Global publishing market to generate USD 358 Billion through 2020
Technavio analysts forecast the global publishing market to reach USD 358 billion by 2020, according to their latest report. The research study covers the present scenario and growth prospects of the global publishing market for 2016-2020.
“The global publishing market will benefit from the digitization of consumer books. E-book technologies will increase the awareness of titles and stimulate book sales, while new portable e-reading services will boost electronic book sales in selected countries such as Japan, the US, and the UK,” says Ujjwal Doshi, a lead analyst at Technavio for publishing and advertising research.
It also says that e-commerce is growing by leaps and bounds. In 2015, the revenue generated by the global e-commerce market was USD 1.8 trillion, which is likely to increase to USD 4.6 trillion, growing at a CAGR of close to 21% during the forecast period.
In 2015, 55% of the consumers preferred to purchase books through e-commerce. This is mainly because of the growing reach of the e-commerce vendors. Other reasons for the increasing adoption of e-commerce for buying books are easy payment options, prompt delivery, and hassle-free return policy, which also increases the credibility of the e-commerce vendors. A few popular e-commerce vendors offering books are eBay, Amazon, Walmart, and Alibaba.