E-book Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

E-book Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• Technical development and sophistication of reading devices that provide a similar experience to reading an actual book are the key factors driving the global e-book market. The rising adoption of smartphones and multilingual features of e-books is an advantage that is expected to drive the global demand for e-books.
• The easy access for a wide range of e-book libraries through an application or online services is being consumed over the internet, thus emerging as low-cost alternatives to the traditional delivery method. Services available for these e-books, such as e-lending, have also supported the adoption of e-book across the world.
• Furthermore, the environmental protection campaigns from governments across the globe, especially for saving trees to reduce the use of paper, also increases the demand for e-books.
• The publishers being subjected to IP infringement cases by content providers is restraining the growth of the market. For instance, in June 2020, four major book publishers filed suits against the Internet Archive, owing to copyright violations relating to their open library project. Various publishers such as Hachette, Penguin Random House, Wiley, and HarperCollins have filed a suit against Internet Archive.
• An increase in overall reader engagement was observed with people across the world being locked down in their homes, switching to e-books for entertainment. As the physical books became sidelined initially due to closed bookstores and shipping delays from online retailers, eBook sales surged as readers turned to convenient and immediate delivery.

Key Market TrendsIncreased Use of Electronic Devices

• The rise in the number of portable readable devices such as smartphones and tablets is anticipated to be the primary growth factor for the global e-book market. Consumers prefer e-books over books due to the fragility of books to wear and tear the need for adequate care, and high cost.
• The digitization of books and their accessibility over the internet is expected to create an innovative environment to offer a real-time experience for readers. Furthermore, the conversion of comic books into digital materials by popular publishers such as Marvel and DC is also expected to allow people to explore e-reading. The American Library Association (ALA) had announced that every book of their rooster would be made available in a digital format at the latest to reduce wastage.
• The increasing influence of technology coupled with the inclination toward digitization by a substantial populace, mostly among the millennial and generation Z category, may positively influence the growth of the e-book market.
• Systems such as digital education and immersive learning are also expected to drive the market's growth. The introduction of the latest hardware, software, and educational content is expected to create an immersive environment to provide readers with a real-time experience.
• This also acts as a low-cost alternative to the traditional distribution method and enables easy access to a wide variety of e-book libraries through applications or services. In addition, the resources available for the e-books, such as lending electronically, have also increased the growth of the e-book market.

North America Dominates the Market

• Ebooks in North America came early as a natural and permanent choice over printed books for consumers when they want speedy access and portability. Publishers have also rapidly responded to consumers' fast-growing acceptance of new reading devices by constantly redefining and expanding new concepts of books.
• Ebooks in North America had become a normal and permanent option over printed books for customers when they needed easy access and portability. Consumers' have shown a good rate of acceptance of new reading technologies by continuously expanding.
• There is also an increase in ownership of tablet computers and ebook reading devices, such as the original Kindles, during the gift-giving season. And the improving content mobility has led to cost-cutting by better accessibility and distribution of books in wider target end-users.

Competitive Landscape

The e-book market is fragmented with many independent authors and publishers, while certain players account for a majority share in the market. Amazon's KDP and Apple's iBooks Author, among others, hold a dominant share in the e-books market. Key players in the market adopt strategies such as joint ventures and partnerships with small and regional publishers to gain higher market shares.

• June 2020 - Amazon offered two free months of Kindle Unlimited when someone signed up for the service. Kindle Unlimited is Amazon's subscription service with a collection of more than one million books, as well as select magazines such as Time and National Geographic and Audible narration on select titles.
• May 2020 - Katha, an Indian organization producing children's books since 1988, partnered with Kindle and made its 15 books available on the digital platform. Using engaging visuals and imaginative narrations, Katha's children's books offer ways of exploring similarities and differences existing in the world.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Amazon.com Inc.
Rakuten Kobo Inc.
Apple Inc.
Barnes and Noble LLC
Smashwords Inc.
Blurb Inc.
BookBaby (DIY Media Group Inc.)
Lulu Press Inc.
Macmillan Publishers Ltd
Scribd Inc.

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