Digital Publishing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Content Type (Text, Video, and Audio) and End User (Individual, and Enterprises) and Geography
Publication Month: Aug 2021 | Report Code: TIPRE00020441 | No. of Pages: 129 | Category: Technology, Media and Telecommunications | Status: Published
The Digital Publishing Market is expected to grow from US$ 24,606.5 million in 2021 to US$ 37,940.7 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028.
In 2018, more than 22% of entire book sales was contributed to eBooks. Inclination toward digital-only subscriptions and the use of artificial intelligence in publishing such as voice assistants/language processing for classifying content automatically are among the prevailing aspects in digital publishing. The digital publishing is rapidly overtaking earlier method of publishing, i.e., print. In addition to factors contributing toward the growth of digital publishing, COVID-19 pandemic outbreak has fostered the rise of digital media. The publishers are rushing to raise distribution and diversify their existing revenue models by opting digital publishing. Besides aforesaid factors, there are a few upcoming digital publishing features that are further forecasted to influence the growth of digital publishing in next 6–7 years. For instance, documentation and ease of implementation, product performance & UX (which are easy and fast to access), demand for original content/UGC content at user retention, content monetization, and e-commerce integration.
Impact of COVID-19 Pandemic on Digital Publishing Market
The ongoing COVID-19 pandemic outbreak and closure of schools and other educational institutions in the region has positively impacted the growth of the digital publishing market owing to the adoption of virtual textbooks and teaching/studying materials. Due to the COVID-19 outbreak, schools and universities across the region have adopted distance learning through virtual classrooms and online exams & assessment tools. This has led to the high demand for eBooks and online study material. Companies such as HurixDigital have experienced variations in their business due to the COVID-19 impact. The pandemic has accelerated digital adoption among publishers. The demand for digital publishing and eBooks increased manifold.
Lucrative Regions for Digital Publishing Providers
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Digital Publishing Market Insights
Increasing Adoption of eBooks Among Schools and Universities
eBooks help educational organizations meet three key strategic priorities: improving the student experience and academic outcomes in an increasingly competitive environment; driving innovation in learning, teaching, and research; and assisting in the effective and efficient use of space and human resources. Ensuring timely access to key books has been a fundamental challenge for universities and their libraries for many years, as well as the lack of sufficient copies has regularly featured as the top complaint in student surveys. The adoption of eBooks is a convenient option as students can read them at anytime from anywhere, which helps meet their expectations in a better and efficient manner.Additionally, the rising innovation in teaching, learning, and research is influencing the adoption of digital publishing across the world. For instance, the University of Leicester offers the MSc in Security, Conflict, and International Development by distance learning. The program, provided by the Department of Criminology, is designed for people who work in international development or want to work in the field. Students of this program can be employed in military settings, distant regions, or as peacekeepers, far from traditional learning environment. Every student is provided with an iPad with course materials and eBooks, as well as access to a course app. Students can read these eBooks without an internet connection, which can be frequently unavailable or unreliable in their workplace. Thus, the rise in adoption of eBooks across schools, universities is fueling the growth of the global digital publishing market.
End User-Based Market Insights
Before the Internet, a creative career typically began with the search for a talent agency. However, modern tools such as digital publishing have now made it possible for anybody to create and share content. Authors and artists of many genres have the option of self-publishing their work in digital forms. Portfolios and media kits, for example, can help to showcase their projects and talents, while samples and collections allow others to try out work. Even a whole book can be converted into a digital multimedia product that can be shared or sold without the need for an agency.
Digital Publishing Market, by End User – 2020 and 2028 (%)
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Strategic Insights
Players operating in the Digital Publishing Market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2021, Physiological Oncology Rehabilitation Institute (PORi) partnered with KITABOO to deliver online courses to medical practitioners. The help of a user-friendly interface makes it easy for learners to go through the course material. Further, the learners can collaborate with educators and peers to discuss the techniques they learn to master the skills. The platform enabled PORi to enrich the content with multimedia elements, adding to the interactivity factor and making the learning experience engaging.
- In 2020, panOpen and VitalSource entered a distribution agreement to deliver panOpen OER-based courseware across the network of VitalSource higher education institutions and partners.
The global Digital Publishing Market has been segmented as follows:
Digital Publishing Market – by Content Type
- Text
- Video
- Audio
Digital Publishing Market – by End User
- Individual
- Enterprises
Digital Publishing Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- HurixDigital
- Vijua
- VitalSource Technologies
- Excelsoft Technologies
- Impelsys Inc.
- Issuu
- Lulu Press, Inc.
- Kortext
- Magic EdTech
- RedShelf
Frequently Asked Questions
Education is one of the important sectors where digitalization is growing rapidly with the use of smart devices, such as interactive displays, tablets, laptops, and smartphones, in classrooms and students' lives. Furthermore, the increased adoption of online/e-learning courses, online tests, virtual classrooms, edutainment, and digital textbooks (eBooks) boosts the growth of the global digital publishing market. China, the US, and India are three of the most notable countries where digitalization in education is expanding. Growing investments in Edtech businesses that incorporate sophisticated technologies, such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI), into education solutions are accelerating the digitalization in the education sector.
Professionals who want to acquire higher educational degrees but cannot dedicate themselves to a full-time course due to work commitments generally undertake self-paced courses from institutions for career growth. For instance, upGrad Education Private Limit offers a self-paced Master of Business Administration (MBA) program from the Liverpool Business School across various functional domains to working professionals. The course provides a complete range of study material in digital format to all its registered students enabling them to go through and study the same at their own preferred timings. Thus, the rising adoption of self-paced learning across the world is expected to drive the growth of the digital publishing market in coming years.
Based on content type, the global digital publishing market is segmented into text, video, and audio. The digital publishing market was dominated by the text segment in 2020.
North America dominated the digital publishing market in 2020 with a share of 35.7% and is expected to continue its dominance by 2028. Europe is the second-largest contributor to the global digital publishing market in 2020, followed by APAC.
The major companies in digital publishing market are HurixDigital (KITABOO); Vijua; VitalSource Technologies; Excelsoft Technologies; Impelsys Inc.; Issuu; Lulu Press, Inc., Kortext; Magic EdTech; and RedShelf.
The major end users in digital publishing includes individual, and enterprises. In terms of market share, the market was dominated by the enterprise segment in 2020. With increasing number of corporate training and educational universities offering study material on digital platform, the scope of digital publishing among enterprises is increasing.
The List of Companies - Digital Publishing Market
- HurixDigital (KITABOO)
- Vijua
- VitalSource Technologies
- Excelsoft Technologies
- Impelsys Inc.
- Issuu
- Lulu Press, Inc.
- Kortext
- Magic EdTech
- RedShelf
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global digital publishing market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global digital publishing market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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