The
global Audiobooks Market size is expected to reach USD
35.04 billion by 2030, growing at a CAGR of 26.2% from 2024 to 2030, according
to a new study by Grand View Research, Inc. The convergence of artificial
intelligence (AI) and natural language processing (NLP) has revolutionized the audiobook
market, enabling personalized recommendations, dynamic narration, and enhanced
accessibility features.
The
surge in demand for audiobook services from public libraries, retail
bookstores, and online subscriptions is a significant driver for market
expansion. Companies are constantly leveraging subscription-based audiobook
services to cater to the increasing demand for convenient and comprehensive
digital reading experiences. For instance, in February 2024, Rakuten Kobo
unveiled its Kobo Plus subscription service to Taiwan and Hong Kong after
launching it in the United States and Europe. The service includes features
such as personalized recommendations and the ability to adjust narration speed,
making the audiobook experience more engaging and user-friendly.
One
of the key trends driving market growth is the increasing demand for audiobooks
among different segments, including adults and kids. The convenience and
accessibility offered by audiobooks make them a popular choice for consumers
looking to enjoy literature on the go or while engaging in other activities. In
addition, the availability of various types of audiobook formats such as MP3,
Windows Media Audio, Advancaterdio Coding, and solid-state preloaded digital
devices caters to diverse consumer preferences, further fueling market growth.
Moreover,
technological advancements have enhanced the performance of audiobook services,
making them more widely used across various end-user groups. Factors such as
consumer behavior analysis and market dynamics, such as the growing popularity
of online subscriptions and retail bookstores, are propelling the market
expansion.
List
of Key Players in the Audiobooks Market
- Amazon.com,
Inc.
- Apple Inc.
- Audible, Inc
- Barnes &
Noble Booksellers, Inc.
- Downpour.com
- Google LLC
- PLAYSTER
(SOFTONIC INTERNATIONAL S.A.)
- Rakuten
Group, Inc.
- Storytel AB
- VoiceVerse
- W.F. Howes
Ltd.
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summary: Audiobooks Market Report
Audiobooks
Market Report Highlights
- Based on the
genre, the fiction segment dominated the market in 2023. This can be
attributed to self-publishing trends, subscription models, audiobooks and
podcasts, sustainable printing practices, and diversity and inclusion
initiatives.
- Based on the
preferred device segment, smartphone segment dominated the market in 2023.
The growth of the segment is attributed to its widespread accessibility to
audiobook platforms and libraries through dedicated apps or web browsers.
- Based on the
distribution channel segment, the one-time download segment dominated the
market in 2023. One-time downloads allow consumers to make individual
purchases as and when they desire, giving them more control over their
spending and contributing to segmental growth.
- Based on the
target audience, adult segment dominated the market in 2023 owing to the
diverse range of content available that caters specifically to adult
audiences.
- Based on
region, North America dominated the market in 2023, owing to its advanced
technological infrastructure and digital transformation initiatives.
- In June 2023,
Storytel, in partnership with ElevenLabs, an AI speech software provider,
launched the VoiceSwitcher feature. This feature allows for enhanced
personalization of the Storytel service through AI-narrated audiobooks,
offering a unique listening experience tailored to individual preferences.
Audiobook
Market Report Segmentation
Grand
View Research has segmented the global audiobooks market based on genre,
preferred device, distribution channel, target audience, and region:
Audiobooks
Genre Outlook (Revenue, USD Million, 2018 - 2030)
- Fiction
- Non-Fiction
Audiobooks
Preferred Device Outlook (Revenue, USD Million, 2018 - 2030)
- Smartphones
- Laptops &
Tablets
- Personal
Digital Assistants
- Others
Audiobooks
Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
- One-time
download
- Subscription-Based
Audiobooks
Target Audience Outlook (Revenue, USD Million, 2018 - 2030)
- Kids
- Adults
Audiobooks
Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordic
Countries
- Asia Pacific
- China
- Australia
- Japan
- India
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Middle East
& Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
- Turkey
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
