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.
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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
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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)
Audiobooks Preferred Device Outlook (Revenue, USD Billion, 2016 – 2027)
• Laptops & tablets
• Personal digital assistants
Audiobooks Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
• One-time download
Audiobooks Target Audience Outlook (Revenue, USD Billion, 2016 – 2027)
Audiobooks Region Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• The U.S.
• Nordic Countries
• Asia Pacific
• Latin America
• Middle East & Africa
List of Key Players of Audiobooks Market
• Audible, Inc.
• Amazon.co, Inc.
• Google, Inc.
• Rakuten Inc.
• iBook’s by Apple Inc.
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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.
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