Audiobooks Market Size is expected to Reach at USD 33,538

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

TOKYO, July 26, 2022 (GLOBE NEWSWIRE) — The Global Audiobooks Market size Accounted for USD 4,159 Million in 2021 and is predicted to be worth USD 33,538 Million by 2030, with a CAGR of 26.5% during the Forthcoming Period from 2022 to 2030.

The global audiobooks market has expanded rapidly in recent years, with overall 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 providing increasingly appealing services, the ever-expanding array of listening alternatives ranging from mobile phones to personal computers and voice assistant’s speakers, as well as imposed lockdowns forcing customers to entertainment sources ideal for use at home and while travelling. Furthermore, since more consumers want to listen to audible versions of novels, books, and literature of all genres, the global audiobook market growth is constantly rising.

Audiobooks, often known as e-books, are auditory files that may be downloaded and listened to on a portable device such as a tablet, smartphone, or MP3 player. They are becoming more popular as people look for ways to fit more readings into their stressful lifestyles. Audiobooks are typically read by professional reader who can convey the content to life in an engaging manner. The recording is normally of satisfactory shape, and the listener has the option of playing it at a substantially higher and faster pace. Nowadays, there are thousands of websites and programs that provide audiobooks, podcasts, and also most electronic resources all have a collection available for borrowing. EBooks can be a great way to get a taste of an interesting bargain without having to sit down and read it.

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Global Audiobooks Market Overview

In the past few years, audiobooks are becoming more prevalent in the media and entertainment industry despite the popular misinterpretation that being able to listen is less advantageous 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 employed technology as a channel. However, the audiobook sectors have observed its flexibility in relation to the coronavirus epidemic through interactive media, writer rebranding, and influencing culture. Since COVID-19 halted most travel in 2020, it was thought that audiobooks will not operate as expected; as a result, users actually listened to audiobooks as an element of their traveling routine. Instead, as a way to unwind throughout the pandemic, digital audiobooks continued to expand and thrive.

Global Audiobooks Market Dynamics

According to the researchers, the global audiobooks market has grown significantly over the last few years. Such development has been driven by appealing audiobook cloud-based services, an extension of the variety of listening solutions such as cellphones, computers, laptops, smart speakers, etc, as well as a rise in the number of individuals turning to podcasts for a variety of purposes. Audiobooks are immensely beneficial for the physically handicapped and individuals who enjoy reading but lack time. Nowadays, audiobooks have consistently been used by instructors and organizations to assist second language acquisition and children with learning impairments. Audiobooks have revolutionized how people access and appreciate reading. During the forecast period, the worldwide audiobook market size is projected to expand.

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Audiobooks are becoming increasingly popular among the younger age categories and consumers. The increasing popularity of eBooks among some of the millennial population is expected to drive market expansion, since these consumers are likely to promote and encourage their relatives and colleagues, resulting in a greater range of possible buyers. Furthermore, audiobook category preferences for various age groups were expected to vary, creating ample opportunity for the audiobook market trends. The development of business transformation capabilities is predicted to stimulate the transformation era in the audiobook market value. The incorporation of sophisticated technological development such as the Artificial Intelligence (AI) and the Internet of Things (IoT) has made it easier for people to purchase audiobooks, while authors have also profited from the present piece of technology, which enables them to transform the actually written manuscripts to audio recordings.

Market Segmentation

The global audiobooks market has been segmented by Acumen Research and Consulting based on genre, preferred device, distribution channel, and target audience. By genre, the market is separated into friction and non-friction. By preferred device, the market is divided into smartphones, personal digital assistants, laptops & tablets, and others. By distribution channel, the market is classified into one-time download, and subscription-based. By target audience, the market is categorized into kids and adult.

Global Audiobooks Market Regional Outlook

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global audiobooks market. According to the audiobooks market forecast, Asia-Pacific is predicated to have considerable growth in the market throughout the projected period. This is because a broad variety of audiobooks in numerous regional languages are available. Changing consumer preferences, advanced technical progress and an ageing population are major drivers of regional market growth. In addition, the use of eBooks in classrooms, including both English and also in local languages, to improve academic achievement is fueling market expansion.

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Audiobooks Market Players        

Some of the prominent Audiobooks market companies is Audible, Inc, Rakuten Group, Inc., Apple Inc., Downpour, Barnes & Noble Booksellers, Inc., Amazon.com, Inc., Storytel, Playster (Softonic International S.A.), Google LLC, and W.F.Howes Ltd.

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