Published Date: 31-Oct-2022
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According to a new report, published by KBV research, The Global Audiobooks Market size is expected to reach $19.7 billion by 2028, rising at a market growth of 26.0% CAGR during the forecast period.
The Personal Digital Assistants segment is showcasing a CAGR of 26.5% during (2022 - 2028). The phrase "personal digital assistant" refers to a compact, mobile, portable device that provides computer and information storage and retrieval capabilities for personal or commercial usage, typically for keeping schedules, calendars, and address book information readily available. A personal digital assistant (PDA) is a portable device that manages personal data.
The Adults segment acquired maximum revenue share in the Global Audiobooks Market by Target Audience in 2021 thereby, achieving a market value of $15.3 billion by 2028. It is due to the vast selection of audiobooks available, which includes brain workouts and relaxation techniques. The introduction of automotive entertainment systems that enable customers to listen to audiobooks while driving or performing other activities is driving the market's expansion.
The Subscription-Based segment has shown the growth rate of 27.1% during (2022 - 2028). This is because of the introduction of Streaming-Books-On-Demand (SBOD) models. While enrolling in a package, customers get access to a broad variety of material, which encourages sector growth. The tendency among important businesses to provide limitless subscription packages to gain a competitive edge has a substantial influence on the growth of the industry.
The Fiction segment is leading the Global Audiobooks Market by Genre in 2021, thereby, achieving a market value of $14.2 billion by 2028. The most popular genres among the target groups are science and mystery in the fiction category. The average duration of an audiobook is one of the most influential factors in its popularity. Depending on the genre, the typical duration of an audio collection is between seven and nine hours.
The North America market dominated the Global Audiobooks Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.2 billion by 2028. The Europe market is exhibiting a CAGR of 25.4% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 26.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/audiobooks-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Apple, Inc., Amazon.com, Inc., Google LLC, Storytel AB (Massolit Media AB), Downpour (Blackstone Audio, Inc), Softonic International S.A., W.F. Howes Ltd. (RBmedia) (KKR & Co. Inc.), Scribd, Inc., Barnes & Noble, Inc. (Elliott Management Corporation), and Rakuten Kobo, Inc.
By Preferred Device
By Target Audience
By Distribution Channel
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