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.

Segmental Outlook  

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.

The Smartphones Segment Holds a Prominent Share in the Global Audiobook Services Market

Based on preferred device, the market is sub-segmented into smartphones, laptops and tablets, and personal digital assistants. Among these, the smartphone segment is expected to hold the largest market share. Smartphones have become the most popular device for consuming audiobooks due to their convenience and accessibility. Audiobook services such as Audible, Scribd, and Google Play Books have adapted to this trend by creating user-friendly mobile apps that provide an immersive and customizable listening experience. According to a report by the Audio Publishers Association, 57% of audiobook listeners use a smartphone to listen to audiobooks, compared to only 20% who use a tablet and 18% who use a dedicated e-reader. 

Regional Outlook

The global audiobook services market is segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the rest of the world (the Middle East and Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among the regions, the North American region is expected to generate the highest market share. Similarly, Asia Pacific and Europe are predicted to be the leading areas for audiobook market growth. This is due to the existence of capital-intensive enterprises as well as the region's large population.

Global Audiobook Services Market Growth, by Region (2023-2030)

The North American Region is Expected to Dominate the Global Audiobook Services Market

The North American audiobook market is experiencing significant growth due to several factors, including increased demand from consumers, advancements in technology, and the growing popularity of subscription-based models. According to a report by the Audio Publishers Association, the North American audiobook market grew by 16% in 2020, with a total revenue of $1.3 billion. The presence of a significant number of key audiobook companies, such as Audible (Amazon), Macmillan Audio, John Wiley & Sons, Inc., HarperCollins Publishers, and others that provide audiobooks in the region, is also propelling market growth. Additionally, a huge number of smartphone users and increasing internet penetration in the region are other factors driving market expansion. The governments are also allocating funds to increase internet penetration. For instance, the US Congress enacted an infrastructure plan in 2021, allocating around $65 billion in public funds to enhance internet access and 5G connectivity statewide. Similarly, in 2022, the Government of Canada invested $3.225 billion in the Universal Broadband Fund to help bring high-speed Internet access to 98% of Canadians by 2026 and attain the national goal of 100% access by 2030.

Market Players Outlook

The major companies serving the global audiobook services market include Amazon.com, Inc. (Audible), Blackstone Audio, Inc., Brilliance Publishing, Recorded Books, Inc., Scribd, Inc., and others. These companies are considerably contributing to the market’s growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, investments, and new product launches to stay competitive in the market. For instance, in April 2022, Barnes & Noble launched the B&N Nook App, a digital audiobook experience. The audiobook service is accessible online at bn.com/audiobooks and can be listened to on the Barnes & Noble NOOK app for Android and iOS or the web player. Furthermore, the B&N Nook App would be the future platform for all digital portfolios since it blends audiobooks and eBooks into a single app for a unified user experience.

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.