Online Book Services Global Market Report 2024

The online book services market size has grown strongly in recent years. It will grow from $21.78 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to the expansion of internet accessibility, shifts in consumer preferences, the global boom in e-commerce, the emphasis on convenience and accessibility, and the proliferation of e-reading devices.

The online book services market size is expected to see strong growth in the next few years. It will grow to $32.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The forecasted growth is driven by the ubiquity of mobile devices, subscription models, and globalized book markets, along with a rising awareness of environmental sustainability. Key trends include collaborations with authors and publishers, a focus on accessibility, gamification of reading, and the integration of virtual reality (VR) and augmented reality (AR).

The burgeoning population of internet users is anticipated to drive significant growth within the online book services market in the foreseeable future. An internet user is defined as an individual capable of accessing and utilizing the internet. The expansion of the online book services market is closely correlated with the escalating number of internet users, as this widening audience actively seeks digital books and e-reading platforms for convenient access to a diverse array of literary works. As indicated in a report published by the International Telecommunication Union in November 2022, an estimated 5.3 billion individuals, constituting 66 percent of the global population, are projected to be internet users. This statistic reflects a notable 6.1 percent growth rate observed in 2021. Consequently, the mounting population of internet users emerges as the primary driver propelling the growth trajectory of the online book services market.

The escalating adoption of smartphones is poised to significantly bolster the growth trajectory of the online book services market in the coming years. A smartphone, characterized as a handheld electronic device integrating mobile phone functionalities with advanced computing capabilities, plays a pivotal role in propelling the online book services market. This surge in smartphone adoption serves as a catalyst, creating a robust platform for digital reading, thereby enhancing accessibility and fostering seamless on-the-go reading experiences, consequently driving the widespread adoption of digital books. As highlighted in a report published by Uswitch Limited in February 2023, active mobile connections surged to 71.8 million in 2022, marking a substantial 3.8% growth from the preceding year. Projections for the UK's population by 2025 anticipate reaching 68.3 million, with an expected 95% penetration rate of smartphones among residents. Consequently, the increasing adoption of smartphones emerges as the primary driver fueling the growth of the online book services market.

Key players in the online book services market are strategically embracing partnership initiatives to cater to the global higher education student community by granting them access to digital books. These strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and shared success. A prime example is the collaboration between Wiley, a prominent US-based publishing company, and Perlego, a UK-based e-learning provider, in May 2023. Through this partnership, Perlego extends students the opportunity to access an extensive array of Wiley's digital titles on its platform. This collection encompasses textbooks, trade publications, and professional book titles from Wiley's catalogue. By subscribing to Perlego, students enjoy unhindered access to over a million ebooks, including titles from Wiley and diverse publishers, significantly enriching their academic resources and learning materials.

Leading companies in the online book services market are actively innovating their product offerings, notably introducing e-bookshelves, to cater to larger customer bases, bolster sales, and augment revenue streams. An e-bookshelf represents a virtual platform allowing individuals to store, organize, and access their electronic book or e-book collections. An exemplar of this trend occurred in April 2023 when Amazon, a renowned US-based e-commerce company, unveiled 'Your Company Bookshelf.' This unique platform's hallmark feature lies in its streamlined approach for US-based organizations to procure and distribute books efficiently. Organizations enjoy the flexibility to curate personalized bookshelves, establish budgets, and invite recipients to select books according to their preferences. Recipients are offered various formats to choose from, including Kindle eBooks, paperbacks, or hardcovers. 'Your Company Bookshelf' facilitates customization tailored to specific purposes, such as professional development, training initiatives, or support for diversity, equity, and inclusion programs within organizations. Leveraging Amazon's extensive repository of millions of print books and Kindle eBooks, the platform offers a tailored, versatile solution for organizational book distribution, catering to diverse needs and preferences.

In January 2021, Medium, a prominent US-based online publishing platform, successfully acquired Glose for an undisclosed sum. This strategic acquisition broadened Medium's offerings by incorporating Glose's e-book portfolio into its platform. The move is aimed at fostering partnerships with publishers, enabling authors to expand their readership while enhancing Medium's current reader base. Glose, a French social-based ebook company, brings valuable expertise and resources to Medium's portfolio, aligning with Medium's commitment to providing a diverse and engaging content experience for both writers and readers.

Major companies operating in the online book services market report are Walmart Inc., Amazon.com Inc., Apple Inc., Google LLC, Reliance Industries Limited, Tencent Holdings Limited, Bertelsmann SE & Co. KGaA, ViacomCBS Inc., Penguin Random House LLC, Pearson PLC, Hachette Book Group (Lagardère SCA), Follet Corporation, HarperCollins Publishers LLC, John Wiley & Sons Inc., News Corporation (HarperCollins Publishers LLC), Barnes & Noble Inc., Simon & Schuster Inc., Macmillan Publishers Ltd., Scholastic Corporation, Smashwords Inc., Scribd Inc., ThriftBooks Inc., Powell's Books Inc., Elliott Management Corporation, Blurb Inc., BookBaby, Lulu Press Inc., Kobo Inc., Waterstones Booksellers Limited, Ingram Holdings Inc.

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

The online book services market encompasses key product categories such as education, trade, science, technology, and medicine. Online educational books are specifically crafted to assist students in their workshops and assignments, catering to both household and institutional applications among teenagers and adults.

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

The online book services market includes revenues earned by entities by providing services such as Ebook subscription services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.