The audiobook market size is expected to reach USD 33,538 million by 2030, registering a CAGR of 26.5%, driven by the growing number of young and adult listeners

Acumen Research and Consulting

Acumen Research and Consulting recently published a report titled “Audiobooks Market Size, Share, Analysis Report and Regional Forecast, 2022-2030”

TOKYO, July 26 2022 (GLOBE NEWSWIRE) — The Global audiobook market Was worth USD 4,159 million in 2021 and is expected to be worth USD 33,538 million by 2030, growing at a CAGR of 26.5% during the coming period from 2022 to 2030.

The global audiobook market has grown rapidly in recent years, with global revenue expected to reach $33.5 billion by 2030, growing at a CAGR of 26.5%. The growth is attributed to the convergence of audiobook companies offering increasingly attractive services, the ever-expanding range of listening alternatives from cell phones to personal computers and speakers to voice assistants, as well than to imposed lockdowns forcing customers to turn to entertainment sources ideal for use at home. and traveling. Additionally, as more and more consumers desire to listen to audible versions of novels, books, and literature of all genres, the growth of the global audiobook market is steadily increasing.

Audiobooks, often referred to as e-books, are audio files that can be downloaded and listened to on a portable device such as a tablet, smartphone, or MP3 player. They are becoming increasingly popular as people look for ways to fit more reading into their stressful lifestyles. Audiobooks are usually read by a professional reader who can bring the content to life in an engaging way. The recording is normally in satisfactory form and the listener has the option of playing it at a noticeably higher and faster rate. These days, there are thousands of websites and programs that offer audiobooks, podcasts, and most electronic resources all have a collection available for borrowing. E-books can be a great way to sample a bargain without having to sit down and read it.

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Market

audiobook market

Market size 2021

$4,159 million

Market Forecast 2030

$33,538 million

CAGR from 2022 to 2030

26.5%

Analysis period

2018 – 2030

base year

2021

Forecast data

2022 – 2030

Segments Covered

By genre, preferred device, distribution channel, target audience and geography

Regional scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

Profiled Key Companies

Audible, Inc., Rakuten Group, Inc., Apple Inc., Downpour, Barnes & Noble Booksellers, Inc.,
Amazon.com, Inc., Storytel, Playster (Softonic International SA), Google LLC and WFHowes Ltd.

Report cover

Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis

Scope of customization

10 a.m. free customization and expert advice

Overview of the global audiobook market

Over the past few years, audiobooks have become more prevalent in the media and entertainment industry despite the popular misconception that being able to listen is less beneficial than reading a conventional physical book. To reach a wider audience and persuade people to pay attention to audiobooks in order to multitask and be more efficient, marketers have used technology as a channel. However, audiobook sectors have observed its flexibility in the face of the coronavirus outbreak thanks to interactive media, rebranding of writers, and the influence of culture. Since COVID-19 has halted most travel in 2020, it was thought that audiobooks would not work as expected; as a result, users have actually listened to audiobooks as part of their travel routine. Instead, as a way to unwind throughout the pandemic, digital audiobooks have continued to grow and thrive.

Dynamics of the global audiobook market

According to researchers, the global audiobook market has grown significantly over the past few years. Such development has been driven by attractive cloud-based services for audiobooks, expansion in the variety of listening solutions such as mobile phones, computers, laptops, smart speakers, etc. , as well as an increase in the number of individuals turning to podcasts for variety. of purposes. Audiobooks are extremely beneficial for the physically handicapped and people who love to read but are short on time. Nowadays, audio books have always been used by instructors and organizations to help second language acquisition and children with learning disabilities. Audiobooks have revolutionized the way people access and enjoy reading. During the forecast period, the global audiobook market size is expected to increase.

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Audiobooks are becoming increasingly popular among younger age groups and consumers. The growing popularity of e-books among a portion of the millennial population is expected to drive market expansion, as these consumers are likely to promote and encourage their relatives and colleagues, which will result in a wider range of buyers. potentials. Also, preferences of audiobook categories for different age groups were expected to vary, thus creating many opportunities for audiobook market trends. The development of enterprise transformation capabilities is expected to boost the audiobook market value transformation era. The incorporation of sophisticated technological developments such as Artificial Intelligence (AI) and the Internet of Things (IoT) has made it easier to purchase audiobooks, while authors have also taken advantage of current technology, which allows them to transform it from actually written manuscripts to audio recordings.

Market segmentation

The global audiobook market has been segmented by Acumen Research and Consulting on the basis of genre, preferred device, distribution channel and target audience. By gender, the market is separated into friction and frictionless. By preferred device, the market is divided into smartphones, personal digital assistants, laptops and tablets, and others. By distribution channel, the market is categorized into single download and subscription. By target audience, the market is categorized into children and adults.

Regional outlook of the global audiobook market

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa constitute the regional classification of the global audiobook market. According to the audiobook market forecast, Asia-Pacific is expected to experience tremendous market growth throughout the projected period. Indeed, a wide variety of audiobooks in many regional languages ​​are available. Changing consumer preferences, advanced technical progress and aging population are the major drivers for the growth of the regional market. Additionally, the use of e-books in classrooms, including in English and local languages, to improve educational outcomes is fueling the expansion of the market.

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Players in the audiobook market

Some of the major companies in the audiobook market are Audible, Inc., Rakuten Group, Inc., Apple Inc., Downpour, Barnes & Noble Booksellers, Inc., Amazon.com, Inc., Storytel, Playster (Softonic International SA), Google LLC. , and WFHowes Ltd.

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About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of information and consulting services in the information technology, investment, telecommunications, manufacturing and consumer technology markets. ARC helps investment communities, IT professionals, and business executives make fact-based decisions about technology purchases and develop business growth strategies to compete in the marketplace . With a team of over 100 analysts and a collective industry experience of over 200 years, Acumen Research and Consulting ensures to provide a combination of industry knowledge with global and national level expertise.

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