The global E-book market is set to reach USD 29.43 billion by 2024, primarily driven by the advancement in technology, rising population of educated youth, increasing smartphone penetration across the globe, government policies promoting smart education, free accessibility and e-book reader applications. Moreover, the availability of an online translation of e-book in various local languages is anticipated to drive the market over the forecast period.

Over the past few years, the use of E-books has been significantly growing owing to increasing availability of digital versions of traditional books. Several companies are concentrating on increasing their digital catalogue for users. For instance, in May 2013, Hachette Book Group launched digital versions of more than 5,000 books for readers worldwide.

A drastic change from traditional books to digitalized versions in the publishing industry as well as growing demand for mobile and reading platforms such as Kindle and iPad provides an extra advantage to publishers to make their title catalogues available in digital formats. Availability of texts that have gone out of print on these platforms is expected to provide an impetus to the growth of the market.

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Key players analyzed
• Amazon
• Hachette
• Harper Collins
• Penguin Random House
• Kensington Publishing
• Bloomsbury India
• LuLu

Asia Pacific is anticipated to witness the fastest growth over the forecast period on account of rising adoption of smartphones and other digital reading platforms such as Adobe eBook platform and Kindle. India and China have a large number of educational institutes than any other country in the region. These educational institutes are preferring e-books over the conventional books to reduce the space as well minimize the cost attached to with paper books.

Over 60% of the books sold in this region are educational owing to the higher number of educational institutes. Preference of digitalization, especially journals in STM (Science, Technology and Medicine), to access a larger volume of data seamlessly is expected to propel growth. This factor is expected to drive the growth of the nonfiction & education segment, resulting in 28.4% contribution to the overall market by 2024.

Fictional books contributed to the largest revenue share in 2016. The demand for the genre has been increasing on account of consumer preference for leisure reading, and the segment is expected to grow at a 7.8% CAGR over the forecast period.

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