According to the business intelligence report titled ‘Global Online Book Service Market Size study, by Product (Trade, Education and STM (Science, Technology & Medicine)), and Regional Forecasts 2021-2027’, available with Market Study Report, global online book service market is projected to amass significant returns between 2021-2027.
 

Surging demand for online books owing to increasing penetration of digital products such as smartphones & tablets, coupled with falling prices of e-textbooks are the key factors stimulating global online book service market growth.
 

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Citing an example, in 2010, approximately 69 million e-books were sold in the U.S. This number rose to 191 million in 2020, thus showing significant rise in popularity of the product.
 

For the uninitiated, online book service is a solution which provides easy navigation through dictionaries, character summaries, appendices, and different types of books, thus helping readers in finding information quickly and making reading easier.
 

The closure of bookstores worldwide due to the COVID-19 pandemic, and the environmental benefits associated with the adoption of e-books such as a decrease in paper consumption will aid revenue inflow as well.
 

While government campaigns to protect trees and environment will drive industry growth, privacy & copyright issues among e-sellers and book writers will act as a challenge for businesses in this domain.
 

Based on product gamut, worldwide online book service market is divided into education, trade, and STM (Science, Technology, & Medicine). The report studies each segment exhaustively in terms of market share captured, revenue generated, growth rate estimates, and valuation.
 

Regionally speaking, North America presently holds a significant share in the overall market, due to presence of leading companies such as Google LLC and Microsoft Corporation in the region, and rising disbursements of companies towards research & development.
 

Meanwhile, Asia Pacific market is anticipated to grow rapidly between 2021-2027, owing to consumer preference for digital books, and increasing penetration of tablets & smartphones.
 

Key players formulating the competitive landscape of global online book service market are Apple Book Store (Apple Inc.), Scribd Inc., Lulu Press Inc. (Lulu Enterprises Inc.), HarperCollins Publishers LLC (News Corporation), Kobo Writing Life (Rakuten Kobo Inc.), Nook (Barnes & Noble Inc.), Hachette Book Group (Lagardère S.A.), Smashwords Inc., and Google Play Books (Google LLC).