The e-book market is seeing a rise across the COVID-19 pandemic as the number of subscriptions is escalating. People are getting more time at home due to the lockdown restrictions. This factor may prove to be a game-changer for the growth of the e-book market across the forecast period of 2024-2030.
The heightening influence of technology coupled with the inclination toward digitization by a substantial populace, especially among the millennial and generation Z category may have a positive influence on the growth of the e-book market. The report by Transparency Market Research on the global e-book market highlights the various aspects of growth.
The e-book market report provides a structured study on numerous parameters of growth such as competitive scenario, regional assessment, and emerging trends. The researchers have carried exhaustive research on the COVID-19 impact across the e-book market and the findings have been included in the report. Furthermore, the report also sheds light on the pain points so that the stakeholder can plan the business strategy accordingly.
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E-Book Market: Competitive Landscape
Numerous players compete for the top position in the e-book market but a few major players have established extensive dominance. These players generate major revenue for the e-book market. The players in the e-book market try to attract a large number of subscribers through offering cashback, discounts, and free trials during the subscription process.
The players also update their subscription platforms from time-to-time to improve the user experience. For instance, Kobo recently released a new firmware update 4.23.15505 to almost all its e-reader devices for enhancing the user experience. Such developments bring extensive growth for the e-book market.
Some well-established players in the e-book market are Rakuten Kobo Inc., Smashwords Inc., Amazon.com, Inc., Barnes & Noble, Inc., and Apple Inc.
E-Book Market: Role of ‘Big 5’ in Increasing the Growth Rate
The 5 major book publishing houses are known as the ‘Big 5’ in the publishing industry. They are HarperCollins, Penguin Random House, Simon & Schuster, Macmillan, and Hachette. Major publishing houses are supporting the e-book market, thus bringing enormous growth. For instance, Penguin Random House India and HarperCollins India have set up their exclusive e-book stores in partnership with Amazon’s Kindle. Such initiatives and collaborations assure great growth opportunities for the e-book market.
E-Book Market: Growth-Worthy Advantages
The e-book market may experience an escalation in the sales due to the benefits associated. The preference of a large chunk of the populace for e-books over traditional books is because of the varied benefits. Some of the major advantages that harness growth for the e-book market are as follows:
Numerous Books on Single Platform: A plethora of e-books are available on a single platform. This aspect eliminates the burden of carrying multiple books and also saves a lot of space.
Shareable: An e-book can be shared with numerous people at once as compared to traditional books that can be shared with one person at a time.
Never Out of Stock: A traditional book can go out of stock but as an e-book is available in the digital format, it never goes out of stock and always caters to the service of the reader.
Cost-Effective: An e-book is cost-effective as compared to a traditional book. An individual can buy a bestseller between the prices of $1 to $8, thus bringing immense growth prospects for the e-book market.
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E-Book Market: Regional Dimensions
North America may invite expansive growth across the forecast period of 2024-2030 and eventually serve as the most profitable region due to speedy internet access and the increasing demand for digital comic books. Developing nations across the globe may observe slow growth due to the non-availability of the internet across remote and rural areas. Nevertheless, several initiatives are being taken by the governments of such countries to penetrate digitalization across such areas.
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