According to a report from Technavio, the global publishing market is poised to grow by USD 23.73 billion during 2020-2024, at a CAGR of over 1%. The year-over-year growth rate for 2020 is estimated at 0.91%. The report provides an up-to-date analysis of the current market scenario, latest trends and drivers, and the overall market environment. The report highlights that the growing impact of e-books will drive the growth of the market. With the rise in demand for digital books, reliable eBook conversion services will also be in demand. However, low revenue from newspapers and traditional book publishing will challenge the growth of the market participants.
With the availability of e-books, smart devices, and online subscription models, the publishing landscape and reading behavior has been reshaped. It has also made content publishing easier, quicker, and more economical. Factors such as the ease of accessing multiple books at a time and the availability of e-books on e-commerce sites have also contributed to the rapid adoption of e-books.
One of the major market trends that will impact the publishing market growth is the growing popularity of print on demand (POD). Publishing companies are now focusing more on printing limited copies of new titles and the adoption of the POD model will help them reduce wastage and enable authors to print their work at a lesser cost by eliminating the requirement for large offset print runs.
Other key highlights of the report are –
Publishing market is divided into:
- North America
- South America
When it comes to platform, print newspapers account for the majority of the total revenue generated by the traditional publishing market. Although the traditional segment dominates the market, its market share is predicted to decline owing to factors such as the decreasing popularity of the print medium and the high adoption of e-readers and other digital platforms. Also, the market growth in this segment will be slower than the growth in the digital segment.
Geographically, APAC will offer several growth opportunities to market vendors during the forecast period. It is predicted that over 50% of the market’s growth will originate from APAC. China is a key market for publishing in APAC. Market growth in this region will be faster than the growth of the market in other regions. Factors such as growing adoption of technology in the education sector of rapidly emerging economies, growth of the digital content market, and increasing demand for digital magazines will significantly influence the market growth in the APAC region.
Some of the key players noted in the report are – Amazon.com Inc., Cambridge University Press, Hachette Book Group Inc., McGraw-Hill Education Inc., News Corp., Oxford University Press, Pearson Plc, RELX Group Plc, Springer-Verlag GmbH, and Thomson Reuters Holdings Inc. To make the most of the opportunities provided by e-book market growth, it is recommended that market vendors focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Regarding COVID-19 impact analysis on businesses, the Communication Services industry is expected to have positive impact due to the spread of the pandemic. The publishing market is expected to have an upsurge due to the spread of COVID-19 globally. Due to increased demand and lower production due to shutdowns, the prices are expected to remain elevated in the short term, resulting in improved top line growth. Publishers could benefit from the support of a professional business process outsourcing company providing reliable book to e-book conversion solutions.
In our next blog, we’ll discuss Technavio’s analysis of the global digital publishing market 2020-2024.