The global E-book market is set to reach USD 29.43 billion by 2024, primarily driven by the advancement in technology, rising population of educated youth, increasing smartphone penetration across the globe, government policies promoting smart education, free accessibility and e-book reader applications. Moreover, the availability of an online translation of e-book in various local languages is anticipated to drive the market over the forecast period.
Asia Pacific is anticipated to witness the fastest growth over the forecast period on account of rising adoption of smartphones and other digital reading platforms such as Adobe eBook platform and Kindle. India and China have a large number of educational institutes than any other country in the region. These educational institutes are preferring e-books over the conventional books to reduce the space as well minimize the cost attached to with paper books.
Over 60% of the books sold in this region are educational owing to the higher number of educational institutes. Preference of digitalization, especially journals in STM (Science, Technology and Medicine), to access a larger volume of data seamlessly is expected to propel growth. This factor is expected to drive the growth of the nonfiction & education segment, resulting in 28.4% contribution to the overall market by 2024.
Fictional books contributed to the largest revenue share in 2016. The demand for the genre has been increasing on account of consumer preference for leisure reading, and the segment is expected to grow at a 7.8% CAGR over the forecast period.
The industry has been characterized by the presence of big companies that have been operating in the market for a substantial period including Amazon, Hachette, Harper Collins, Penguin Random House and Kensington Publishing. These companies have been focusing on marketing strategies on expanding the reach of the market to consumers located in urban as well as rural areas. These companies are also expanding their user base within cities.
For instance, Kindle Unlimited is a new feature launched by the firm which gives users access to the thousands of audiobooks and e-books every month. This app also has a library management feature which helps readers to organize e-books without any difficulties. The popularity of digitization and accessibility is expected to grow in tandem with the development of digital books industry.
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