SAN FRANCISCO, August 6, 2020 /PRNewswire/ — Global Online Book Services Market Size Anticipated to reach $27.8 billion through 2027, according to a new report from Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. The growing number of digitally savvy readers coupled with the growing use of smartphones and tablets to read books online is expected to drive the growth of the market.
Online books are gaining popularity over traditional books due to the ease of online access and convenience offered. According to the independent research, the penetration of e-books was 10.5% in 2018 and is expected to reach around 12% by 2022. In addition, an increasing number of adults owning a tablet, smartphone or e-reader is expected to create a positive outlook for the market in the coming years.
Although e-book subscription services have been around for several years and currently, they are seeing significant traction. Subscription services are known for giving users access to huge and deep catalogs of content for a fixed monthly price. Very few market players have managed to generate revenue from these models, for example, in 2020 Amazon has over 2.5 million and Scribd, Inc. has 1 million paid subscribers. However, other major players rely on this model to gain a competitive advantage in the market.
Main suggestions of the report:
- The commercial products segment is expected to reach $20.0 billion by 2027
- Asia Pacific is expected to grow substantially over the forecast period with a revenue-based CAGR of 7.1% from 2020 to 2027.
- Major players in the market are focusing on strategic initiatives such as blockchain distribution to reach a wider consumer base.
Read the 80-page research report with TOC on “Online Book Services Market Size, Share, and Trends Analysis Report by Product (Business, Education, Science, Technology, and Medicine) , by region and segment forecast, 2020-2027″ on: https://www.grandviewresearch.com/industry-analysis/online-book-services-market
Several players operating in the market are focusing on strategic measures to reach a large number of consumers to drive revenue growth. For example, in May 2020, Media Do Holdings has announced plans to enable blockchain e-book distribution. The company specializes in the distribution of digital products, such as e-books, and after seeing strong sales before and after the lockdown order, the company is looking to invest around $2.8 million for the blockchain e-book distribution project. The company added that blockchain e-book distribution would first be introduced in My Anime List, which is considered the world’s largest social community and database for anime and manga.
However, the low penetration of smartphones and similar devices in emerging countries may lead to low online book sales, which is ultimately likely to hamper the market growth to some extent during the period of forecast.
By product type, the commerce segment is expected to remain at the forefront in terms of share and growth rate during the forecast period. Many consumers are inclined to read fiction, non-fiction, and literature, among others. The easy availability of these books online at minimal prices is expected to boost its demand in the coming years.
Asia Pacific is expected to increase at a maximum CAGR of 7.1% during the forecast period. Rising usage of smartphones and similar devices, growing internet penetration, and rising consumer preference for online books over print books are expected to fuel the growth of the market in the coming years. Additionally, the closure of non-essential businesses amid pandemics, such as brick-and-mortar bookstores and schools, as part of an effort to curb the spread of the virus, has boosted demand for online books. For example, in April 2020, during the lockdown, Media Do Holdings recorded 20% year-over-year growth in e-book sales.
Grand View Research has segmented the global online book services market based on product and region:
- Online Book Services Revenue Outlook (Revenue, USD Million, 2016 – 2027)
- To exchange
- Science, Technology and Medicine (STM)
- Online Book Services Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Online Book Services Market
- Amazon (Kindle/KDP Direct Publishing)
- Apple (iBookstore)
- Barnes & Noble (Corner)
- Kobo (write life)
- Google Play)
- Smashwords, Inc.
- HarperCollins Publishers
- Hachette Book Group
- Lulu Press, Inc.
- Scribd, Inc.
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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