12 May 2021
Visiongain has published a new report on Audiobooks Market Report to 2031: Forecasts by genre (Fiction, Non-fiction), by devices (Smartphones, Laptops & Tablets, Personal Digital Assistants, Others), by application (Schools, Educational Institutes, Industries/Commercial Sector, Others). PLUS Profiles of Leading Audiobooks Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Audiobooks market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Audiobooks is an evolution of books-on-tape which refers to the recordings narrated by the authors and other voiceover artists. In addition, the advent of audiobooks has tremendously changed the accessibility of the paperback material and provides easy accessibility for reading. Moreover, the increased demand for audiobook have reduced manufacturing costs of books, as it involves in hue technological advances and usage of tablets instead of hard copy texts.
Increased adoption of new listening modes from books-on-tape & Compact Discs (CDs), massive growth in younger participants having interest towards e-books, and surge in smartphone penetrations are some of the major factors driving the market growth. On the contrary, increased adoption of AI-powered technologies primarily among the developing economies and growing awareness towards digitalized reading are some of the major factors expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Audiobooks Market
With an unprecedented rise in COVID-19 health crisis, the demand for audiobooks technology has experience tremendous growth rate globally. In addition, due to majority of classrooms, universities, academic institutions, and commercial entities have closed down, majority of classrooms, universities, academic institutions, and commercial entities have closed down, the students, lecturers have largely switched towards online educations. Therefore, the usage of online channels during pandemic situation has a significant impact on the market for audiobooks.
Younger participants having interest towards e-books
As audiobooks provide reading titles across entire demographics including children, adults, and senior citizens. Moreover, trending titles and advance graphics are covered in the audiobooks which further accelerates the growth of audiobooks in the market.
Surge in smartphone penetrations
Increased usage of smartphones & rise in internet penetration are increasingly driving the growth of audiobooks in the market. As it provides easy access towards online books and becomes affordable, which are driving the market growth during the forecast period.
Increased adoption of AI-powered technologies
Several end use verticals have implemented AI-powered technologies and is expected to maintain its dominance during the forecast period. As the application of advance technologies provides multiple benefits such as trending titles of books in fiction & non-fiction, advance vocabulary & search options, which helps in improving customer services.
Growing awareness towards digitalized readings
Rapid change in consumer preferences, increased spending power over digitalized services, and growing awareness towards audiobooks are expected to grow at a fastest CAGR during the forecast period. Therefore, with these numerous factors behind audiobooks, the key players have an opportunity to escalate the solutions & product offerings in the upcoming years.
Some of the companies profiled in the report include Amazon.co, Inc., Audible, Inc., Downpour, Google, Inc., iBook, Kindle, Kobo, LibriVox, Scribd, and Storytel.
In November 2019, Podium Publishing, which is a leading independent audiobook publisher has announced a long-term strategic partnership with 2018 audible Customer Favorite Narrator Nick Podehl, which is an award-winning audiobook narrator and voice actor. Therefore, this long-term partnership is becoming major developmental factors in the audiobooks market.
In June 2020, Recorded Books, which is one of the largest independent producer of audiobooks has launched Sci-Fi thriller audio originals program with Brandon Sanderson and Mainframe, LLC.
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