LOS ANGELES, April 08, 2019 (GLOBE NEWSWIRE) -- The global library management software market is expected to grow at a CAGR of around 3.5% to reach over $2,220 Million by 2026.
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Some of the major factors behind these projections include Continual advancements in technology has changed the way libraries can sort, acquire, and deliver information to readers. Library management system is a software that aids library owners in maintaining and simplifying their daily chores by automating library operations and services. It safeguards reader’s engagement with libraries by offering them benefits with respect to efficient self-service, feedback and comment consents, etc. The recently published report by Acumen Research and Consulting, titled “Library Management Software Market Size 2017 By Deployment type (Cloud and On-premise), By End user (School Library, Public Library, Academic Library and Others)- Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026”, estimates the global library management software market to grow at a significant rate and reach the market size of over $2,220 million by 2017. Incremental growth due to increasing automation of library functions offering convenience to library owners in managing informational resources.
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North America is the largest market for Library Management Software supported by growth from U.S. and Canada
North America attributed for the largest market share in 2017 and is predicted to hold its position over the estimated period relating to numerous factors such as growing use of online web-based library information with the comparative ease of use and operational efficiency is anticipated to drive the market in the region. The industry in Central & South America and Middle East & Africa are expected to steady growth over the expected period owing to growing awareness of education. The rising demand for library management software in Asia Pacific is anticipated to additional add to the growth of the market during the forecast period.
On the other hand, growing number of educational institutes combined with rising focus on upsurge the quality of education is likely to expand the implementation automated solutions with library management systems in the schools and institutes in Asia Pacific region.
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Cloud based library management software to lead the global library management software market
Cloud based library management software contributed key market share in 2016 and is projected to profitable growth over the anticipated period on account of features such as multiple format support, multi-lingual interface, and accessibility from any device at any time. However, growing use of World Wide Web in emerging economies is likely to increase the demand for cloud-based software. Subsequently, on-premise deployment is projected to rise at a relatively slow pace during the forecast period owing to growing adaptation of cloud-based solutions across the globe.
Some of the leading companies operating in the global library management software market include PowerSchool, Innovative Interfaces Inc., Sirsi Corporation, ProQuest LLC, Axiell group, Book Systems, Inc., Insight Informatics Pty Ltd., Capita plc, and CR2 Technologies Limited. In addition, the key players operating in library management software market and identify the key strategies deployed by them along with the market share of leading players. Moreover, leading players are now targeting appliance manufacturers and patents to increase their footprint in the domestic as well as in the international market.
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