The global online book services market was valued at USD 17.4 billion in 2020 and is projected to reach USD 27.4 billion by 2028, expanding at a CAGR of 5.5 % during the forecast period, 2021 – 2028. The growth of the market is attributed to changing consumer preference towards online book reading rather than printed ones, along with increasing use of tablets and smartphones.
An online book, known as eBook, is a publication made available in digital form containing images and text on a flat display of mobile or computer devices. E-Books provide easy navigation features. For example, users can find out more information about an unknown word just by clicking on it. These features are useful for kids, who are learning to read.
Market Trends, Drivers, Restraints, and Opportunities:
- Online books make learning easy for consumers, as the online edition of books include appendices, dictionaries, character summaries, and more. These factors are expected to boost the demand for online book services.
- Covid-19 pandemic has caused closure of most of the bookstores across the world, which in turn, is increasing the demand for eBooks.
- An online book service is an eco-friendly option, as it helps in reducing paper usage.
- Increasing sale of digital products has resulted in increased demand for online books.
- Online books can be easily downloaded and stored on a device for future reference.
- Increasing online piracy issues are expected to hinder the market growth during the forecast period.
- E-Book version of books is less expensive than the hardcover version. Additionally, several discounts are offered by online book service providers. These factors are expected to increase the demand for online book services.
- Students, who are tired of carrying a backpack full of books, prefer online books. This factor is expected to drive the market.
Scope of the Report:
The report on the online book services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Global Online Book Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Education, Trade, Science, Technology, and Medicine) and Regions
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Barnes & Noble, Amazon, Kobo, Apple, Smashwords, Inc., Google, Hachette Book Group, HarperCollins Publishers, Scribd, Inc., and Lulu Press, Inc.
Market Segment Insights:
The trade segment held a major share of around 70% of the total revenue in 2019
Based on products, the global online book services market is segregated as education, trade, science, technology, and medicine. The trade segment is expected to expand at a robust CAGR during the forecast period. Major genres such as fiction, literature, non-fiction, and young children books are covered under this segment. Changing consumer preference towards e-books is estimated to drive the segment during the forecast period. Some of the popular genres such as romance, horror, science, fantasy, and mystery over the internet are expected to boost the market.
The education segment is anticipated to expand at a CAGR of 5.3% during the forecast period. Need for interactive and digital learning system is projected to drive the market. Online books help to enhance the overall learning experience through easy accessibility and simplicity. Integrating digital technology into classrooms has enhanced the quality of education. Additionally, digital books make learning engaging and interactive. Teachers and students have unanimously accepted the benefits of using online books in the educational system. Online books are easy to carry and are economical as compared to paper books. These features are estimated to propel the segment during the forecast period.
The market in North America held a major share of around 36.5% of total revenue in 2019
On the basis of regions, the global online book services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a substantial CAGR during the forecast period. Free e-books offered by online book service providers has increased the number of tablet, smartphone, and e-reader users. Increase in usage of internet along with changing preference of tech-savvy users from traditional to online books is estimated to boost the market during the forecast period. The market in North America is anticipated to hold a major market share in 2019. The regional market is expected to expand at a rapid pace during the forecast period. The major e-book readers in the US are millennials (age 18 to 29), who contribute to about 34% of the total digital book readers.
The market in Asia Pacific is expected to expand at a robust CAGR of 7.08 % during the forecast period. Growth of the market is attributed to increasing consumer inclination from printed books to digital books along with heavy usage of mobile platforms and smartphones for reading. Closure of schools and bookstores during the lockdown, which was announced in the entire region to combat COVID-19, is estimated to increase the demand for online books among the young population in China during the forecast period.
The global online book services market has been segmented on the basis of
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Barnes & Noble
- Smashwords, Inc.
- Hachette Book Group
- HarperCollins Publishers
- Scribd, Inc.
- Lulu Press, Inc.
Key players in the global online book services market include Barnes & Noble, Amazon, Kobo, Apple, Smashwords, Inc., Google, Hachette Book Group, HarperCollins Publishers, Scribd, Inc., and Lulu Press, Inc. The influence of these major companies on the market is high, as most of them have a global consumer base. Several major players are concentrating on partnerships to widen their consumer base and extend their reach. For example, in March 2020, Kobo announced an alliance with Australia’s biggest online bookseller, known as Booktopia. According to this agreement, Kobo is expected to become Booktopia’s major digital reading partner and provide audiobooks, eBooks, and e-Readers to consumers in Australia.