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Fiction Books Market: Trends, Growth, and Insights for 2024
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According to The Business Research Company's, The fiction books market size has grown steadily in recent years. It will grow from $10.81 billion in 2023 to $11.05 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. The growth in the historic period can be attributed to publishing industry growth, reader demand, literary awards and recognition, digital publishing, adaptations and media.
The fiction books market size is expected to see steady growth in the next few years. It will grow to $12.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. The growth in the forecast period can be attributed to diversity and inclusivity, personalized reading recommendations, indie and self-published authors, global reach, sustainability and eco-friendly publishing. Major trends in the forecast period include genre blending, short fiction and anthologies, virtual book events, book subscription services, interactive and immersive formats.
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Market Drivers and Trends:
The sales of books through online media is anticipated to drive the fiction books market during the forecast period. The increasing number of active internet users is providing companies with an opportunity to cater to a wide number of customers. For instance, according to the Association of American Publishers, a US-based trade association of the American book publishing industry, for the first time this year, digital book sales in the US in August 2022 increased by 2.7%. Over $90.7 million was generated by e-book sales. The preference of individuals to buy books online is primarily due to the broad choice, cost savings due to offers and discounts, and convenience of buying anytime and from any location. Therefore, online shopping of books is boosting the fiction book market.
Major companies operating in the fiction book market are focused on developing artificial intelligence (AI) to gain a competitive edge in the market. AI-narrated books offer a unique literary experience, blending human creativity with machine precision. For instance, in January 2023, Apple Inc., a US-based technology company, launched a new catalog of books narrated by artificial intelligence (AI) on its Books app. The narrations created using artificial intelligence are characterized as being voiced by a digital entity modeled after a human narrator. This development is anticipated to lower the expenses and intricacies associated with audiobook production for authors and publishers. It holds the potential to bring about substantial changes within the audiobook industry. Presently, AI-driven narrations are accessible for a restricted range of genres, encompassing fiction and romance.
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Major Key Players of the Market:
Penguin Random House LLC, Hachette Livre, HarperCollins Publishers LLC, Macmillan Publishers, Simon & Schuster Inc., Turner Publishing Company, Chronicle Books LLC, Coffee House Press Inc., Scholastic Corporation, Bloomsbury Publishing plc, Egmont Group, Candlewick Press Inc., Nosy Crow Ltd., Chicken House Ltd., Usborne Publishing Ltd., Walker Books Ltd., Abrams Books Inc., Sourcebooks Inc., Harlequin Enterprises Limited, Kensington Publishing Corp., Entangled Publishing LLC, Bold Strokes Books Inc., Bella Books Inc., Dreamspinner Press LLC, Carina Press, Riptide Publishing, Less Than Three Press LLC, Little Brown and Company, Tor Books, Orbit, Ace Books, DAW Books, Baen Books, Angry Robot, Night Shade Books, Pyr, Subterranean Press LLC
Fiction Books Market 2024 Key Insights:
• The fiction books market size is expected to see steady growth in the next few years. It will grow to $12.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%.
• Online Sales Boost Fiction Books Market
• Increasing Focus On Introducing Artificial Intelligence (AI) To Gain A Competitive Edge
• Asia-Pacific was the largest region in the fiction books market in 2023
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