Audiobook Market to grow by USD 1.86 billion from 2022 to 2027 | Market is fragmented due to the presence of prominent companies like Alphabet Inc., Amazon.com Inc. and Apple Inc., and many more – Technavio

NEW YORK, Nov. 27, 2023 /PRNewswire/ — The audiobook market is estimated to grow by USD 1.86 billion from 2022 to 2027, growing at a CAGR of 20.37%. The audiobook market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer audiobook market are Alphabet Inc., Amazon.com Inc., Apple Inc., Awesound Inc., Barnes and Noble Booksellers Inc., Bertelsmann SE and Co. KGaA, Blackstone Audio Inc., Lulu Press Inc., News Corp., Nextory AB, Podium Publishing ULC, Rakuten Group Inc., RBmedia, Realm of Possibility Inc., Scribd Inc., Storytel AB, Strathmore Publishing and the Strathmore Studios, Ulverscroft Ltd., Vivendi SE, and W.F. Howes Ltd. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying

Company Offering:

Alphabet Inc. – The company offers audiobooks through their app called Google Play audiobooks by rent or charge.Amazon.com Inc. – The company offers audio stories, Original audiobooks, and podcasts through their app called Audible.Apple Inc. – The company offers podcasts, audiobooks, and audio under the brand called iTunes.For details on companies and their offerings – Buy the report!Impactful driver- Benefits and reader engagement of audiobooksKey Trend – Growing number of partnerships and product launches 

The growing popularity of online education and digital literacy is an emerging audiobook market trend. Rapid digitization and the rising availability of mobile devices can help educators provide high-quality education to students. Thus, educators rely on a blend of face-to-face and online instruction. As a result, several universities and colleges have started offering e-learning programs that include audiobooks.

Also, students can participate in live web classes, join interactive discussions, read audiobooks, and connect with their teachers. Furthermore, online education allows students to take part in online clubs and virtual field trips. Hence, the rising demand for online education is expected to drive the growth of the audiobook market in Europe during the forecast period.

Major Challenges – Inefficient management of audiobook content The management of the portfolio becomes more complex as consumers expect audiobooks to be frequently updated and instantly available. Audiobook publishers also require efficient media management techniques, robust infrastructure, and automation capabilities to ensure that various multimedia features are added and updated easily. 

 Market Segmentation

The adult segment will be significant for market growth during the forecast period. Consumer audiobooks include adult fiction and other fiction genres. They are mainly purchased by individual end-users and the demand for fiction books increases due to the evolving reading habits of individuals and leisure reading. Additionally, commercial fiction pertains to books from genres such as science fiction, thriller, romantic, teen fiction, and young adults’ books. Hence, such factors drive the adult segment’s growth during the forecast period. 

Technavio Research experts have provided more insights on the market share of segments – View a Free Sample Report

Related Reports:

The global e-book market size is estimated to grow by USD 8,316.2 million between 2022 and 2027 accelerating at a CAGR of 7.7%.  

The digital comic book market size is estimated to grow at a CAGR of 8.34% between 2022 and 2027. The market size is forecast to increase by USD 2,266.18 million.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Age Group

7 Market Segmentation by Genre

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio