Online Book Services Market Insights Exploring E-reading Trends, Subscription Models, and Digital Publishing Innovations for Strategic Market Entry and Expansion

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 in the historic period can be attributed to Internet accessibility expansion, changing consumer preferences, global e-commerce boom, convenience and accessibility, rise 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 growth in the forecast period can be attributed to proliferation of mobile devices, subscription models and reading platforms, globalization of book markets, environmental awareness. Major trends in the forecast period include collaborations with authors and publishers, focus on accessibility and inclusivity, gamification of reading, integration of virtual reality (VR) and augmented reality (AR), environmental sustainability initiatives.

Market Overview -
Online book services refer to a service by which an entity, as its primary purpose, provides individuals with the ability to rent, purchase, borrow, browse, or view books electronically or via the Internet. The online book services contain a digital file with a body of texts and images and display them on a screen such as a smartphone or a laptop, like a printed book.

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Surge In Internet Users Driving Growth In The Online Book Services Market
The growing internet user base is expected to boost the growth of the online book services market going forward. An internet user is an individual with the capability to access and utilize the internet. The online book services market experiences substantial growth with the increasing number of internet users, as the expanding audience seeks digital books and e-reading platforms for convenient access to a diverse range of literature. For instance, in November 2022, according to a report published by the International Telecommunication Union, a Switzerland-based specialized agency, an estimated 5.3 billion people, accounting for 66 percent of the global population, will use the Internet. This reflects a 6.1 percent growth rate in 2021. Therefore, the growing number of internet users is driving the growth of the online book services market.

Competitive Landscape -
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.

Strategic Partnerships Expanding Access To Digital Books In Higher Education
Major companies operating in the online book services market are adopting a strategic partnership approach to provide students pursuing higher education worldwide with access to digital books. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2023, Wiley, a US-based publishing company, partnered with Perlego, a UK-based e-learning provider. Under the partnership, Perlego will offer students access to a comprehensive selection of Wiley's digital titles on its platform. The collection encompasses textbooks along with trade and professional book titles from Wiley. With a subscription to Perlego, students gain unrestricted access to over one million ebooks, including those from Wiley and various other publishers, enhancing their learning resources and academic materials.

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Key Segments -

The online book services market covered in this report is segmented -

1) By Products: Education, Trade, Science, Technology, Medicine
2) By Application: Household, Institutional
3) By End User: Teenagers, Adults

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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