The global online book services market size is expected to reach US$23.8 billion by 2026, rising at a 6.2% compound annual growth rate during the forecast period, according to Research and Markets.
The increasing adoption of e-book readers is considered as the major factor that is driving the demand for e-books, adds the research group. What’s more, the government’s environment protection campaigns all across the world to promote saving trees. For this, there’s a need to lessen the use of paper, so there’s an increase in the demand for e-books.
What’s rmore, the trend is continuously increasing for gathering information online for educational and research purposes is in turn rising the growth of the e-books market. Since books are fragile and it needs adequate care to protect them from wear and tear, in addition to it their high cost is further refuting the demand for books.
Research and Market says there are remarkable growth opportunities in countries where customers able to read in both English and their mother tongue. Due to this, there is a positive impact on the bulk sales of the e-books depending on the geography. However, the latent threat of piracy is one of the main challenges for the e-book market growth.
The outbreak of COVID-19 and global pandemic has resulted in the closure of most bookstores across the world thereby driving up eBook adoption, says Research and Markets. According to the Good e-Reader’s blog, more than two million new users got registered with Kobo in May 2020, during the pandemic. Furthermore, the e-reader form of a book is cheaper than a hardcover. At the same time many online book providers are giving huge discounts on e-books and this is attracting first time buyers. Additionally, an online book is contributing to the decrease consumption of paper used for printing paper books so e-books are eco-friendly in nature.
Research and Markets says the downloading of online books is an easy process and these books can be stored on the device. It’s expected to boost the growth of the online book market over the forecast period.