Library Management Software Industry to Reach USD 2.80 Billion by 2024
The global library management software market was valued at USD 2.15 billion in 2016 and is anticipated to grow on account of increasing automation of the library functions which benefits convenient informational resources for management.
(firmenpresse) - The global library management software market is expected to reach USD 2.80 billion by 2024. Emerging trend automating library functions is expected to be one of the key driving factors of the market. In 2016, North American dominated the global market contributing to 40.5% of the market share pertaining to the increasing number of online libraries along with corporates. Asia Pacific is expected to grow at the fastest CAGR over the forecast period pertaining to the increasing awareness of education in the region.
In compliance with the driving factors, companies are focusing on software development as well as mergers and acquisitions to expand their presence in global market. For instance, in October 2015, ProQuest successfully acquired Ex Libris to provide new solutions that will help libraries to seize the opportunities in rapidly changing technology. This strategy has been helpful to both libraries and the company
The companies are also focusing on expanding their software portfolio to maximize its end use through means of various strategies. For instance, in April 2015, EBSCO acquired an online platform named LearningExpress which would benefit the company to expand its student library range to help the students improve their academic skills and get ready for mock test series.
Cloud-based library solutions dominated the global library software market in 2016 and are expected to maintain its position over the forecast period. Furthermore, the cloud-based software was extensively used owing to several benefits like multi lingual articles, multiple format support and easy access. Furthermore, steady demand for on-premises solutions on account of several benefits including user comfort, pleasant surrounding along with rising footfall of students is expected to upsurge the progression of the market. This segment is expected to grow at CAGR of 2.7% over the projection period
The lucrative growth of library management software market primarily driven by increasing tangible stock which is also likely to be favored by easy access and use through smartphones or any other online platforms. These factors are expected to result in a noticeable growth of the global library management software market over the next forecast period.
Hexa Research has segmented the global library management software market based on deployment, end-use and region:
Segmentation by deployment, 2014 - 2024 (USD Million)
Segmentation by end-use, 2014 - 2024 (USD Million)
Segmentation by region, 2014 - 2024 (USD Million)
& South America
Key players analyzed
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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Datum: 17.07.2018 - 09:54 Uhr
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News-ID 1538632
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Typ of Press Release: Finanzinformation
type of sending: Veröffentlichung
Date of sending: 17.07.2018
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