Audiobooks Market Size - Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2024 – 2032

Audiobooks Market Size

Audiobooks Market size is expected to grow at a robust pace from 2024 to 2032, due to the rising developments in smart home technology.  The jump in digital platforms, increased smartphone and tablet usage, along with the growing audience interested in multitasking while consuming content has steered the higher number of e-book readers.
 

Like other content streaming industries, audiobook platforms are increasingly investing in original content and exclusive deals with authors and publishers. To illustrate, in February 2024, Rakuten Kobo expanded its Kobo Plus subscription service to Taiwan and Hong Kong, following its launch in American and European countries. The development of new technologies, such as voice assistants and virtual reality, is further providing entrepreneurs with various industry growth opportunities.
 

Audiobooks Market Trend

Rising advancements in voice technology and AI are enabling the development of more natural-sounding text-to-speech (TTS) systems. Of late, AI-driven narration is extensively used for certain types of content for providing cost-effective solutions for producing audiobooks. For instance, in March 2023, Apple quietly unveiled a catalogue of books narrated by AI for potentially huge implications of the expanding multi-billion dollar audiobook vertical.
 

However, the quality of audiobooks depends on the narrator. Weak & inappropriate speech without proper breathing and volume control can dissatisfy the customer, which, in turn, can restrict market growth to some degree. In response, companies are focusing on using advanced technologies, such as AI for the development of text-to-speech functions including automatic identification of recorded data for providing a summary of the content.
 

Audiobooks Market Analysis

In terms of preferred device, the audiobooks industry from the smartphone segment is anticipated to grow up to 2032, owing to the ability to access recordings and the ease of downloading while performing other tasks. According to a study conducted by Ericsson, the number of smartphone users worldwide exceeds 6 billion and is estimated to increase by hundreds of millions over the next few years. Smartphones are compact and easy to carry, emerging as convenient options for listening to audiobooks on the go. The ease of various customization options will also prove favorable for the industry demand.
 

Based on target audience, the adult segment is likely to hold a significant share of the audiobooks market by 2032. The growth can be attributed to the emergence of car entertainment systems that allow users to access a variety of audiobooks while driving or engaging in other activities. A large number of adults choose audiobooks due to the convenience in multitasking, such as during commutes, exercising, and household chores. The burden of busy schedules, long commutes, and daily chores is also making it challenging for adults to find dedicated time for reading, further driving the market expansion.
 

North America audiobooks market is predicted to foresee immense growth between 2024 and 2032, on account of the increasing number of smartphone users in the region. As per a World Population Review report for 2024, there are around 327.6 million cell phone users in the U.S. Multiple publishers and authors in the region are increasingly recognizing the importance of audiobooks in reaching a wider audience. The adoption of audiobooks in English and regional languages by schools to improve student performance will also fuel the regional industry outlook.
 

Audiobooks Market Share

Several leading audiobook companies are increasingly implementing mergers and acquisitions to strengthen their portfolios and offerings. They are also coming up with new packages to gain a competitive advantage over their counterparts.

Major audiobooks industry players include:

• Amazon.com, Inc.
• Rakuten Group, Inc.
• Apple Inc.
• Audible, Inc
• Downpour,
• Playster (Softonic International S.A.)
• Google LLC
• Storytel AB
• Barnes & Noble Booksellers, Inc.
• W. F. Howes Ltd.
   

Audiobooks Industry News

• In January 2023, Frankfurt-based Bookwire extended its partnership with Google Play Books for the broader automated production of audiobooks.
   
• In March 2023, Google rolled out a number of new updates on audiobooks, accessible on Google Play Store in an attempt to edge-out competitors like Audible and iBooks.

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