The global books market is expected to reach USD 124.2 billion by 2025, according to a new report by Grand View Research, Inc. The increasing consumer spending supported by increasing income is expected to boost market growth. Furthermore, increasing innovation in the market, which is anticipated to enhance the reading experience is expected to boost the demand over the forecast period.
Small, independent publishing houses are taking advantage of technological advancement and are printing books on demand. Companies such as IngramSpark and Kindle Direct Publishing are two such companies. These companies use small presses. Companies can also use technological innovation to enhance the reading experience for the consumer. For instance, J.K Rowling's Pottermore, makes reading the book an entire visual experience and also involves the readers in the activities.
This industry based on product type is bifurcated into trade books and other books. Most of the genres such as fiction, non-fiction, literature, young children are covered under this segment. The buying decision in case of this segment is with the consumer.
The other books segment includes educational publications. Additionally, majority of the buying decision in this segment is made by government authorities or school administrators. The students now also have the option of renting textbooks, instead of buying them, which can restrain the growth of this industry
The trade book segment dominates the industry in 2016, owning to increased consumer spending and increase in digital publishing options.
North America is estimated to dominate the industry in 2016, owing to increasing employment rates, which in turn increases consumer spending.
Some of the key players in books market are Pearson, McGraw-Hill Publications, Penguin Random House, Hachette Livre, Thomas Reuters, Elsiever, HarperCollins, Bloomsbury, and Scholastic. Collaborations, service portfolio expansion and merger & acquisitions are key strategic undertakings by these players.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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