Libraries and Archives Global Market Report 2024

The libraries and archives market size has grown steadily in recent years. It will grow from $76.99 billion in 2023 to $80.58 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion observed during the historical period can be credited to factors such as educational and academic needs, the preservation of cultural heritage, the promotion of public access to information, government funding and support, as well as active community engagement.

The libraries and archives market size is expected to see steady growth in the next few years. It will grow to $96.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period can be linked to the effects of digital transformation and the emergence of e-libraries, the emphasis on community-centric services, ongoing initiatives in lifelong learning, the significance of data management and information governance, and the heightened importance accorded to archives. Key trends expected in this period encompass the curation of diverse content, increased community engagement, the adoption of sustainability practices, the preservation of digital assets, and the incorporation of user-centric design principles.

The libraries and archives market is anticipated to experience growth driven by the increasing number of library users. These users, including students, teachers, scholars, scientists, and business executives, seek information to fulfill their knowledge needs. Libraries and archives play a crucial role in collecting, organizing, and providing access to information, contributing to the preservation of history and truth. For example, a report from the National and State Libraries Australasia (NSLA) in March 2022 revealed that in 2020-21, approximately 35 percent of Australia's population, around 9 million people, held library memberships, with a total of 144.8 million people using public library collections during the same period. This growing user base is a key factor propelling the expansion of the libraries and archives market.

The growth of the education sector is expected to further boost the libraries and archives market. The education sector, encompassing both formal and informal learning processes, has a symbiotic relationship with libraries and archives. The expanding education sector necessitates diverse and technologically advanced resources to support the learning and research activities of students, educators, and researchers. As of July 2023, a report from the University of Technology Sydney indicated significant achievements in the education sector, with high school completion rates in the United States and a noteworthy pass rate in the UK's GCSE exams. Australia also recorded a substantial enrollment of over 3.95 million students in public and private schools in 2021. This growth in the education sector is a driving force behind the expansion of the libraries and archives market.

A prominent trend in the libraries and archives market is the adoption of technological advancements. Major companies in this industry are focusing on developing innovative solutions to enhance their market position. For instance, in January 2023, Choice (American Library Association) launched LibTech Insights, a new content channel dedicated to exploring the impact of library and education technology. This platform includes blog posts, webinars, podcasts, and other content formats, offering practical guidance on utilizing and implementing library technology.

Leading companies in the libraries and archives market are investing in innovations such as library management systems to cater to larger customer bases, increase sales, and boost revenue. A library management system automates and streamlines various operations within a library or information center. In October 2023, RUMC Library in Malaysia introduced KOHA, an intuitive system designed to empower students with efficient access to the core collection and enhance the overall user experience. This system enables seamless actions such as loaning, reserving, and renewing books, contributing to a more convenient process of discovering, borrowing, and managing books.

In December 2021, Clarivate Plc., a UK-based analytics company, acquired ProQuest LLC. for $5.3 billion, aiming to gain access to authoritative information and establish itself as a leading provider of comprehensive research intelligence. ProQuest LLC., a US-based publishing company, offers access to theses, dissertations, ebooks, newspapers, periodicals, historical collections, governmental archives, cultural archives, and information services for libraries. This strategic acquisition positions Clarivate Plc. to accelerate innovation and progress in the libraries and archives market.

Major companies operating in the libraries and archives market report are The Library of Congress, New York Public Library, National Archives of Australia, German National Library, British Library, Bodleian Library, Vatican Apostolic Library, Library of Saint Mark, Boston Public Library, Thomas Fisher Rare Book Library, Seattle Central Library, Abbey Library of Saint Gall, Austrian National Library, National Library of Sweden, Library of the Benedictine Monastery, Royal Danish Library, Civica Group Ltd., Innovative Interfaces Inc., SirsiDynix, National Archives and Records Administration, Smithsonian Institution Libraries, Bibliothèque nationale de France, Library and Archives Canada, National Library of China, National Library of Russia, National Library of Spain, National Library of Australia, National Library of Brazil, National Library of India, Harvard University Library, Oxford University Libraries.

North America was the largest region in the libraries and archives market in 2023. The regions covered in the libraries and archives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the libraries and archives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key categories within the realm of libraries and archives include libraries themselves. Libraries consist of collections of books and other print or nonprint resources, meticulously maintained and organized for various activities such as reading, consulting, studying, and more. These libraries come in different sizes, ranging from small to medium and large, and can be deployed either on-premise or in the cloud. They cater to both public and commercial applications, serving higher education institutes as well as pre-k and k-12 end users.

The libraries and archives market research report is one of a series of new reports that provides libraries and archives market statistics, including libraries and archives industry global market size, regional shares, competitors with libraries and archives market share, detailed libraries and archives market segments, market trends, and opportunities, and any further data you may need to thrive in the libraries and archives industry. This library and archives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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