Global Audiobooks Market: Introduction
An audiobook is a transcription of a book or other work being read aloud. Technological advances in production have led to digital recording, e-mail delivery of documents, and usage of tablets instead of hard copy texts. The expansion of home studios for narrators have also shortened the time taken to manufacture audiobooks and reduced manufacturing costs. However, the effect of coronavirus has directly hindered the growth of the audiobooks market. As a consequence of the coronavirus lockdown, majority of classrooms, universities, academic institutions, and commercial entities have closed down, which significantly hampers the market for audiobooks.
Global Audiobooks Market: Dynamics
- Increase in younger listener inventory
- Currently, the trend is toward a younger and increasing user base for audiobooks. This is an important optimistic development for the sustainable growth of the industry. The younger consumer is expected to influence their growing families, probably transforming a non-listener into a listener. Younger participants can also have an influence on their peers, contributing to a broader group of peers and a greater emphasis on peer opinions by young people. Younger customers may have different listening requirements as well. In the early stages of their careers and their lives, people are more likely to listen to titles that guide them or provide an entry point, while a more skilled person may try pure humor or realistic advice rather than self-improvement. Thus, listening and buying can differ by age demographic, expanding the variety of audio items on sale.
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North America Led the Global Market in 2019
- Based on region, the global audiobooks market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- North America held a dominant share of the global audiobooks market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are major countries that drive the market in this region. The dominance of digital sales is a major factor in the region. Audiobooks are easy to buy and store. Portability, the ability to multi-task, and the ability to listen anywhere the user wishes, are the main drivers that impact the market for audio books. In fact, digital devices such as smartphones are now commonplace, so audiobook exposure is easy and convenient.
- The audiobooks market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. China, India, and Japan are some of the major countries which drive the market in this region.
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Key Players Operating in the Global Market
Key players operating in the global audiobooks market are listed below:
- BarnesNoble BooksellersInc
Global Audiobooks Market: Research Scope
Global Audiobooks Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Figure: Global Audiobooks Market, by Enterprise Size
Global Audiobooks Market, by Application
- Educational Institutes
- Industries/Commercial Sector
Global Audiobooks Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.