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According to the latest report by MarkNtel Advisors, titled “Global Audiobooks Market By Genre (Fiction, Non Fiction), By Device Type (Smartphones, Laptops & Tabs, Personal Digital Assistance), By Sales Channel (Subscription-based, One Time Download), By Target Audience (Kids, Adults) and Others, The Global Audiobooks Market size was valued at around USD 6.8 billion in 2023 and is projected to reach around USD 31.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.4% during the forecast period, i.e., 2024-30. The report provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.
Base Year: 2023
Forecast Period: 2024-30
Historical Data: 2019-22
CAGR (2024-2030): 26.4%
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Integration of Artificial Intelligence (AI) Gaining Traction in the Audiobook Industry – The integration of AI with audiobook services is emerging as a significant market trend in the audiobook market globally. AI and IoT technologies enhance the overall user experience by providing tailored recommendations and personalized suggestions. The technologies provide consumers with audiobook suggestions based on their previous choices and listening habits, which helps consumers discover audiobooks as per their tastes. By leveraging AI algorithms, companies such as Amazon, Apple, Google Play Books, etc., analyze a user’s past interactions with their platforms for audiobooks to recommend content that aligns with their interests, ultimately enhancing user engagement and satisfaction.
Moreover, AI voice assistants such as Alexa, Google Assistant, Siri, etc., enable seamless access to a wide range of audiobooks to consumers by voice commands further increasing user-friendly experiences and prompting individuals towards audiobooks. In addition, companies leverage AI technologies to narrate the entire story of an audiobook, which further provides consumers with options for the voice selection of the narrator.
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-By Genre
Out of them both, the non-fiction segment is poised for a substantial market share in the Global Audiobooks Market driven by rising consumer demand for non-fiction books and real-life stories.
-By Target Audience
Based on the target audience, the adult segment holds a considerable market share in the Global Audiobooks Market driven by the wide availability of a diverse range of genres and titles of audiobooks catering to adult audiences.
-By Device Type
-By Sales Channel
-By Region
North America witnessed a significant market share in the Global Audiobooks Market driven by high internet penetration rates and changing consumer preferences towards digitalization and technology adoption.
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Audiobooks Market Share Audiobooks Market Growth Audiobooks Market Trends
