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The audiobooks market size is estimated to grow at a CAGR of 25.32% between 2022 and 2027. The market size is forecast to increase by USD 10,910.21 million. The growth of the market depends on several factors such as the proliferation of smart devices and applications, the rising adoption of online language translation modules in audiobooks, and the integration of artificial intelligence with audiobooks.
This audiobooks market report extensively covers market segmentation by channel (one-time download and subscription-based), type (fiction and non-fiction), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 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 proliferation of smart devices and applications is driving growth in the audiobooks market. With the extensive use of technology and digitization, mobile devices such as smartphones and tablets are becoming more popular all over the world. The high adoption of mobile devices enables learners to access audiobooks at their convenience. Learners can access audiobooks from any location using mobile devices.
Moreover, the Internet penetration rate is on the rise across the world, and professionals and educators are extensively shifting to audiobook modules. Audiobooks are offered by a number of educational service providers in the global education services market, compatible with mobile phones. The proliferation of smart devices and applications is expected to drive the growth of the global audiobooks market during the forecast period.
The increasing use of voice assistants and smart speakers to listen to audiobooks is a key trend in the audiobooks market trend. Thanks to the increasing popularity of audiobooks, there has been a rise in the adoption of voice assistants and smart speakers. The accessibility and ease of these gadgets, which allow users to appeal to their preferred book and have it read to them without having to physically hold a book or search through a digital library, are driving the adoption of voice assistants and smart speakers.
Additionally, the popularity of audiobooks is growing as more people use this format to listen to books while multitasking or on their daily commutes. The market is being driven by increased investment and innovation due to the growing demand for audiobook material. Moreover, it is expected that more people will start using voice subordinates and smart speakers to listen to audiobooks, which is expected to boost the growth of the global audiobooks market during the forecast period.
The increasing threat from open-source content is a major challenge in the audiobook market. Due to advances in technology and low barriers to market entry, several existing providers of open-source content and audiobooks are now beginning to offer them. These vendors offer audiobooks and open-source content at low prices and free of cost at times, and the continuous growth of digital infrastructure has allowed players to offer audiobooks for free.
Moreover, open educational repositories are leveraging the availability of content on a subscription basis, which is expensive for many prospective audiobook users. Therefore, the market in question is under threat from free content sources that are gaining popularity among users. It is expected to negatively affect the growth of the audiobooks market during the forecast period.
The market research 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.
Global Audiobooks 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.
Alphabet Inc. - The company offers audiobooks under the subsidiary of Google LCC.
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 one-time download segment is estimated to witness significant growth during the forecast period. Books in the digital format have been quite prevalent, with audiobooks becoming popular across the world. Adult consumers and professionals have been the initial target of Audiobooks.
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The one-time download segment was the largest segment and was valued at USD 1,133.31 million in 2017. With the introduction of modern interactive technologies, such as smart speakers, they seem to gain in popularity amongst a variety of age groups. The demand for interactive audiobooks is expected to continue to rise, which is expected to drive the growth of the one-time download segment and, in turn, the market in focus during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America consists of early adopters of audiobooks and holds the largest share in 2022. The region is home to several key vendors, including Apple and Rakuten Group. The US and Canada are major contributors to the growth of the audiobooks market in North America.
Moreover, several institutions are adopting the bring-your-own-device (BYOD) policy in the US, which enables students to learn digital literacy while decreasing the amount of money being disbursed by institutions. The region has the presence of key vendors such as Apple, Downpour, Barnes and Noble Booksellers, Amazon, Alphabet, Rbmedia, and Scribd. Such factors will drive the growth of the regional market in focus during the forecast period.
The outbreak of COVID-19 in 2020 positively impacted the growth of the audiobooks market in North America. However, the relaxation of lockdowns in the second half of 2020 due to the initiation of vaccination drives led to the reopening of educational institutions and bookstores, but due to technical development and the increasing sophistication of reading equipment, which gives readers an equal experience when they read real books, demand for audiobooks is on the rise. These factors are expected to boost the growth of the audiobooks market in North America during the forecast period.
The audiobooks market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Audiobooks Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.32% |
Market growth 2023-2027 |
USD 10,910.21 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
24.0 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., Barnes and Noble Booksellers Inc., Bonnier, BookLender.com, DOWNPOUR, KUKU FM, Libro.fm SPC., Midwest Tape LLC, Open Culture LLC., Pubmark Inc., RBmedia, Scribd Inc., Spotify Technology SA, Storynory Ltd., Storytel AB, W.F. Howes Ltd., Rakuten Group Inc., and LMBPN Publishings |
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 Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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