Audiobook services market is anticipated to grow at a considerable CAGR of 20.5% during the forecast period. The emergence of digital transformation technologies is predicted to stimulate market innovation in the audiobook industry. Customers can now obtain audiobooks more easily as a result of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI), and publishers have benefited from the current state of technology, which enables them to transform their physically written manuscripts into audio files. Additionally, amateur authors, narrators, and publishers can use any normal IoT device and the free version of the application to create decent-quality audiobooks and develop a career in the audiobook production business. Major market participants are adopting AI to provide customers with personalized results based on their listening history. Additional AI capabilities, such as automating recorded material narrations to improve text-to-speech technologies and giving file summaries with important takeaways, are likely to boost the industry during the forecast period.
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The global audiobook services market is segmented by genre, preferred device, and service type. Based on genre, the market is sub-segmented into fiction and non-fiction. Based on preferred device, the market is sub-segmented into smartphones, laptops and tablets, and personal digital assistants. Based on service type, the market is sub-segmented into one-time download and subscription-based. Among these, the subscription-based segment is expected to hold the largest share of the market. This model is cost-efficient for users; they get a variety of titles in one place, and they can personalize their listening history as well. Due to such factors, the segment is growing significantly.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Audiobook Services Market Report Segment
By Genre
- Fiction
- Non-Fiction
By Preferred Device
- Smartphones
- Laptops and Tablets
- Personal Digital Assistants
By Service Type
- One-time Download
- Subscription-Based
Global Audiobook Services Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East and Africa
The Report Covers-
- Market value data analysis for 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global audiobook services market. Based on the availability of data, information related to new product launches and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who stands where’ in the market.
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