the publishing industry, have paved the way for greater adoption of products by consumers. Royalties on books come from a variety of sources in the current scenario, which include retail, subscription services, digital library providers, and regional stores.
The retail format has greater reach among global readers, with the usual single-copy buying business model adopted by players such as Amazon, Apple Books, Barnes & Noble, Google Play Books, and Kobo. Subscription services work in the form of apps or stores that offer unlimited access to books in exchange for a monthly subscription, such as Scribd, Bookmate, and Dreame.
Digital library providers not only allow individuals to borrow books, but also help institutions such as public libraries, schools, universities or corporate libraries such as OverDrive, Bibliotheca, Mackin and Odilo.
The major players operating in the market represent a considerable share of the market and focus on strategies such as acquisitions, collaborations and new launches to maximize their share and strengthen their positions. Rapid changes in the industry due to the shift from traditional methods to digital ownership can help market players develop new dimensions and drive adoption.
A recent survey of 400 librarians in the United States and Canada found that a third have spent less on physical books, audiobooks and DVDs, and more on digital versions since the start of the pandemic.
In September 2020, UK libraries saw a dramatic increase in the number of audiobooks and e-books on loan. All branches loaned an additional 3.5 million e-books from March 13 to August 14, according to a blog from Good e-Reader. Chrys Mellor, chief executive of North Yorkshire County Council libraries, said demand for e-books and audiobooks had increased 78% and 3,000 new members signed up for cards during the lockdown.
Highlights of the Book Market Report
â¢ The mystery book segment dominated the market and accounted for the largest revenue share in 2020. By 2028, this segment is expected to account for a total market share of 17.5%
â¢ The local bookstore segment accounted for the highest turnover of 50.3% in 2020 and was valued at $ 66.5 billion. Considering that in 2020 the online segment generated revenues of 38.9 billion USD and in 2028 it is expected to be valued at 46.9 billion
â¢ The paper segment dominated the market and held the largest revenue share of 78.9% in 2020
â¢ North America held the largest revenue share of 32.9% in 2020 due to the presence of a large number of independent publishers and publishing houses in the region.
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