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The Europe - audiobook market size is estimated to grow at a CAGR of 20.37% between 2022 and 2027. The market size is forecasted to increase by USD 1,862.49 million. The growth of the market depends on several factors, including the benefits and reader engagement of audiobooks, the rising adoption of online local language translation modules in audiobooks, and the proliferation of smart devices and applications.
This report extensively covers market segmentation by age group (adults and kids) and genre (non-fiction and fiction). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising adoption of online local language translation modules in audiobooks is the key factor notably driving market growth. Localizing content and online translation into local languages ??in the Europe - audiobook market is becoming increasingly important as countries around the world have multiple local languages. Consumers in the region prefer to buy audiobooks that they can relate to and understand. Thanks to that, audiobooks are increasingly being translated into popular languages ??around the world besides English.
Moreover, publishers see online translation of audiobooks into various local languages ??as an added benefit to their business. This will not only improve the accessibility and distribution of books among end users but also help them reduce costs and improve content portability. Therefore, audiobook localization is expected to drive the growth of the market during the forecast period.
The growing popularity of online education and digital literacy is a key trend shaping the growth of the market. Quick digitization and the growing availability of mobile devices, such as tablets and smartphones, have increased the growth of online education. These devices can help educators provide high-quality education to students. Therefore, educators are relying on a blend of face-to-face and online instruction. As a result, some universities and colleges have begun to offer e-learning programs that include audiobooks.
Moreover, homeschooling is becoming popular in various parts of the globe, as this learning method is flexible, affordable, and adaptable. Students can use online learning methods to access daily lectures and submit assignments. They can also participate in live web classes, join interactive discussions, read audiobooks, and connect with their teachers. Therefore, the increasing demand for online education is anticipated to propel the growth of the market during the forecast period.
The inefficient management of audiobook content is a challenge that affects the growth of the market. Digitization contains the customization of products and services that necessitate the undertaking of data and content analytics. Nevertheless, most publishers have obsolete data and content management systems. Audiobook publishers have to manage various product portfolios, including online platforms, mobile applications, learning objects, digital content, and other features.
In addition, audiobook publishers require customer relationship management (CRM) systems to market complex digital content. This helps in developing long-lasting direct-to-consumer relationships and gathering unique customer insights. However, inefficient management of audiobook content is expected to impede the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Europe Audiobook Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the adult segment will be significant during the forecast period. Customer audiobooks include adult fiction and other fiction genres and are mainly purchased by particular end-users. The need for fiction books is rising due to the evolving reading patterns of individuals and leisure reading. Young adult literature has gained considerable popularity among readers over the last few years.
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The adult segment was valued at USD 387.53 million in 2017. European countries such as Germany, Italy, the Netherlands, and Belgium, are primarily from the sales of fiction audiobooks. Commercial fiction pertains to books from genres such as science fiction, thriller, romantic, teen fiction, and young adults' books. The demand for fiction audiobooks is anticipated to boost audiobook sales in the region during the forecast period. These factors will drive the adult segment's growth during the forecast period.
The research report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Audiobook Market Scope in Europe |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.37% |
Market growth 2023-2027 |
USD 1,862.49 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
18.35 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., Awesound Inc., Barnes and Noble Booksellers Inc., Bertelsmann SE and Co. KGaA, Blackstone Audio Inc., Lulu Press Inc., News Corp., Nextory AB, Podium Publishing ULC, Rakuten Group Inc., RBmedia, Realm of Possibility Inc., Scribd Inc., Storytel AB, Strathmore Publishing and the Strathmore Studios, Ulverscroft Ltd., Vivendi SE, and W.F. Howes Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Age Group
7 Market Segmentation by Genre
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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