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Audiobooks Market Is Set To Be A Billion Dollar Industry By 2027 According To Market Forecasts | Grand View Research, Inc.

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Audiobooks Market Is Set To Be A Billion Dollar Industry By 2027 According To Market Forecasts | Grand View Research, Inc.

July 05
09:36 2021
Audiobooks Market Is Set To Be A Billion Dollar Industry By 2027 According To Market Forecasts | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, the easy accessibility of these paperback copies by the physically-abled and non-English speaking groups are some of the key factors driving market growth.

The global audiobooks market size is expected to reach USD 15.0 billion by 2027, expanding at an estimated CAGR of 24.4% from 2020 to 2027, according to a new report by Grand View Research, Inc. Owing to the flexibility of the audiobooks to cater to the varied audiences, including non-English speaking, physically-abled, multi-taskers, and people who prefer reading over watching television, the market has gained enormous traction over recent years. Furthermore, the technological advancements in publishing industry, such as email distribution of manuscripts, digital editing and the use of smartphones or tablets instead of hard copy scripts, and reduction in distribution costs are some of the other driving factors for this market.

The versatility of audiobooks is anticipated to create opportunities as the target audience is able to listen to the content during commute times and while performing daily chores or along their hobbies. According to an annual survey conducted by Audio Publishers Association (APA) in 2018, 74.0% of people listen to paperback content in their cars during their travel time using in-dash or infotainment systems. Also, the survey determined that the proliferation of smart speakers or personal digital assistants thrives well for the market growth in future.

Furthermore, the emergence of digital transformation technologies is anticipated to likely harness innovations. For instance, key market participants are now incorporating Artificial Intelligence (AI) for recommending personalized results to their users based on their listening history. The other attributes offered by AI, such as automating narrations of recorded contents to upgrade the text-to-speech technologies and creating summaries of files with key takeaways, are likely to propel the market growth during the forecast period.

Furthermore, the ongoing COVID-19 outbreak has led to stringent lockdowns in various countries where most of the people worldwide are maintaining social distancing. Shutting down public libraries and schools indefinitely to reduce community gatherings has majorly impacted the conventional print & publishing industry, thereby benefiting the audiobooks market. On account of the ‘stay-at-home’ orders issued by governments worldwide due to this pandemic, public and private libraries are opting for audio as well as video digital resources, including audiobooks and e-books to ensure the active engagement of their audiences. 

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/audiobooks-market

Audiobooks Market Report Highlights

 In 2019, fiction genre accounted for over 65.0% of the total revenue share

The kids segment is anticipated to witness the fastest expansion with an expected CAGR of over 25.0% over the next seven years

U.S. and China accounted for the largest revenue share in 2019 and are anticipated to continue their dominance in the market from 2020 to 2027

The subscription-based model is expected to grow at a faster rate as compared to the one-time download model as the one-time tariff system is more expensive

For Requesting a Sample Copy of This Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/audiobooks-market/request/rs1

Audiobooks Market Segmentation

Grand View Research has segmented the audiobooks market on the basis of genre, preferred device, distribution channel, target audience, and region:

Audiobooks Genre Outlook (Revenue, USD Billion, 2016 – 2027)

     Fiction
     Non-fiction

Audiobooks Preferred Device Outlook (Revenue, USD Billion, 2016 – 2027)

     Smartphones
     Laptops & tablets
     Personal digital assistants
     Others

Audiobooks Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)

     One-time download
     Subscription-based

Audiobooks Target Audience Outlook (Revenue, USD Billion, 2016 – 2027)

     Kids
     Adults

Audiobooks Region Outlook (Revenue, USD Billion, 2016 – 2027)

     North America
        • The U.S.
        • Canada
     Europe
        • Nordic Countries
        • U.K.
     Asia Pacific
        • China
        • Japan
        • Australia
    • Latin America
        • Brazil
        • Mexico
     Middle East & Africa

List of Key Players of Audiobooks Market

     Audible, Inc.
    • Amazon.co, Inc.
     RBmedia
     Playster
    • Google, Inc.
     Rakuten Inc.
     iBook’s by Apple Inc.
     Storytel

Ask for Special Pricing @ https://www.grandviewresearch.com/special-pricing/450437/rfsp2

About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/audiobooks-market

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