From print to pixel, the dynamic landscape of the global books market and the shift toward sustainability

From the quiet of some of the quiet corners of some local bookstores to the seemingly endless digital shelves of online retailers, the world of books is a dynamic landscape replete with untold stories. In our lives, no one can ever replace the book; it has been a treasure of facts and entertainment since time began. Much, therefore, has changed with the advances of technology and electronic media in the book industry. Today, books in the digital age are usually called "analog." That has already passed centuries since the invention of the printing press appeared. Such availability and affordability of books show an existence of books as a quite reliable source of information and entertainment for all people around the globe. Much world-changing occurred with time in the history of books. With the entry of digital media and new technologies, the book market has transformed into a myriad of formats-from books to ebooks and audiobooks-to reach reading audiences. Hence, with this transition, reading onto screens opens up greater opportunities for both the publisher and the consumer. Digital publishers should make investments in creating and marketing text, audio, and video editions while keeping in mind the medium of digital communication. Since 2013, HarperCollins has partnered with digital libraries like Scribd and others. This includes the likes of author J.K. Rowling's Pottermore can give their readers an online visual experience. BookNet Canada published that there were almost 16,000 actively-selling ISBNs in the mystery/detective genre in the year 2016. Sales data from national sales tracking service BNC SalesData showed that book buyers like a mix of newcomers such as Gillian Flynn, and more classic authors such as Agatha Christie.

According to the research report, “Global Books Market Research Report 2029” published by Actual Market Research, the market is anticipated to cross USD 160 Billion by 2029, increasing from USD 144.67 Billion in 2023. The market is expected to grow with a 2.35% CAGR from 2024 to 2029. The stimulus for growth in the market of books is growing demand for diversified formats of content, including print, e-books, and audiobooks, alongside the ever-increasing self-publishing. Within the market, perhaps the biggest challenge is the continuously increasing prices for titles within print and e-books because consumers now are looking at alternative options instead of buying brand-new copies. According to a Voice of the Reader survey, higher prices for books are motivating consumers to postpone purchases. Consequently, high book prices make consumers go for alternatives such as purchasing second-hand books or downloading free and discounted e-books from discount newsletters. Along with this, textbook costs have also escalated over time. The COVID-19 outbreak created an increased demand for books all over the world, particularly in the household sector. The pandemic has created a work-from-home situation for hundreds and thousands of people worldwide, which has opened a wider dimension to leisure activities and self-development among consumers. Books, among them, were needed by tens of thousands of consumers in this moment of uncertainty and chaos to give up time to them for self-improvement and also to be home with a purpose. That makes demand for books grown rapidly. The readings are more interesting to most people than Jigsaws and Rubik's cubes. It may even be more enticing because it fulfils the "puzzle-solving" aspect of the classic puzzle, but on top of it all, one gets the imagination evoked and is driven by the suspense of a whodunit, which makes the puzzle even more interesting, and the urge to reach the "goal" stronger.

The most important share of North America market is the US. Book markets have shown a radical change by shifting to digital formats and acquiring e-book and audiobook editions. Purchases, increasingly, tend to be made online via the platforms that offer services of Amazon and other similar companies. Traditional print books still hold a significant market share, as despite increased digital books, elderly demographics love the real book. The market is also becoming segmented by genre and format, which attracts niche audiences and expands the overall sales potential. The book market of Europe is in a rather challenging position of challenges and opportunities. For instance, Germany and the UK have shown an incredibly resilient level of steadiness in their sales of e-books, where traditional print books remain to be at least popular to some extent. This occurs much more visibly in the markets of Eastern Europe, which are culturally much more demanding of a physical product. For traditional publishing firms, though, times are bad since these rising prices coupled with increased competition from fast-emerging self-publishing sites prove to be a challenge. The second-hand book market is also surging high with the interest of consumers in cheap alternatives in lieu of an increasing new book price. The book market of Asia-Pacific countries is growing rapidly, with the Chinese and Indian markets holding an upper hand. Growth in literacy rates, the emergence of a middle class, and disposable income are among the emerging factors that trigger the desire for more diversified reading material. Widespread usage of smartphones and internet penetration contribute to rapid growth in the digital segment, allowing access to e-books and audiobooks. Digital trends are embraced by publishers while traditional print offerings are carried forward, especially for avid readers.

The book market in South America is slowly developing, yet the regional market is still on shaky grounds due to economic instability and the variable literacy rates of countries. Brazil, though, presents a different case, with growing interest both in print and in digital formats; nevertheless, hindrances such as big import duties on foreign books and limited local distribution networks do not work to grow the business. Independent bookstores and online retail platforms make it easily accessible for different varieties of literary works. Governmental activities and programs in educational institutions also promote reading culture and encourage newer generations. The Middle East and Africa are a mixed bag for the book market. For example, countries such as the Gulf Cooperation Council (GCC) have seen an increase in the number of book fairs and literary festivals targeting the development of reading culture and promoting local writers. Yet this cannot be considered development-friendly, given aspects such as censorship and the unavailability of materials that are usually needed for literacy purposes. In Africa, for instance, literacy levels are on the increase, but economic factors frequently restrict availability of books. However, there is a growing trend toward mobile reading solutions targeting young readers who favor digital content for ease of access. Countries such as South Africa have experienced print and digital sales growth as publishers meet local demand but also create opportunities for literacy initiatives across the continent.

Educational books, with their first and foremost mainly textbooks, are the largest due to the core role of this field in the educational sector, at the service of schools and universities. Of course, it is relevant to school needs, which grow in line with the permanent demand for updating educational literature and expanding student populations worldwide, especially within developing economies where education is placed high as the basis for economic development. Science books also have a significant portion of the share, due to growing interest in STEM fields and the demand for scientific literacy in contemporary society. With time, science books are still required to update scientific literature to keep pace with the high-tech world, where technology seems only to be searching for more everlasting inventions. The historical segment, though classically stable, is experiencing a new growth because readers are becoming more interested in a deeper insight into the events of the past and their implications on current affairs. This seems to be part of a greater cultural wave into gaining perspectives about the material in history in relation to the contemporary discussion. On the other side, fantasy books have been gaining popularity steadily in recent times, especially among the young population. Digital platforms and social media have amplified the fantasy literature that fosters communities having an interest in these books. The escapism offered by fantasy narratives seems to resonate well with people who seek alternative realities for themselves. Romance continues to top the lists of preferences of many buyers, hence the continued uptrend in sales. With this genre flexible to any format-from e-book to audiobook-this had helped it harden its market position. Other segments include mystery and non-fiction, which add diversity in the market. Mystery novels appeal to its readers with suspenseful narratives, while other non-fiction appeals to one who needs facts about things or wants self-improvement resources.

Hard copy books continue to find a special place in people's hearts despite digitalization. The feel of pages turned the other way, the smell of ink and paper, and perhaps the aesthetic appeal of a well-stocked bookshelf and the nostalgic connection create an experience that cannot be gathered by their e- and audiobook variants. This segment does well in the genres of literary fiction, art books, and children's literature, where the print of the books helps better to enlighten the reader. In general, gifting more often takes place by a hard copy because they go along with permanence and thoughtfulness. However, the production cost that is rising and the change in consumer behaviour which mainly favors digital tests the hard copy segment. E-book has revolutionized reading and provided readers with unparalleled convenience and accessibility. Now, with the mere act of holding some device-tablet, smartphone, or e-reader-readers can have access to a mammoth store of literature from anywhere and at any time, all serving fast-paced lifestyles of readers who want to consume literature while commuting or traveling. Besides, e-books usually cost cheaper compared to the printed versions, making them an attractive proposition for budget-conscious consumers. The ability to zoom in or out of the font size and background color also help the visually impaired reader read with ease. The expectations of the future technological advancements in this field are that interactive content with multimedia integration will also be there in the e-books. The other new segment that came into being in the last decade is audiobooks, which have very rapidly gained grounds in almost all the parts of the world; it is currently one of the most rapidly expanding sections of the books market all over the world. Of course, there are many different reasons for this growth in the market, but one of the important ones has indeed been the popularity of podcasts and consumption of audio content, altogether. With audiobooks, listeners have an added advantage of consuming literature while multitasking either working out, traveling, or doing household chores. Subscription services such as Audible have made audiobooks highly accessible, providing listeners with a mountain of libraries at their fingertips. Better audio quality and narration techniques are the additional advances in technology that have been seen. It increases the immersion and enjoyment of listening experience.

Despite the popularity of e-bookstores nowadays, sales in the offline or traditional markets are very well preserved, for certain reasons. Although there are readers who want to touch and feel pages of a print book, which they believe is helpful in better comprehension and retention than e-books, research has shown that holding a book involves more senses, hence better retention and understanding of the subject read. Additionally, traditional reading has to minimize a lot of distraction created by the effects of electronic devices. Some parts of the market will continue to purchase online for even more old-fashioned reasons as the enjoyment of looking through a printed shelf and immediate pleasure of buying in the store. To be sure, even younger readers want to go to bookstores, which give social experience and association with the culture of literature. On the other hand, sales of books are rapidly increasing based on convenience and accessibility through the internet. The COVID-19 pandemic nurtured the development of this trend because consumers directed their reading needs to online retailers during the time that physical stores were restricted. Online platforms afford instant access to such a wide array of titles that transcend geographical boundaries, thereby making it easier for consumers to track a specific book or genre. In addition, the presence of multimedia elements in e-books makes reading highly interactive. The age group of 35 to 44 years, when compared, prefers shopping online, largely because it takes less time and provides a much easier comparison of prices. With the advancement of technology, the increase of suggestions and consumer reviews continued to boost the sales of online books. It even became a trend for most consumers worldwide.