06 April 2021
Visiongain has published a new report on E-Book Market Report to 2031: Forecasts by Platform (Smartphones & Tablets, E-Book Reader, Laptops & Desktop), By Genre (Fictional & Non-Fictional, Educational & Literature, Others), By End-Use (Personal Use, Commercial Use). PLUS, Profiles of E-Book Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
The global e-book market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
An e-book or an electronic book refers to the book publishing, which is available in the digital format. Government initiatives supporting e-learning, shift in preference among tech-savvy consumer, and rising penetration of the Internet and smartphones are the factors driving the growth of the e-book market. The market seeks growth opportunities from the increase in e-learning programs across educational institutes and the increasing availability of e-books over the Internet. However, the availability of free and pirated books and lack of awareness among consumers are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on E-Book Market
The spread of COVID-19 has affected the businesses and livelihood of the people at an unprecedented rate. Majority Countries have imposed nationwide lockdown to minimize the further spread of the virus. However, the pandemic had a moderate impact on the e-books market. E-books witnessed significant demand among end-users for entertainment and study purposes during the leisure time in lockdown. Amidst the COVID-19 pandemic, people were focusing on taking up their leisure hobbies to cope with the furious pandemic times. The e-books were easy availability and accessibility even during the lockdown, which boosted its demand. Moreover, with the availability of smartphones and seamless Internet connection offered significant growth prospects to the market growth during the COVID-19 outbreak.
The shift in Preference among Tech-Savvy Consumer
Technology and mobility have disrupted the lives of consumers across the globe. The digital age consumers demand personalized and relevant services with minimum time spent, thereby changing the way the consumers read books. Tech-savvy book readers have opted for e-books owing to the convenient availability and accessibility of e-books which is driving the market growth. The US is one of the early adopters of advanced technologies which has caused the maximum adoption of e-books and market growth rate in the country.
Rising Penetration of Internet and Smartphones
Smartphone penetration is on the rise across countries such as China, India, the US, and Brazil, among others owing to the increasing availability of high-end features and high consumer disposable income. Moreover, with the low tariff rates and developments in network infrastructures, Internet penetration is also witnessing a rise resulting in increased consumption of Internet-based services such as e-books. Smartphones offer access to the study content anywhere and anytime and support collaborative learning which is expected to drive the market growth during the forecast period.
Increase in E-Learning Programs Across Educational Institutes
Digitalization has transformed every industry vertical, and the educational sector is no exception. Governments of almost all countries are supporting and promoting e-learning programs as a part of the digitalization strategy. The educational institutes are increasingly adopting modern technologies such as online learning or e-learning, which helps the students to access the learning material and study at their own pace. The technology also enables the users to curate their courses as per their interests and learning objective, creating growth opportunities for e-books. The e-books offer flexibility to the students to access and curate the wide range of study material available whenever required and across any platform, thereby boosting the market demand.
Increasing Availability of E-Books Over the Internet
With the rapid penetration of the Internet, a large amount of content is available on the Internet, including e-books. The e-books offer flexibility in terms of availability and accessibility across any platform resulting in the shift in preference among consumer from traditional books to e-books. The rising interest of consumers towards digital books has further increased the availability of e-books over the Internet. Majority of the publication houses have also started publishing all its prevailing as well as potential books in digital formats which are expected to create growth opportunities for the market.
The e-book market is highly competitive. The key market players are focussing on enhancing its offerings with innovative services which helps them to obtain a competitive position in the market. Some of the companies profiled in the report include Mc Graw Hill, Macmillan Publishers Ltd., Amazon.com, Inc., Rakuten Kobo Inc., HarperCollins Publishers LLC, Hachette Book Group, Penguin Random House LLC., Kensington Publishing Corp., Cengage Learning, and Barnes and Noble LLC.
July 2020, Rakuten Kobo, Inc. launched Kobo Plus, an eBook subscription service in Canada. The eBook offers hundreds of thousands of books titles in languages such as French, Spanish, Italian, German, Russian, Portuguese, Polish, Dutch, among many others.
June 2019, McGraw-Hill launched McGraw-Hill eBooks for college students, along with a free mobile app named ReadAnywhere for smartphones and tablets. The new eBook solution offers affordable access to the higher education digital course material at any time and from anywhere.
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