According to MarkNtel Advisors study the Global 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.

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Key Findings of the Study: Audiobooks market

Global Audiobooks Market Driver:

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.

Global Audiobooks Market Challenge:

High Competition from Alternate Channels and Media Forms Impeding Market Growth – The competition from other media forms presents a notable challenge for the audiobook industry. Alternate media forms such as physical books, podcasts, e-books, and on-demand streaming services, significantly challenge the adoption of audiobooks and audiobook deals, in terms of consumer interest and free time. Platforms such as Amazon Prime, Netflix, YouTube, etc., have a significant share of consumer attention, as they are well-established entertainment OTT platforms. Consumers, particularly adults, are increasingly inclined towards these platforms, which restrict their attention to audiobooks and audiobook streaming services, restraining their adoption. Moreover, the burgeoning trend of podcasts is emerging as a significant competitor for audiobooks. It provides an alternative auditory experience with free services and a range of topics seeking consumer interests. The wide variety and in-depth information of podcasts attract consumers towards them, which in turn, limits the adoption of audiobooks among consumers.

Moreover, online books or E-books attract a wide percentage of E-readers. Consumers seeking a reading experience without any hassle of carrying some book drive consumers towards E-books, which further mitigates the market share of audiobooks. Thus, even if the audiobook industry has seen substantial growth in recent years, it shares the stage with these alternative entertainment & information sources. This dynamic competition would pose negative implications for the market in the years ahead, which is expected to restrain the growth & development of the Global Audiobooks Market in upcoming years.

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Scope of the Report and Audiobooks Market Segmentation:

By Genre

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

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

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.

Audiobooks Market Competitive Landscape

• Apple
• Amazon Inc.
• Google LLC
• Barnes & Noble Booksellers Inc.
• Downpour
• Rakuten Group Inc.
• Storytel
• F Howes
• LibriVox
• Bookbeat
• Softonic Inc.
• Kobo
• Brilliance Publishing
• Learn Out Loud
• Chirp Books

Audiobooks Market 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.

Geographical Analysis:

By Region

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

Based on geography, North America witnessed a significant market share in the Global Audiobooks Market driven by high internet penetration rates and changing consumer preferences towards digitalization and technology adoption.

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