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Publishing Market by Platform and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 0
  • SKU: IRTNTR46583
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The publishing market share is projected to increase to USD 19.2 billion in 2026 at a CAGR of 1.22%. The report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

The publishing market report also offers information on several market vendors, including Amazon.com Inc., Bertelsmann SE & Co. KGaA, Hachette Book Group Inc., Houghton Mifflin Harcourt Co., McGraw-Hill Education Inc., News Corp., Pearson Plc, RELX Plc, Springer-Verlag GmbH, and Thomson Reuters Corp. among others.

The publishing market research report extensively covers market segmentation by platform (traditional and digital) and geography (North America, Europe, APAC, MEA, and South America).

What will the Publishing Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Publishing Market Size for the Forecast Period and Other Important Statistics

 

Publishing Market: Key Drivers, Trends, and Challenges

The growing impact of e-books is notably driving the publishing market growth, although factors such as low revenue from newspapers and traditional book publishing may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Publishing Market Driver

  • One of the key factors driving the global publishing industry growth is the growing impact of e-books.
  • The use of advanced technologies is restructuring the publishing landscape and reading behavior of readers.
  • The emergence of e-books and the online subscription business model has transformed the approach toward content among publishers.
  • With the emergence of e-books, content publishing has become easier, even for authors who want to opt for self-publishing.
  • In the last few years, e-books have gained immense popularity, which has led to the increased adoption of specialized e-reading devices such as iPads and Kindle.
  • The ease of publishing books in a digital format compared with printing the same will encourage the publishing of e-books and generate more demand for them during the forecast period.

Key Publishing Market Trend

  • The rise in the number of indie and self-published authors is one of the key publishing market trends that is expected to impact the industry positively in the forecast period.
  • By self-publishing, indie authors eliminate the risk of losing their rights and control of their books to traditional publishers.
  • In the traditional book publishing market, authors earned only 15%-20% of their book's cost. However, in self-publishing, the role of the publishing house is completely overruled.
  • The authors earn nearly 60%-80% of their book's listed price as their royalty.
  • The number of indie and self-published authors is on the rise, which will, in turn, increase the number of self-published titles, thereby driving the publishing market during the forecast period.

Key Publishing Market Challenge

  • One of the key challenges to the global industrial industry growth is the low revenue from newspapers and traditional book publishing. 
  • The digital platform provides ample space for advertising, which has reduced its value and the revenue generated from it.
  • The decline in advertising revenue for print newspapers is attributed to the drop in the number of classified advertising.
  • The budget constraints in academic institutes have resulted in a decline in subscription renewals, especially in European countries such as Germany and Italy.
  • The corporate and advertising sectors have also cut down on spending. This has led to a decline in the demand and sales of books and journals.
  • Another threat to traditional publishing is the growing popularity of handheld and lightweight electronic devices such as Kindle and Reader (e-book reader from Sony), which can store a large number of books and display legible text even in low light.

This publishing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Publishing Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the publishing market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Parent Publishing Market Analysis

Technavio categorizes the global publishing market as a part of the global media marketOur research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the publishing market during the forecast period.

Which are the Key Regions for Publishing Market?

For more insights on the Publishing Market share of various regions Request for a FREE sample now!

63% of the market’s growth will originate from APAC during the forecast period. China is the key publishing market for the market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The growing adoption of technology in the education sector of rapidly emerging economies such as India and China will facilitate the publishing market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, publishing marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The publishing sector in the region, like all cultural and creative sectors, has been hit hard by the COVID-19 pandemic and adequate measures are put in place to contain its spreading. The immediate and most visible effect of the situation was the closure of bookshops in many Asian countries for several weeks or months. The COVID-19 outbreak led to a sharp contraction in traditional publishing demand throughout 2020, as people preferred eBooks and digital platforms over physical books to avoid catching viral infections. Nevertheless, with the spike in demand for digital publishing, business operations are expected to resume their previous state by the end of 2021, thereby driving the demand for publishing during the forecast period in the region.

What are the Revenue-generating Platform Segments in the Publishing Market?

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The publishing market share growth by the traditional segment will be significant during the forecast period. Traditional print newspapers are one of the major sources of revenue for news publishers. Newspaper publishers are adopting various business models to gain a competitive advantage in the market. Some of these are described below: 

  • Paid model - In the paid model, revenue is generated from newspaper circulation and advertising. 
  • Marketing model - It refers to performance-based or reach-based revenue.  
  • Classified ad model - This model is dependent on the sales of classified ads, which include help-wanted and real-estate ads, among others.  

This report provides an accurate prediction of the contribution of all the segments to the growth of the publishing market size and actionable market insights on post COVID-19 impact on each segment.

Who are the Major Publishing Market Vendors?

The report analyzes the global media market's competitive landscape and offers information on several market vendors, including:

 

  • Amazon.com Inc.
  • Bertelsmann SE & Co. KGaA
  • Hachette Book Group Inc.
  • Houghton Mifflin Harcourt Co.
  • McGraw-Hill Education Inc.
  • News Corp.
  • Pearson Plc
  • RELX Plc
  • Springer-Verlag GmbH
  • Thomson Reuters Corp.

 

This statistical study of the publishing market encompasses successful business strategies deployed by the key vendors. The publishing market is fragmented and the vendors are deploying growth strategies such as focussing on digital content, app availability, product differentiation, portfolio, and competitive pricing to compete in the market.

Product Insights and News

  • Bertelsmann SE & Co. KGaA - The company comprises adult and children's fiction and nonfiction print, with primarily English- and Spanish-language trade book publishing businesses in more than 20 countries worldwide.
  • Hachette Book Group Inc - The company publishes children's books across all genres and reading levels. From picture books for toddlers to colorful and engaging graphic novels for kids, the company offers a variety of books for all ages.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The publishing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Publishing Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 1.22%

Market growth 2022-2026

$ 19.2 billion

Market structure

Fragmented

YoY growth (%)

1.36

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

APAC at 63%

Key consumer countries

US, China, Canada, UK, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Amazon.com Inc., Bertelsmann SE & Co. KGaA, Hachette Book Group Inc., Houghton Mifflin Harcourt Co., McGraw-Hill Education Inc., News Corp., Pearson Plc, RELX Plc, Springer-Verlag GmbH, and Thomson Reuters Corp.

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, 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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What are the Key Data Covered in this Publishing Market Report?

  • CAGR of the publishing market during the forecast period 2022-2026
  • Detailed information on factors that will drive  publishing market growth during the next five years
  • Precise estimation of the publishing market size and its contribution to the parent publishing market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the piblishing industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of publishing market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Platform
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
  • 3.4 Market outlook: Forecast for 2021-2026
    • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
    • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
  • 4.2 Bargaining power of buyers
    • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers
    • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants
    • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes
    • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Platform

  • 5.1 Market segments
    • Exhibit 24: Chart on Platform - Market share 2021-2026 (%)
    • Exhibit 25: Data Table on Platform - Market share 2021-2026 (%)
  • 5.2 Comparison by Platform
    • Exhibit 26: Chart on Comparison by Platform
    • Exhibit 27: Data Table on Comparison by Platform
  • 5.3 Traditional - Market size and forecast 2021-2026
    • Exhibit 28: Chart on Traditional - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 29: Data Table on Traditional - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 30: Chart on Traditional - Year-over-year growth 2021-2026 (%)
    • Exhibit 31: Data Table on Traditional - Year-over-year growth 2021-2026 (%)
  • 5.4 Digital - Market size and forecast 2021-2026
    • Exhibit 32: Chart on Digital - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 33: Data Table on Digital - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 34: Chart on Digital - Year-over-year growth 2021-2026 (%)
    • Exhibit 35: Data Table on Digital - Year-over-year growth 2021-2026 (%)
  • 5.5 Market opportunity by Platform
    • Exhibit 36: Market opportunity by Platform ($ billion)

6 Customer Landscape

  • 6.1 Customer landscape overview
    • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
    • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
  • 7.2 Geographic comparison
    • Exhibit 40: Chart on Geographic comparison
    • Exhibit 41: Data Table on Geographic comparison
  • 7.3 North America - Market size and forecast 2021-2026
    • Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
    • Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)
  • 7.4 Europe - Market size and forecast 2021-2026
    • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
  • 7.5 APAC - Market size and forecast 2021-2026
    • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
  • 7.6 Middle East and Africa - Market size and forecast 2021-2026
    • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
  • 7.7 South America - Market size and forecast 2021-2026
    • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
    • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
  • 7.8 US - Market size and forecast 2021-2026
    • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
    • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
  • 7.9 China - Market size and forecast 2021-2026
    • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
    • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
  • 7.10 Canada - Market size and forecast 2021-2026
    • Exhibit 70: Chart on Canada - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 71: Data Table on Canada - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 72: Chart on Canada - Year-over-year growth 2021-2026 (%)
    • Exhibit 73: Data Table on Canada - Year-over-year growth 2021-2026 (%)
  • 7.11 UK - Market size and forecast 2021-2026
    • Exhibit 74: Chart on UK - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 75: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 76: Chart on UK - Year-over-year growth 2021-2026 (%)
    • Exhibit 77: Data Table on UK - Year-over-year growth 2021-2026 (%)
  • 7.12 Germany - Market size and forecast 2021-2026
    • Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
    • Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)
  • 7.13 Market opportunity by geography
    • Exhibit 82: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
  • 8.3 Impact of drivers and challenges
    • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Vendor landscape
    • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
  • 9.3 Landscape disruption
    • Exhibit 85: Overview on factors of disruption
  • 9.4 Industry risks
    • Exhibit 86: Impact of key risks on business

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 87: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 88: Matrix on vendor position and classification
  • 10.3 Bertelsmann SE and Co. KGaA
    • Exhibit 89: Bertelsmann SE and Co. KGaA - Overview
    • Exhibit 90: Bertelsmann SE and Co. KGaA - Business segments
    • Exhibit 91: Bertelsmann SE and Co. KGaA - Key news
    • Exhibit 92: Bertelsmann SE and Co. KGaA - Key offerings
    • Exhibit 93: Bertelsmann SE and Co. KGaA - Segment focus
  • 10.4 Georg von Holtzbrinck GmbH and Co. KG
    • Exhibit 94: Georg von Holtzbrinck GmbH and Co. KG - Overview
    • Exhibit 95: Georg von Holtzbrinck GmbH and Co. KG - Product / Service
    • Exhibit 96: Georg von Holtzbrinck GmbH and Co. KG - Key offerings
  • 10.5 Hachette Livre
    • Exhibit 97: Hachette Livre - Overview
    • Exhibit 98: Hachette Livre - Product / Service
    • Exhibit 99: Hachette Livre - Key news
    • Exhibit 100: Hachette Livre - Key offerings
  • 10.6 McGraw Hill Education Inc.
    • Exhibit 101: McGraw Hill Education Inc. - Overview
    • Exhibit 102: McGraw Hill Education Inc. - Business segments
    • Exhibit 103: McGraw Hill Education Inc. - Key offerings
    • Exhibit 104: McGraw Hill Education Inc. - Segment focus
  • 10.7 News Corp.
    • Exhibit 105: News Corp. - Overview
    • Exhibit 106: News Corp. - Business segments
    • Exhibit 107: News Corp. - Key offerings
    • Exhibit 108: News Corp. - Segment focus
  • 10.8 Pearson Plc
    • Exhibit 109: Pearson Plc - Overview
    • Exhibit 110: Pearson Plc - Business segments
    • Exhibit 111: Pearson Plc - Key offerings
    • Exhibit 112: Pearson Plc - Segment focus
  • 10.9 PLANETA CORPORACION Srl
    • Exhibit 113: PLANETA CORPORACION Srl - Overview
    • Exhibit 114: PLANETA CORPORACION Srl - Product / Service
    • Exhibit 115: PLANETA CORPORACION Srl - Key offerings
  • 10.10 RELX Plc
    • Exhibit 116: RELX Plc - Overview
    • Exhibit 117: RELX Plc - Business segments
    • Exhibit 118: RELX Plc - Key offerings
    • Exhibit 119: RELX Plc - Segment focus
  • 10.11 Scholastic Corp.
    • Exhibit 120: Scholastic Corp. - Overview
    • Exhibit 121: Scholastic Corp. - Business segments
    • Exhibit 122: Scholastic Corp. - Key offerings
    • Exhibit 123: Scholastic Corp. - Segment focus
  • 10.12 Thomson Reuters Corp.
    • Exhibit 124: Thomson Reuters Corp. - Overview
    • Exhibit 125: Thomson Reuters Corp. - Business segments
    • Exhibit 126: Thomson Reuters Corp. - Key offerings
    • Exhibit 127: Thomson Reuters Corp. - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Inclusions and exclusions checklist
    • Exhibit 128: Inclusions checklist
    • Exhibit 129: Exclusions checklist
  • 11.3 Currency conversion rates for US$
    • Exhibit 130: Currency conversion rates for US$
  • 11.4 Research methodology
    • Exhibit 131: Research methodology
    • Exhibit 132: Validation techniques employed for market sizing
    • Exhibit 133: Information sources
  • 11.5 List of abbreviations
    • Exhibit 134: List of abbreviations
  • Sales and merchandising are the final stages in the e-book value chain, where the e-books reach the customers. Sales are carried out through specific e-retailers or directly from a publisher official website, and merchandising options are available across multiple formats.
  • This model is not as popular as the other two. However, it is expected to be profitable for the e-book publishing segment. A well-designed advertisement platform, such as Google, can bring in substantial revenue that will allow retailers to charge even less for their books. Based on the location of the reader and the user profile information (including the purchase history), advertisements can pop up as notifications or can be delivered in e-books and apps, aiding in revenue generation.
  • model
  • model
  • ad model
  • services
  • channels
  • retail model
  • model

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The publishing market market growth will increase by $$ 19.2 billion during 2023-2026.
The publishing market market is expected to grow at a CAGR of 1.22% during 2023-2026.
Technavio has segmented the publishing market market by geography (North America, Europe, APAC, Middle East and Africa, South America, North America, Europe, APAC, Middle East and Africa, and South America) and geographic (North America, Europe, APAC, MEA, and South America).
Amazon.com Inc., Bertelsmann SE and Co. KGaA, Bloomsbury Publishing Plc, Cambridge University Press, Georg von Holtzbrinck GmbH and Co. KG, Hachette Livre, John Wiley and Sons Inc., McGraw Hill Education Inc., News Corp., Oxford University Press, Pearson Plc, PLANETA CORPORACION Srl, RELX Plc, SANTILLANA GLOBAL SL, Scholastic Corp., Springer Nature Switzerland AG, Thomson Reuters Corp., Wolters Kluwer NV are a few of the key vendors in the publishing market market.
APAC will register the highest growth rate of 63% among the other regions. Therefore, the publishing market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the publishing market market growth are:
  • growing impact of e-books
  • Rise in number of indie and self-published authors
The publishing market market vendors should focus on grabbing business opportunities from the north america segment as it accounted for the largest market share in the base year.
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