Online Book service is a type of solution which provides easy navigation to the different kinds of books, dictionaries, appendices, character summaries, and many more which help in finding out information quickly and making reading easier. As the prices of e-textbooks are decreasing, students typically buying access to the content (e-books) rather than getting it in the form of textbooks. Due to the growing penetration of digital products such as tablets and smartphones, the demand for online books has also increased. For Instance: In 2010, the number of e-books sold in the U.S. was around 69 million compared to 191 million in 2020, which shows massive growth in the market. The closure of book stores across the globe due to pandemics is driving up the adoption of e-books. Moreover, it also contributes to the environmental benefits as it helps in the reduction of paper consumption which is used for paper books. However, privacy and copyright issues amongst the e-sellers and book writers impede the growth of the market over the forecast period of 2021-2027. Also, the government’s environment protection campaigns to promote tress and gathering information through the online mode for education and research is increasing continuously and likely to increase the market growth during the forecast period.
Global Online Book Service Market is valued at approximately USD 18.4 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.83% over the forecast period 2021-2027 and is estimated to reach USD 27.1 billion by 2027.
The regional analysis of the global Online Book Service Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the significant region across the world in terms of market share owing to the presence of significant companies such as Microsoft and Google & increased disbursements of enterprises in research and development. Whereas, Asia Pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027. Factors such as shifting consumer preference to digital books from printed ones and an increase in penetration of smartphones and tablets would create lucrative growth prospects for the Online Book Service Market across the Asia-Pacific region.
Major market players included in this report are Amazon.com, Inc. (kindle direct publishing), Apple, Inc. (ibookstore), News Corporation (HarperCollins Publishers LLC), Scribd, Inc., Lulu Press, Hachette Book Group (Lagardère SCA), Smashwords Inc, Google(Play), Barnes & Noble, Inc. (nook), and Kobo (writing life).
The detailed segments and sub-segment of the market are explained below:
By Product: Trade, Education, Science, Technology & Medicine (STM)
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