Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The global Audiobooks Market size is expected to gain momentum owing to the increasing demographic age groups during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Audiobooks Market, 2021-2028.” From novels and compact albums with streaming media players in the early 2000s to mobile phones becoming popular in the current period, the business has smoothly grown by adopting new listening modes. In recent years, the expansion of the internet has also aided in gaining traction among a wide range of viewers. Moreover, the increasing use of smart home technologies has opened up the lucrative potential for the audiobook industry.
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List of Key Players Profiled in the Global Market for Audiobooks:
- Amazon
- Storytel AB
- Scribd
- OverDrive
- LMBPN Publishing
- Hoopla
COVID-19 Impact-
Growing Demand for E-Books to Augment Growth during the Global Pandemic
The report examines two-thirds of book readers who have increased their book consumption since the pandemic began. Before the pandemic, Indian book readers spent an average of nine hours a week reading or listening to audiobooks. This has increased by seven hours each week since the outbreak. Two out of every five respondents spend more time reading print books, and one out of every two spends more time reading electronic books.
Segments-
By device type, the market is segmented into smartphones, tablets, laptops, and others. On the basis of enterprise size, the market is segregated into small, medium, and small enterprises. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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What does the Report Include?
The report's purpose is to give readers a high-level summary of the audiobooks industry and extensive segmentation by type and channel. During the market growth, the worldwide market is expected to grow rapidly. The research includes major issues and opportunities in the industry and key statistics on the changing trends of the leading market players.
Drivers & Restraints-
Increasing Demand in Kids Segment to Stimulate Growth
Audiobooks are presently being consumed by a younger and growing audience and are expected to boost the global audiobooks market growth during the forecast period. This is a very hopeful sign for the industry's long-term prosperity. Younger consumers are projected to have an impact on their increasing families, converting non-listeners into listeners. In recent years, audiences have mostly engaged with platforms for educational and leisure genres for children. The numerous advantages for youngsters, such as increased visuals, complex vocabulary, enhanced narrative structure, and various other abilities associated with improved reading skills, are expected to provide profitable growth potential.
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REGIONAL INSIGHTS
Increasing R&D Investment to Promote Growth in North America
North America is expected to hold the largest global audiobooks market share during the forecast period. Manufacturers in this region are increasing their market presence and technological hub to create products related to it. The United States and Canada are the two primary countries in this region that drive the industry. The region's reliance on digital commerce is a big factor and is inexpensive and easy to store.
Over the projected period, Asia Pacific is expected to hold a considerable profit share, with Japan and China dominating regional development. The availability of books in non-English and several regional languages is expected to boost growth in this region.
Competitive Landscape-
Manufacturers to Focus on R&D Investments to Offer Advanced Products
New arrivals are putting a lot of pressure on the established players. In comparison to global participants, countries in the region provide lower membership pricing to users. On the other hand, global players continue to hold sway in this market since their product portfolios have been improved to include a diverse number of options.
Industry Development-
- July 2020: Storytel purchased an 80 percent share in Earselect. Earselect is a production firm situated in the Nordics specializing in a cloud-based platform for remotely generating audiobooks.
By Device Type
- Smartphones
- Tablets/ Laptops
- Others (Personal Digital Assistance, etc.)
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
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