This should be good news: the global e-book market was valued at US$18.13 billion in 2020, and it is expected to reach $23.12 billion by 2026, registering a compound annual growth rate (CAGR) of 4.9% through 2026, according to Research and Markets.
The research group says that technical development and sophistication of reading devices that provide a similar experience to that of reading an actual book is the key factor driving the global e-book market. The rising adoption of smartphones and multilingual features of e-books is an advantage which is expected to drive the global demand for e-books.
The easy access for a wide range of e-book libraries through application or online services are being consumed over the Internet, thus emerging as low-cost alternatives to the traditional method of delivery, according to Research and Markets. Services that are available for these e-books such as e-lending has also supported the adoption of e-book across the globe, adds the research group.
What’s more, libraries and publishers are also increasingly receiving responses for e-books. Hachette Book Group, one of the big publishers, has announced that in 2019 the publishing company generated $2.38 billion, which is a 5% increase since 2018.
Finally, the environment protection campaigns from governments across the globe especially for saving trees to reduce the use of paper also increases the demand for e-books, says Research and Markets.
Libraries across the country have closed most of their services to mitigate the spread of COVID-19. But many are still offering electronic reading materials. Moreover due to decreasing cost of the e-books, libraries are now able to buy more copies of the e-books, which is aiding in the market growth.