Wednesday, 19 Aug 2020 11:20 GMT

Ebooks market to reach $27.8bn by 2027 – report

The global online book services market could be worth as much as $27.8bn (£21.2bn) by year 2027 according to Grand View Research, as demand for services from the likes of Amazon and Google is expected to increase.

In a new report, Grand View Research says the growing use of smartphones and similar devices, as well as rising internet penetration, and growing consumers' preference for online books are likely to fuel market growth in the coming years.

However, the report also highlights that low penetration of smartphones and similar devices in emerging countries could lead to low sales of online books, which could in turn impede market growth up to some extent.

“The rising number of digitally-savvy readers, coupled with increasing usage of smartphones and tablets for reading books online, is likely to spur market growth,” the report says.

The study also suggested that the novel coronavirus (Covid-19) pandemic could drive more traffic to the ebooks market, with some consumers having turned to the medium in recent months due to the closure of physical bookstores.

The rising number of digitally-savvy readers, coupled with increasing usage of smartphones and tablets for reading books online, is likely to spur market growth

Asia-Pacific is likely to see the most activity in this market, the report says, with the compound annual growth rate (CAGR) in the region set at 7.1% in the period to 2027.

In terms of product type, the trade segment is set to remain at the forefront in terms of share and growth rate over the forecast period, with the value of this segment set to reach $20bn by 2027

“Many consumers are inclined towards reading fiction, non-fiction, and literature among others,” the report says, adding: “Easy availability of such books online at minimum prices is foreseen to drive its demand in the coming years.

“A growing number of adults who own either a tablet, smartphone, or an e-reader device is expected to create a positive outlook for the market in the coming years.”

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