Audiobooks Market Size, Share, Growth Analysis, By Genre(Fiction, Non-Fiction), By Preferred Device(Smartphones, Laptops & Tablets, Personal Digital Assistants, Others), By Distribution Channel(One-time Download, Subscription-based), By Target Audience(Kids, Adults), By Region - Industry Forecast 2024-2031

Audiobooks Market Driver

Rising popularity of audiobooks

• Audiobooks are becoming increasingly popular among younger age groups and consumers. The rising popularity of audiobooks among the younger generation is expected to drive market growth, as these individuals are likely to encourage and inspire their relatives and friends, resulting in a bigger pool of prospective buyers. Furthermore, audiobook genre needs for different age groups are expected to differ, creating several opportunities for the audiobook industry.

Audiobooks Market Opportunity

Improving technology

• The rise of digital transformation technologies is predicted to stimulate market innovation in the audiobook industry. Customers can now obtain audiobooks more easily thanks to the integration of advanced technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI), and publishers have benefited from the current state of technology, which allows them to convert their physically written manuscripts to audio files. Amateur authors, narrators, and publishers can use any normal IoT device and the free version of the program to create reasonable quality audiobooks and develop a career in the audiobook creation business. Key market participants are adopting Artificial Intelligence (AI) to provide customers with personalized results based on their listening history. Other AI capabilities, such as automating recorded material narrations to improve text-to-speech technology and giving file summaries with key takeaways, are likely to drive the market over the forecast period.