The global online reading platform market is anticipated to grow at a considerable CAGR of 8.9% during the forecast period. One of the core factors that is fueling the market growth includes the high smartphone and tablet penetration across the globe. Over the past few years, the smartphone and tablet market witnessed exponential sales growth due to an easy excess of internet which enhanced the availability of e-books for most people to read any book, anywhere, anytime. Furthermore, the rise in the conversion of comic books to digital materials by major publishers such as DC, Marvel, and others is another factor that is allowing people to explore eReading. For instance, in 2021, the American Library Association (ALA) announced to provide every book present in rooster in digital format on an online reading platform which is expected to be available by 2022 intending to reduce wastage.

The COVID-19 pandemic had enhanced the adoption of e-Books and online reading and learning platforms owing to the lockdown implementation across the globe which caused the discontinuation of printing, closure of physical bookstores, and circulation of physical newspapers. The situation introduced a lot of people to the online reading platform where they start reading for passing time and learning. This has boosted the online reading platform for a long time and offered an alternative people to reading. The market has been growing even after the situation got normalized. In May 2020, nearly, 2 million new readers joined Kobo during the pandemic. An e-Reader’s book is less expensive than a paperback or hardcover, and many online book platform retailers provide steep discounts for encouraging first-time purchasers. As per the annual report of Barnes & Noble, during Fiscal 2020, First Day's total revenue increased 90% from the prior-year period.

Segmental Outlook 

The global online reading platform market is segmented based on the application, deployment mode, and subscription type. Based on the application, the market is segmented into personal, and commercial. Based on the deployment mode, the market is sub-segmented into cloud-based, and website-based. Based on the subscription type, the market is sub-segmented into the one-time license, yearly, quarterly, and monthly. The above-mentioned segments can be customized as per the requirements. Based on application, the commercial segment is anticipated to grow significantly in the market owing to the quick adoption of online reading platforms for attending online courses while, based on deployment mode, the cloud-based segment is anticipated to grow during the forecast period, owing to the rapid adoption of cloud mode.

The Commercial Segment is Anticipated to Grow Significantly in the Global Online Reading Platform Market

Based on application, the commercial segment is anticipated to grow significantly in the market during the forecast period owing to the quick adoption of online reading platforms for attending online courses, reading textbooks, and reading high-quality and resolution newspapers, and magazines, among others. Rising technological advancements have made e-Reading more convenient and comfortable, which has further contributed to the demand for online reading platforms for formal textbook reading. It supports improving the speed of reading, a rising amount of reading, and skimming ability. Moreover, the addition of several tools of instruction for literacy education such as leveraging text-to-speech features to offer dual input of text, altering font size on-screen, or using the Internet to collaborate on leaming activities has also grown the commercial use of online reading platforms. For instance, in 2020, as per Organisation for Economic Co-operation and Development (OECD), in the UK, 71% of state school children received no or less than one daily online lesson due to the nationwide lockdown for restricting the spread of COVID-19.

Regional Outlooks

The global online reading platform market is further 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 & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. North America is anticipated to hold the prominent share in the market while the Asia-Pacific region is anticipated to grow significantly during the forecast period owing to the fastest-growing smartphone penetration.

Global Online Reading Platform Market Growth, by Region 2022-2028

The North America Region Anticipated to Hold the Prominent Share in the Global Online Reading Platform Market

Based on region, the North American region is anticipated to hold a prominent share in the market during the forecast period owing to the presence of key market players such as Amazon.com, Inc., Google LLC, Apple, Inc., and others in the region. These market players have a high number of subscribers which are contributing to the growth of the market. These market players actively participate in the market by updating books in the library with the latest ones, new product launches, tool updates, and others. For instance, in September 2021, Amazon.com, Inc., announced the Kindle Paperwhite’s next generation with three updated models: the first-ever Kindle Paperwhite Signature Edition, the all-new Kindle Paperwhite, and a brand-new Kindle Paperwhite Kids. The new generation combines faster performance, premium hardware, and a redesigned user interface for a more pleasing reading experience. Kindle Paperwhite offers a new adjustable warm light, a larger display, and increased battery life, whereas the new Signature Edition increased an auto-adjusting light sensor with the first-ever wireless charging Kindle product. 

Market Players Outlook

The major companies serving the global online reading platform market include Amazon.com, Inc., Apple, Inc., Barnes & Noble, Rakuten Kobo Inc., Smashwords, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Rakuten Kobo Launched Kobo plus in Italy, which offered an all-you-can-read subscription to readers unlimited access to numerous Kobo audiobooks and eBooks, in partnership with Mondadori Store. 

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global online reading platform 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.