LOS ANGELES, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The Global Online Books Services Market is predicted to grow at a CAGR of around 6.2% from 2021 to 2028 and predicted to reach around US$ 27.1 Bn by 2028.
North America dominates, Asia Pacific to register fastest growing CAGR for online books services market
North America has held a sizable share in the past and is expected to do so again during the forecast period. According to a Pew Research Center report, 21% of Americans have read an e-book, and the increasing availability of e-content leads readers to prefer buying books online rather than borrowing. According to a Pew Research Center report, the majority of e-book readers in America have increased over the years. This is due to a paradigm shift toward e-book reading, which has coincided with an increase in ownership of electronic book reading devices. For example, 25% of Americans aged 16 and older own tablet computers such as iPads or Kindle Fires, compared to 10% who own tablets. Such factors have a positive impact on the growth of the regional market, which in turn contributes to the overall market growth.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR in the online books services market in the coming years. Growing income households and women's intentions to read more books than men are two prominent factors that contribute to the overall growth of the regional market. For example, China leads the APAC region in the market for online book services, accounting for 36% of the market. If the segment is expanded to include both daily readers and those who read at least once a week, the international total is expected to raise to 59%, with China accounting for 70% of the population, Russia accounting for 59%, and Japan accounting for 11%. Such factors impact positively for the ultimate growth of overall market for online books services.
COVID-19 impact on the global online book services market
According to an IFLA.ORG report, libraries around the world are faced with difficult decisions about which services to offer and how, ranging from minimal restrictions to full closure. Libraries around the world are facing a variety of challenges, ranging from providing a full service to closing completely. To combat the current situation, libraries all over the world are working hard to provide remote access to collections and services, frequently investing time and effort in updating websites and computer systems to keep up with demand. With physical closures, for example, the proportion of libraries offering online programming increased from 12% to 86% of respondents. Furthermore, all types of libraries have advertised their digital services. For example, the Bibliothèque Nationale de France organizes virtual exhibitions and other learning tools (especially during the summer months), and the National Library of Spain promotes its digital content that can be used to support education, and American libraries have also attempted to bring literacy programming online.
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Segmental Outlook
The global online books services market is segmented based on product. By product, the market is segmented as trade, education, and science, technology & medicine (STM).
Competitive Landscape
The prominent players of online books services industry involve International Business Machines Corporation(IBM), Microsoft Corporation, Amazon Web Services, Oracle Corporation, SAP SE, Intel Corporation, NVIDIA Corporation, Google LLC, Sentient Technologies, and among others.
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Some of the key observations regarding online books services industry include:
- In February 2015, Amazon announced that it would benefit from the collaboration of competing companies. Amazon's three business models are Amazon Marketplace, Amazon Services, and Amazon Web Services, as well as Amazon Kindle. Amazon.com has increased the size of its current markets while also creating entirely new markets for itself and its competitors by utilizing three distinct business models.
- In June 2021, Morgan Stanley announced a strategic cloud partnership with Microsoft Corp. with the goal of accelerating the firm's digital transformation and shaping the future of innovation in the financial services industry. Furthermore, the collaboration will unlock the opportunities that Microsoft cloud offers with a specific focus on financial services challenges for modernization of its IT environment to improve client, employee, and developer experience.
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