Global online reading platform market is anticipated to grow at a considerable CAGR of 8.9% during the forecast period (2024-2031). The market growth is driven by the high smartphone and tablet penetration across the globe. Furthermore, the rise in the conversion of comic books to digital materials by major publishers such as DC, Marvel, and others is promoting e-reading. The global online reading platform market is segmented by application (personal and commercial), by deployment mode (cloud-based and website-based), by subscription type (one-time license, yearly, quarterly, and monthly), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
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Market Dynamics
The commercial segment is anticipated to grow significantly 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. Additionally, technological advancements have made e-reading more convenient and comfortable, contributing to market growth. 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 learning activities has also grown the commercial use of online reading platforms.
The quarterly subscription segment held the largest market share in 2023, owing to attractive offerings. The users are provided with various deals on books after more than one iteration. Additionally, the monthly segment is anticipated to register rapid growth during the forecast period, attributed to the availability of various add-on services and low subscription costs.
North America is anticipated to hold a prominent share in the market during the forecast period owing to the presence of key market players, with a high number of subscribers such as Amazon.com, Inc., Google LLC, Apple, Inc., and others in the region. Additionally, rapid product innovation is contributing considerably to the regional market growth.
The major players in 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 contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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