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The e-textbook rental market size is forecast to increase by USD 924.7 million and is estimated to grow at a CAGR of 27.11% between 2023 and 2028. Market growth relies on multiple factors, including a cost-effective pricing model, the escalating trend of publishers embracing digital platforms, and the burgeoning availability of online comparison sites. As consumers increasingly turn to digital channels for accessing content, publishers are compelled to adapt, driving growth in the digital publishing sector. The rise of online comparison sites further amplifies market expansion by providing consumers with easy access to product information and competitive pricing. This convergence of factors underscores the market's dynamic evolution, with cost-effective pricing, digital adoption, and online comparison platforms playing pivotal roles in shaping its trajectory.
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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.
Alibris - The company offers thousands of titles with free return shipping and a worry-free guarantee on rentals. Also, the company sells new and used books, music, and movies.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. The concept of renting curriculum-based e-textbooks by learners connecting through digital platforms is not only convenient but also enables adaptive and personalized learning. This allows students to set their own pace of learning. E-textbook rental start-up companies in the US are flourishing, given the penetration of mobile devices and smartphones among the end-user segments in the region. Even schools and educational institutions are promoting the use of tablets and iPads in modern classrooms. This is because these devices can support the incorporation of blended learning, which is an amalgamation of classroom sessions and practical learning through digital reference materials from rental e-textbooks. This, in turn, is leading to the rapid growth of the market in the region. Despite the high deployment rate of e-textbook rentals in the academic segment, the demand for this service is also expected to grow at a steady rate in the consumer segment. Public libraries in the region are also getting equipped with e-textbooks of different genres, and they are made available on a rental basis. Even established publishers, including McGraw-Hill Education and Pearson, are engaging with e-textbook rental service providers to reach out to a wider audience and make the purchase of e-textbooks easy and affordable for students and individual buyers. Hence, such factors are driving the market growth in North America during the forecast period.
The market share growth by the academic segment will be significant during the forecast period. The global market by the academic segment is expected to witness continuous growth during the forecast period. This is owing to the increasing popularity of e-textbooks in K-12 schools, the higher education segment, and other educational institutions. This, in turn, is because of the cost reduction book purchase for respective academic calendars and semesters.
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The academic segment was valued at USD 107.40 million in 2018 and continued to grow by 2022. With continuous developments in school infrastructure, school desktop computers and student-owned tablets are a few of the most favored platforms used for reading e-textbooks. Many schools and educational institutions prefer the subscription payment model to buy licensed e-textbooks. This is because schools wish to pay only for the months during which they are operational. The rising demand for converting conventional libraries in modern educational systems to digital libraries has increased the penetration of digital textbooks in institutions. Schools are modifying their libraries as stand-alone modern libraries. These libraries allow students to check out e-textbook titles and download them on their mobile devices through the school system website. These websites are secured with passwords.All the above factors will contribute to the steady growth of the market by the academic segment during the forecast period.
E-passports, equipped with electronic chips, represent the evolution of traditional paper technology in the realm of travel documents. These innovative passports feature the holder's name and characteristic information stored digitally on a smart chip. Passenger data, including biometric information, is securely encrypted and transmitted through airport infrastructure during immigration processes. The unique identification number linked to the digital signature ensures the authenticity and security of the document. The implementation of e-passports signifies a significant shift towards digital solutions in international travel. Airports and international borders are increasingly adopting electronic technology to streamline processes and enhance security. Digitization of travel documents, such as e-passports, reduces manpower requirements and processing time. However, it is crucial to address concerns related to data theft and outsourcing to private players in this domain. Our researchers analyzed the data with 2023 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 cost-effective pricing model is the key factor driving the global market growth. The cost-effective pricing model of the e-textbook rental concept is one of the key drivers of market growth. Many students across the globe shell out a significant portion of their money to buy books that are curriculum-specific and will be limited to a certain term or semester. This is resulting in an increasing number of companies converting their conventional textbook curriculum into digital versions in the form of e-textbooks. Students are increasingly renting these e-textbooks instead of buying them online.
Moreover, E-textbook rental service providers, including Chegg, BookRenter, and eFollett, are helping students with rental e-textbook services to make it simpler for students to take a rental subscription. This, in turn, is leading to the growth of the market. The affordability and convenience of renting e-textbooks are expected to contribute to market growth significantly during the forecast period.
The rising integration of software with digital textbooks is the primary trend in the global market. Many vendors are trying to make digital textbooks convenient and useful for learners by providing additional features for them. A few of the vendors provide software with traditional textbooks. However, e-textbooks allow students to highlight and take notes in addition to allowing them to engage in social learning. A digital publisher, Inkling, announced and added a social aspect to e-textbooks that allow students to review and rate books. It also allows them to share information and notes with other peers in classrooms.
A few other software are being integrated into digital e-textbooks to make them user-friendly and effective through videos, 3-D images, and built-in tests. Such initiatives by market vendors should boost the growth of the global market during the forecast period.
The increasing threat from open-source content is a major challenge to the global market growth. With considerable advances in the technological domain and low barriers to market entry, many niche players and a few established vendors have started offering free online instruction material and resources. This is owing to the need to bring in a balance against the skyrocketing prices involved in buying books and other expenses in the modern education system. These players offer information and e-textbooks at considerably low prices, and at times, the offerings are free.
Moreover, the information available in open sources is often available for scientific and technical publishing, and a wide range of journals are available on the Internet free of cost. As a result, consumers barely subscribe to paid journals. Apart from the availability of free online content, many consumers and individuals are in pursuit of instruction material and content through alternative websites that offer open-source materials at many affordable prices compared with the expensive monthly subscriptions. These factors are posing a significant threat to market growth.
The 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.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
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The Market is propelled by a host of factors, including the advent of e-passports and electronic chips, revolutionizing traditional paper technology. As the demand for digital solutions surges, e-textbook rentals leverage advanced verification technology and digital signatures to combat data duplication and alteration. Enhanced airport infrastructure and wireless communication technologies facilitate seamless cross-border travel, reducing implementation costs and enhancing security measures. The integration of biometric authentication and encryption ensures traveler identity protection, mitigating risks associated with international terrorism and organized crime. Artificial intelligence and machine learning drive biometric passport technology, bolstering identity verification processes. The market landscape depends on E-passport, Electronic chip, Passport's page, Holder's name, Smart chip, Unique identification number, Digital signature, Biometric technology, Digital solutions, Travel document, Electronic technology, Microchip, Personal information, Airports, International borders, Illegal immigration, Processing time, Manpower, Data theft. Augmented reality and blockchain technologies further enhance security and streamline immigration procedures. With advanced verification measures and digital solutions, the Market aligns with the interconnectedness of the world, offering enhanced security and efficiency in border control and passenger experience. The market's evolution underscores a shift towards digitalization in the tourism industry, with e-textbook rentals poised to revolutionize the way travelers access educational materials while ensuring security and convenience.
In the Market, the transition from traditional paper passports to e-passports with electronic chips marks a significant shift in technology. These passports store characteristic information and passenger data, safeguarded by smart chips and digital signatures, mitigating risks of data alteration and identity frauds. Enhanced airport infrastructure and wireless communication technologies facilitate cross-border travel, albeit with considerations of implementation costs. Within the travel industry, especially in leisure and business travel, ensuring traveler identity and border control procedures are critical, amid advancements in facial recognition technology and biometric authentication. The market's evolution reflects a broader digital transformation, with emphasis on anti-fraud measures and cybersecurity. As digital passports streamline border crossings and immigration processes, concerns over identity theft and fraud persist, necessitating robust encryption methods and biometric technologies. The involvement of private players and outsourcing contributes to digitization efforts, enhancing airport infrastructures and international interoperability. Through partnerships with financial institutions like Ally Bank and Fair Square Financial, the market envisions a future where digital solutions and biometric technologies redefine international travel standards, emphasizing security, efficiency, and convenience.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.11% |
Market growth 2024-2028 |
USD 924.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.94 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, UK, China, Germany, and Australia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alibris Inc., Alphabet Inc., Amazon.com Inc., Barnes and Noble Booksellers Inc., BibliU Ltd., BIGGER Words Inc., Bloomsbury Publishing Plc, Bookfinder.com, BookLender.com, Chegg Inc., eCampus.com, Follett Corp., Georg von Holtzbrinck GmbH and Co. KG, John Wiley and Sons Inc., Rakuten Group Inc., Scribd Inc., TextbookRush, and VitalSource Technologies LLC |
Market dynamics |
Parent market analysis, market trends and analysis, market growth analysis, market research and growth, Market forecasting, market growth and trends, market report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Revenue Stream
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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