COVID-19 is likely to Make Significant Impact in the Adoption of Audiobook Market and is Anticipated to Witness Growth During the Forecast Period

Wed, 02 December 2020 10:27

The market of audiobooks has witnessed a surge in growth on account of imposing stringent regulations by the government that includes; stay at home orders, shut down of business and cross borders operations, physical libraries, and universities among others. This enables consumers and book enthusiasts to prefer audiobooks which offer consumers to listen to their favorite audiobooks while relaxing or multitasking.

The global audiobook market is an emerging marketplace, which was valued at USD 3.08Billion in 2019, expected to grow at a CAGR of 24.4% during the forecast period. The growth is attributed to a surge in demand for digitization globally. Furthermore, the increase in digital content and internet usage is also one of the factors boosting the market growth.

Moreover, increasing the young listener inventory also adds to the growth of the audiobook market. However, the interoperability between personal digital assistants and audiobook platforms hinder the market growth.

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Key highlights

  • By genre, the non-fiction segment holds a higher CAGR and is expected to grow during the forecast period. The growth is attributed to the surge in popularity of educational materials to improve their kid’s knowledge and provide screen-free time.
  • By preferred device, the smartphone segment holds a dominant position in terms of the adoption of audiobooks and is anticipated to witness growth on account of the broad offering of smartphones that includes; easy accessibility to audiobooks while relaxing or multitasking among others.
  • By distribution channel, the one-time download segment holds a higher CAGR and is anticipated to witness growth during the forecast period. The growth is attributed to the offerings of various discounts and packages on the single download segment.
  • By target audience, the adult segment holds a higher CAGR and is presumed to grow during the forecast period. The growth is attributed to a broad offering of audiobooks that includes offering brain stimulation and relaxation.
  • By region, North America holds a higher CAGR and is anticipated to witness growth during the forecast period on account of the presence of numerous vendors offering audiobook solutions.
  • Asia-Pacific is the fastest-growing region in terms of the adoption of audiobooks and is foreseen to grow during the forecast period on account of the availability of audiobooks in multiple languages.

Key Players

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

Audiobook Market Segmentation

By Genre

  • Fiction
  • Non-fiction

By Preferred Device

  • Smartphones
  • Laptops and Tablets
  • Personal Digital Assistants

By Distribution Channel

  • One-time Download
  • Subscription-based

By Target Audience

  • Kids
  • Adults

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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