Audiobooks Market on Track for 26.4% CAGR Growth | Demand & Technological Trends

MarkNtel Advisors recently published a detailed industry analysis of the Global Audiobooks Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Global Audiobooks Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030

The Audiobooks Market size was valued at around USD 6.8 billion in 2023 and is projected to reach around USD 31.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.4% during the forecast period, i.e., 2024-30.

Key Findings in Global Audiobooks Market:

• Historical Analysis: 2019–2022
• Base Year: 2023
• Forecast Period: 2024–2030

Leading Market Players- Apple, Amazon Inc., Google LLC, Barnes & Noble Booksellers Inc., Downpour, Rakuten Group Inc., Storytel, W.F. Howes, LibriVox, Bookbeat, Softonic Inc., Kobo, Brilliance Publishing, Learn Out Loud, Chirp Books, and others

Key Highlights of the Report

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

What are the major Driver the Global Audiobooks industry?

High-Speed Internet Availability & Cost-Effective Data Plans to Drive Audiobook Industry– The increasing urbanization and technological advancements in the telecommunication industry worldwide have been surging internet penetration & high-speed internet availability to consumers. With countries developing robust telecommunication infrastructure, the adoption of fast and reliable internet is escalating significantly. Moreover, telecommunication companies are providing cost-effective data plans with monthly and annual subscriptions which are heightening the adoption of internet services among consumers. With telecommunication companies providing offerings like unlimited data, 5G data plans, and prepaid & post-paid services, the adoption of the internet has become easy and convenient for consumers that too on lower costs. For instance,

• In 2023, Bharti Airtel announced the launch of unlimited 5G data for its customers with a data plan starting from only Rs. 239/month. (USD 2.89)

The high internet speed is a crucial factor propelling the growth of audiobooks among consumers. Audiobook streaming platforms require reliable data for downloading and instant access to audiobook libraries and audible audiobook players. The platforms use cloud technologies to store vast amounts of audiobook data, and a fast internet connection is essential for downloading entire audiobooks and availing audiobook deals without buffering and any hampering in audio quality. Hence, with the easy availability of high-speed internet at optimum cost structure across the world, the demand is propelling, providing easy access to audiobooks to a large consumer base and boosting the growth & expansion of the Global Audiobooks Market.

✅In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2025 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.

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What segments define the Global Audiobooks Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?

By Genre

• Fiction-Market Size & Analysis, 2019-2030F, USD Million
• Non Fiction- Market Size & Analysis, 2019-2030F, USD Million

According to report, Out of them both, the non-fiction segment is poised for a substantial market share in the Global Audiobooks Market driven by rising consumer demand for non-fiction books and real-life stories. 

By Device Type

• Smartphones- Market Size & Analysis, 2019-2030F, USD Million
• Laptops & Tabs - Market Size & Analysis, 2019-2030F, USD Million
• Personal Digital Assistance- Market Size & Analysis, 2019-2030F, USD Million

By Sales Channel

• Subscription-based- Market Size & Analysis, 2019-2030F, USD Million
• One Time Download- Market Size & Analysis, 2019-2030F, USD Million

By Target Audience

• Kids- Market Size & Analysis, 2019-2030F, USD Million
• Adults- Market Size & Analysis, 2019-2030F, USD Million

According to report, Based on the target audience, the adult segment holds a considerable market share in the Global Audiobooks Market driven by the wide availability of a diverse range of genres and titles of audiobooks catering to adult audiences.

Explore the Complete Global Audiobooks Market Analysis Report – https://www.marknteladvisors.com/research-library/audiobook-market.html

Geographical Analysis: Global Audiobooks Market

 By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Global Audiobooks Industry Recent Development:

• 2023: Amazon Inc., launched a new feature called ‘Your Books’ that lets users see their entire digital, physical, and audiobook collection from a single window.
• 2023: Google Play Books partnered with Frankfurt-based Bookwire for the broader automated production of audiobooks

  Key Questions Addressed in This Study

• What are the primary factors driving the growth of the Global Audiobooks Market?
• How is the Global Audiobooks Market expected to evolve over the next five years?
• What key insights can be drawn from current trends shaping the market?
• What is the current market size, and how is it forecasted to change in the coming years?
• What is the future outlook for the market in terms of technological innovation and geographic expansion?

For a Customized Analysis Report, Just Drop Your Inquiry Here – https://www.marknteladvisors.com/query/request-customization/audiobook-market.html

Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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