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Strong Growth Ahead: Libraries And Archives Market Size To Grow At Arecord 5.3% Cagr By 2029
Libraries And Archives
What Is the Projected Growth of the Libraries And Archives Market?
The market size of libraries and archives has seen robust growth in recent times and is projected to increase from $83.78 billion in 2024 to $89.01 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The expansion during the historical period is a result of the demand from educational and academic sectors, conservation of culture, public availability of information, government backing and involvement, as well as community interaction.
The market size for libraries and archives is predicted to experience robust expansion in the forthcoming years, with an anticipated value of $109.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.3%. The projected growth during this period can be linked to factors such as digital transformation and the rise of e-libraries, services centered around the community, initiatives promoting lifelong learning, data control and information governance, and the heightened significance of archives. Noteworthy trends expected during the forecast period encompass the curation of diverse content, involvement with the community, sustainable methods, preservation of digital assets, and user-focused design.
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What Are the Emerging Segments Within the Libraries And Archives Market?
The libraries and archives market covered in this report is segmented -
1) By Type: Libraries, Archives
2) By Deployment: On-Premise, Cloud-Based
3) By Size: Small, Medium, Large
4) By Application: Public, Commercial
5) By End-User: Higher Education Institutes, Pre-K, K-12
Subsegments:
1) By Libraries: Public Libraries, Academic Libraries, Special Libraries, School Libraries
2) By Archives: National Archives, State And Local Archives, Corporate Archives, Digital Archives
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What Long-Term Drivers Are Shaping Libraries And Archives Market Trends?
The libraries and archives market's expansion is expected to be fueled by the rising number of people using library resources to meet their information needs. This group of library users encompasses students, instructors, academics, researchers, and business professionals. Libraries and archives primarily aim to gather, manage, protect, and offer information to these users while preserving history and maintaining truth. As detailed by the Statistical Office in Poland, a government agency, there were 7,638 public libraries and branches, including 875 catered for children and youth, and 805 service points as of the end of 2022. These facilities were home to 124.4 million volumes, and were frequented by 5.1 million users. Hence, the expanding populace of library users is stimulating the growth of the libraries and archives market.
Who Are the Top Competitors in Key Libraries And Archives Market Segments?
Major companies operating in the libraries and archives market include The Library of Congress, New York Public Library, National Archives of Australia, German National Library, British Library, Bodleian Library, Vatican Apostolic Library, Library of Saint Mark, Boston Public Library, Thomas Fisher Rare Book Library, Seattle Central Library, Abbey Library of Saint Gall, Austrian National Library, National Library of Sweden, Library of the Benedictine Monastery, Royal Danish Library, Civica Group Ltd., Innovative Interfaces Inc., SirsiDynix, National Archives and Records Administration, Smithsonian Institution Libraries, Bibliothèque nationale de France, Library and Archives Canada, National Library of China, National Library of Russia, National Library of Spain, National Library of Australia, National Library of Brazil, National Library of India, Harvard University Library, Oxford University Libraries
What Libraries And Archives Market Trends Are Gaining Traction Across Different Segments?
The trend of technological advancements is becoming increasingly prevalent in the libraries and archives market. Many leading companies in this industry are focusing on creating novel solutions to reinforce their market standing. For example, in January 2023, Choice, a publication unit of the American Library Association, based in the USA, introduced its latest offering - LibTech Insights, a fresh content channel devoted to library technology. LibTech Insights delves into how library and educational technology impacts academic librarians, faculty members, research personnel, administrators, and students on a day-to-day basis. It offers a range of features like blog articles, webinars, podcasts, and different types of content. Besides, it offers realistic instruction and guidance regarding the use and implementation of library technology.
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Which Regions Are Becoming Hubs for Libraries And Archives Market Innovation?
North America was the largest region in the libraries and archives market in 2024. The regions covered in the libraries and archives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Libraries And Archives Market?
2. What is the CAGR expected in the Libraries And Archives Market?
3. What Are the Key Innovations Transforming the Libraries And Archives Industry?
4. Which Region Is Leading the Libraries And Archives Market?
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