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The library management software market is estimated to grow by USD 390.07 million at a CAGR of 3.23% between 2022 and 2027. The growth of the market depends on several factors, including a rise in demand from APAC, the growing need for these in K-12 schools, and the increase in technological advancements and M&A in the library services and automation market.
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The growing need for library management software in K-12 schools is notably driving the market growth, although factors such as the paucity of skilled professionals may impede the market growth. 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.
Key Market Driver
The growing need for library management software in K-12 schools is notably driving the market growth. Libraries in K-12 schools usually have small collections of select materials. Providing grade-level resources and integrating with the district student management system are the major features provided by these for K-12 schools. For instance, Follet is an Illinois-based company that provides books and study materials for schools. The company has developed these for schools known as Destiny Library Manager. Many K-12 schools and districts use this software for managing their resources. The demand for such software is expected to increase worldwide during the forecast period.
School ERP software plays a vital role in helping librarians manage their tasks. It helps them maintain the data on the books that are issued to students and those that are available in the library. It aids in records management in terms of the date of issue, return date, complete book catalogues, and calculation of fines (for lost books or late returns). Students also benefit from the software through notifications about book fairs and other events organized by libraries while also being able to track the status of their books. These features help in reducing the cost.
Key Market Trend
The evolution of digital newspapers and magazines is the primary trend driving the market growth. Several private and public libraries have started providing digital newspapers and magazine content, along with popular books and research papers.
For instance, the San Francisco Public Library is one of the earliest adopters of the e-news center at its key branch, and it has expanded the center to the North Beach and Chinatown areas of the city. This enables users to read newspapers and digital magazines on their Apple iPad. This development (digitalization) requires a high level of automation to manage large volumes of digital content at libraries so that the same content can be accessed at the same time by several users. Such advances will positively influence the growth of the market during the forecast period.
Key Market Challenge
The paucity of skilled professionals is the major challenge impeding the market growth. Librarians are often not well-versed in library automation processes or database management systems. This challenge is more prevalent in underdeveloped countries and emerging economies. Proper training and knowledge about computing and cloud computing are essential to resolve these issues. Such concerns do not have a significant impact in developed regions like the US, Canada, Germany, France, and the UK.
Employees with no skills in cloud computing and library automation systems find it difficult to operate. Library employees in developing countries face limitations about financial resources and try to develop in-house that is based on open-source tools. The lack of knowledge about the automation process often leads to a communication gap between programmers and librarians. In most cases, the final output will not be the exact output that is expected by librarians and other library employees. This will adversely impact market growth.
Key Market Customer Landscape
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 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.
Soutron Global Inc. - The company offers web-based library management software, which offers self-service functionalities and encourages collaborations and the capture of feedback and comments. Additionally, the company offers products for library management, archive management, and records management for corporate and government organizations, membership organizations, and healthcare industries.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
A 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 cloud-based segment will be significant during the forecast period. Cloud-based applications are more accessible and easier to use as they only require a web browser and an Internet connection. End-users can make regular payments instead of a huge one-time investment for these. These periodic expenses are primarily for maintenance and upgrades of the software. The growing adoption of cloud-based solutions can be attributed to the extensive use of the Internet. The advantages of cloud-based services include scalability, reduced costs, and easy upgrades compared with traditional on-premises procedures.
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The cloud-based segment showed a gradual increase in market share with USD 1,637.72 million in 2017 and will continue to grow by 2021. End-users opt for this mainly due to the frequent updates and shorter implementation time associated with this deployment type. These also provides instant real-time information from all business units of a company across the world.
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North America is projected to contribute 35% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is expected to grow during the forecast period as countries such as the US and Canada are among the most technologically advanced countries and pioneers in the adoption of these platforms globally. With the US being one of the global leaders in digital technology, the country records a high penetration of Internet-enabled digital devices. The education system in the US follows an example-oriented learning approach, with the high adoption of digital content courses as a supplement to primary learning in educational institutions. Such an approach is expected to enhance the demand for these during the forecast period.
The 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. The market has been segmented by deployment, end-user, and region.
The market is evolving rapidly, driven by the need for efficient library functions and management. This market caters to various sectors, including universities, non-academic institutions, and private libraries, offering solutions for bills, item orders, and patron management.
Recent product developments focus on enhancing library management solutions to provide mobile access and integrate library-linked content while ensuring data security. Open-source library management software is gaining popularity, offering cost-effective solutions for libraries of all sizes.
The market presents lucrative growth opportunities, with the global library management software market expanding rapidly. Key features such as barcode generation and transaction management are essential for efficient library operations in academic & education institutions. The market is segmented by medium and region, with the LAMEA region showing significant growth potential. Key players in the market are focusing on innovation and expanding their product offerings to meet the diverse needs of libraries worldwide.
Library Management Software Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.23% |
Market growth 2023-2027 |
USD 390.07 million |
Market structure |
Fragmented |
YoY growth (%) |
1.31 |
Regional analysis |
North America, APAC, Europe, the Middle East and Africa, and South America |
Performing market contribution |
North America at 35% |
Key countries |
US, Canada, China, UK, and Russia |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AmpleTrails, Awapal Solutions Pvt. Ltd., Axiell Group, Civica UK Ltd., Clarivate PLC, CodeAchi Technologies Pvt. Ltd., CR2 Technologies Ltd., Gayatri Software Services Pvt. Ltd., ICV Partners LLC, Insignia Software, Libero Systems Pty Ltd., Library Resource Management Systems Inc., LibraryWorld Inc., Mastersoft ERP Solutions Pvt. ltd., Media Flex Inc., PowerSchool Holdings Inc., PrimaSoft PC Inc., Progressive Technology Federal Systems Inc., Soutron Global Inc., and Tech Receptives. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 market 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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