Market for book publishers expected to reach $136.1 billion by 2032, IMF
According to a recent report by Future Market Insights (IMF), the book publishing market is expected to exceed a valuation of ~US$89,983.6 million in 2021 and at a CAGR of around ~3.9% through 2032 .
To a large extent, many e-commerce giants like Amazon Inc., eBay Inc., and MyBookStore.Com provide platforms to sell books on their online portal. Additionally, major book publishers are trying to eliminate the threat of local booksellers by making them partners in the business, which will help local booksellers get more business. These factors create impressive prospects for the growth of the book publishers market. Additionally, the expansion of e-commerce has increased the number of potential buyers, as it reduces costs and saves energy compared to physical stores.
Book sales have accelerated globally with the growing penetration of Bookstagrammers and BookTubers on the internet. This is expected to contribute to the growth of the book publisher market. The online visibility of book publishing is increasing at a high rate, enabling the growth of the market.
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Key Learnings from Market Research on Book Publishers
North America dominated the market and held the largest revenue share in 2021 owing to the presence of a large number of independent publishers and publishing companies.
· In terms of book type, friction books are estimated to have the highest value share in the book publisher market.
· East Asia and South Asia are believed to dominate the market for book publishers.
“With the emergence of social and technological changes, the rivalry between companies in the global book publishing market is becoming more intense. A few market players create a seed fund instead of buying author services, while others partner with the newly acquired author services company or merge with a competitor,” says an analyst from the IMF.
Impact of COVID-19 on the market
The novel coronavirus epidemic has changed the book market. In 2020 during the first lockdown people are restricted to going out and also closer to bookstores affects sales of hard copy books. However, the demand for eBooks and audiobooks is increasing as it is the best option for the reader to embrace new trends. Moreover, a system like immersive learning and online education is driving the growth of the market. The introduction of latest software, hardware and educational materials is meant to create a platform for a reader with real-time experience. During the pandemic, many people have taken to reading books
and novels because people have free time after doing all their work. But additionally, the rapid inclination towards e-books and audiobooks is likely to impact the growth of the market.
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Major book manufacturers are focusing on aggressive promotional strategies and advertisements that have driven the growth of book sales globally. Key players present in the book publisher market are IDW Publishing, Morris Publishing, MARVEL, Scholastic Inc., Penguin Random House, Houghton Mifflin Harcourt., Pearson, MacMillan Publishers, Simon & Schuster, Inc., HarperCollins Publishers, Bertelsmann SE & Co. KGaA, Hachette Book Group, Planeta and China South Publishing & Media Group Co., Ltd., among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global book publisher market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling information about the book publisher market based on the type of books (Cookbooks, History, Science & Fantasy Friction, Religion & Inspiration, Fiction, Mystery, Romance and Others (Horror, Comics, Biographies , etc.)), sales channel (supermarket/hypermarket, retail stores, specialty stores, online retailers and other sales channels) in each of the seven areas divided into seven major regions.
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