Picture Credit: The Conversation website
We all like to kick back and relax at the end of a hard day with a good book. With the technological developments in the past decade, e-books are becoming more and more popular among readers. The market is expected to show a significant growth within the next decade or so.
E-books are now considered to be the new “reader’s best friend”. With the decline of sales of printed books, it is evident that readers are slowly moving on from traditional books. E-books are generally the more convenient and cost-friendly option. Its fairly understandable, since it is much more convenient and practical to have your books on an electronic device, than to lug around books with you. New and increasingly growing content, E-reader devices and the pricing competition among the various suppliers all fuel the rapid growth of the e-book market.
The most significant contributor to the growth seen in the market are the fiction genres. The demand for fiction e-books is steadily growing with the reader tastes and preferences. These e-books make up the majority of the revenues from sales across Europe (for example; countries like Germany, Netherlands, Italy, and Belgium). Although, e-books aren’t only used for entertainment purposes; the pandemic resulted in the adoption of e-books in the classroom. E-books used in the education sector has since increased, and e-books and reference materials are now being distributed online by instructors.
Picture Credit: Digital Product Incubator website
The e-book market is anticipated to increase by $6.93 billion, and is expected to expand by a potential 6.93 billion dollars between 2020 and 2025. Because there are so many well-known publishers and new startups that provide creative solutions, the global e-book market is extremely competitive. Sellers in the market are using strategies to spur on the growth; various payment methods such as, pay-as-you-go, and premium methods. The leading region in the market, with the highest usage and demand for e-books is considered to be North America (mostly US and Canada). The growth associated with this region is due to a number of conditions which benefit the market; such as, lower costs, better availability, and more student engagement through interactive content.
The future seems bright for the e-book market; with the latest interactive technologies coming into play. Augmented reality (AR), verbal interaction, and gaming are being incorporated into e-books. These features, along with the plots and illustrations which are currently present in e-books, will drive the market growth further, and attract more and more consumers.
The localization of content and online local language translations are also becoming a driving factor in the market. This will not only increase the distribution and accessibility of books to a wider audience of end users, but it will also assist them in lowering expenses and enhancing content mobility. By having content in a familiar language, more readers will be encouraged to use e-books, the global e-reader market had reached US$ 396.5 Million by 2021, and is expected to reach US$ 204.7 Million by 2027.
September 12th 2022 | 8:30 PM