Library Management Market 2018-2023 - Industry to Grow at a CAGR of 3.4% with Lucidea, Mandarin Library Automation, Insignia Software, LibLime, LIBSYS, Follett Corporation

Industry Highlights:
The library management market is expected to register a CAGR of 3.4%, during the forecast period (2018 - 2023). The scope of the report is limited to software services offered by major players, which includes planning, maintaining library facilities, and managing operating budgets, among others. While the regions considered in the scope of the report include North America, Europe, and Middle East & Africa, amongst various others.
The library management software are used to manage and operate on the huge data generated by the libraries. This helps to reduce operational cost, increase efficiency, and provide easy access to the vast data available.

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Performance capabilities of Cloud-based software allow for large scale operations
Improving capabilities of library management software, like planning, personnel management, budgeting, public relations, and program assessment allow performing large-scale operations. These operations include finding information across a huge data, filtering the data, sorting, and editing pool of data at once. With increasing capabilities of the library management software it is possible to for various libraries to interact through a cloud based system. The cloud bases libraries provide for improved communication and seamless data management among the shared libraries. Cloud-based systems also provide for management of connected library systems, which includes circulation, acquisitions, analytics, electronic resources, the public interface, cataloging, and authentication in the system. Thus, the improving capabilities of library management software are a driving force for the market.

Key Developments in the Market
January, 2018 : Follett Disrupts Collegiate Campus Ecommerce with $50 Million Technology Investment. This investment will make Follett improve its market reach as the ecommerce technology will make them hyper-responsive to the different college campuses and the way in which the students interact with their services. This will help Follett tape the market and increase market share

Major Players –
Lucidea, Mandarin Library Automation, Inc., Insignia Software, LibLime, LIBSYS Ltd., Follett Corporation, ProQuest LLC, Sirsi Corporation, Book Systems, Inc., amongst others.

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Increasing Number of School Libraries is Driving the Growth of the Market
The number of school libraries is increasing across the globe with the highest increase in US. More than 98000 school libraries are in US as of September 2015. As the number of school libraries is growing the need for a librarian also increases. This is the major reason for the shift towards the software based library management systems as compares to manual library management techniques, like register keeping, or integrated library management software. To manage a large amount of data and perform different operations on it requires for a dedicated software service that can not only handle the data efficiently but also is cost effective for the schools. Thus, factors, like the library management software being cost effective, user friendly, and efficient, helps it to replace the previous mentioned technologies of library management. Owing to this the demand for library management software is increasing with the increasing number of schools.

US is the Largest Market
US has a young population of 23.4%. With growing young population the demand for school libraries is increasing. The increasing demand for libraries makes it the largest market in the North America region. US is observing a great shift towards digital library management software. The American Academy of Pediatrics recommended that parents should act as media mentors. Meaning that parents should focus on the media exposure on their child and promote going to library. The national Research Agenda has pointed the impact of library on the teens as community engagement, cultural competence, skills and knowledge, and equity of access. These factors have significantly promoted the number of library going children in US and thus making it the largest market.

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