LONDON, Sept. 21, 2022 (GLOBE NEWSWIRE) — Changing consumer preference for reading online books is driving the growth of the online book services market, according to The Business Research Company’s research report on the online book services market Ahead. The change in consumer preference to online books is due to the lower subscription cost compared to buying all the books you need offline, as well as easy access and convenient reading compared to traditional books. The other reason that has changed consumers’ preference for reading books online is the global pandemic that has resulted in the closure of most of the bookstores around the world. This shift in preferences is clearly driving readers to consume e-books that are readily available and readable. For example, Rakuten Kobo, a Canada-based e-book company, announced in May 2020 that more than 2 million new users have subscribed to Kobo during the pandemic. This adoption of e-books was fueled by the global pandemic and the closure of most bookstores around the world, indicating the change in consumer preference towards reading books online and leading to the adoption of e-books. Therefore, the changing consumer preference towards reading online books will drive the growth of online book services market.
Request a sample of the global Online Book Services market report
The global market size for online book services is expected to keep growing $19.00 billion in 2021 to $20.05 billion in 2022 at a compound annual growth rate (CAGR) of 5.51%. The global market share of online book services is expected to grow to US$24.85 billion by 2026 at a compound annual growth rate (CAGR) of 5.52%.
Strategic partnerships are becoming increasingly popular in the industry trends for online book services. Businesses partner with e-book sellers and distributors to expand their services into new markets by leveraging each other’s resources and expertise. These partnerships also serve to introduce e-books to new areas such as public libraries, create product availability in most locations, and increase revenue. For example, in March 2020, Rakuten Kobo Inc., a Canada-based company that sells e-books, audio books and e-readers, partnered with Booktopia, Australia’s leading online bookseller. The goal of the partnership is to offer Booktopia customers in Australia a comprehensive digital reading collection, including e-books, audiobooks and e-readers, by making Rakuten Kobo Booktopia the exclusive digital reading partner. Additionally, in March 2019, OverDrive Inc., a US-based digital distributor of e-books, audiobooks, music and videos, partnered with Libreka, a Germany-based e-book collection and distribution platform. The goal of the partnership is to make OverDrive’s e-book and digital audio book product lines available in public libraries in Germany, Austria and Switzerland.
Major players in the online book services market are Amazon.com, Apple, Barnes & Noble, Kobo Inc, Google, Smashwords, Hachette Book Group, Lulu Press, Scribd Inc, News Corporation (HarperCollins Publishers LLC) and Blurb Inc (Reischling Press) . Inc.).
The global online book services market is segmented by product into education, commerce, science, technology and medicine; from end users to teens, adults.
North America was that largest region in Online Book Services Market in 2021. The regions covered in Global Online Book Services Market Outlook are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Online Book Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company providing Online Book Services Market Overviews, Online Book Services Market Analysis and Market Size Growth Forecast for the entire Online Book Service market, market segments and regions, Online Book Service Market Trends, Online Book Service Market Drivers, Online Book Service Market Constraints, Revenues, Profiles and Market Shares of the leading Online Book Service market competitors in 1,000+ industry reports covering over Covers 2,500 market segments and 60 regions.
The report also includes an in-depth analysis of the impact of COVID-19 on the market, Online Book Services market opportunities, and Online Book Services market strategies. The reports are backed by 150,000 datasets, extensive secondary research and exclusive insights from interviews with industry leaders. A very experienced and competent team of analysts and modelers creates market analyzes and forecasts. The reports identify the key countries and segments for opportunities and strategies based on market trends and approaches by leading competitors.
Not the market you are looking for? Check out some similar market research reports:
Fiction Books Global Market Report 2022 – By Fiction Type (Short Story, Novel, Novel), By Book Type (Physical Book, eBook, Audiobook), By Genre (Action & Adventure, Youth, Crime/Mystery, Drama, Horror/Paranormal /Ghost, Science Fiction), by End User (Kids, Young Adults, Adults) – Market Size, Trends and Global Forecast 2022-2026
Non-Fiction Books Global Market Report 2022 – By Type (eBook, Print Book, Audiobook), By Category (Religion, Travel, Biography, History/Law/Politics, Business/Economics, Cooking/Entertainment, Computers, Crafts/Antiques /hobbies/games, performing arts), by distribution channel (online sales, bookstores, direct sales) – market size, trends and global forecast 2022-2026
Book Publishers Global Market Report 2022 – by Type (Consumer Books, Textbooks, Religious Books), by Age Group of Readers (Under 12, 13-18, Over 18), by Distribution Channel (Online, Offline) – Market Size, Trends and global forecast 2022-2026
Want to learn more about The Business Research Company?
The Business Research Company is a market research company that excels in business, market and consumer research. The global company has specialized consultants in a variety of industries including manufacturing, healthcare, financial services, chemicals and technology.
The most comprehensive database in the world
The Business Research Company’s flagship product, Global Market Model, is a market research platform covering various macroeconomic indicators and metrics across 60 regions and 27 industries. The Global Market Model includes multi-layered datasets that help its users to assess gaps between supply and demand.