Library Automation Service System Revenue Market to Reach $1.6 Billion, Globally, by 2032 at 4.8% CAGR: Allied Market Research
Integration of AI and machine learning offers remunerative opportunities for the expansion of the global library automation service system market.
NEW CASTLE, Delaware, Sept. 17, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Library Automation Service System Revenue Market by Type (Commercial System and Open Source System), and Application (School Libraries, Public Libraries and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the library automation service system revenue market was valued at $1.1 billion in 2023, and is estimated to reach $1.6 billion by 2032, growing at a CAGR of 4.8% from 2024 to 2032.
Prime determinants of growth
The global library automation service system market is experiencing growth due to rise in demand for efficient library management, technological advancements, and cost efficiency. However, data privacy and security concerns hinder the market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $1.1 billion |
| Market Size in 2032 | $1.6 billion |
| CAGR | 4.8% |
| No. of Pages in Report | 200 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rise in Demand for Efficient Library Management |
| Technological Advancements | |
| Cost Efficiency | |
| Opportunities | Integration of AI and Machine Learning |
| Restraint | Data Privacy and Security Concerns |
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Segment Highlights
By type, the open-source segment dominated the market share in 2023, owing to its affordability, flexibility, and strong community support. Several libraries prefer open-source systems for their customizable features, allowing tailored solutions without significant costs. In addition, the collaborative nature of open-source projects ensures ongoing updates and innovations, making them highly reliable and efficient for library automation, which is fueling the segment growth.
By application, the school libraries segment dominated the market share in 2023. This is attributed to the growing emphasis on digitizing educational resources and streamlining library management. School libraries increasingly adopt automation to enhance student access to materials, improve cataloging efficiency, and support digital learning initiatives, which is a key driver in the library automation service system market.
North America dominated the market share in 2023, owing to significant investments in technological advancements, widespread adoption of digital solutions in educational institutions, and strong presence of key market players. In addition, substantial investments in digital transformation by educational institutions and public libraries boost the market growth. The presence of major market players, along with continuous innovation and development in automation technologies, further supports this trend. Moreover, government initiatives to promote digital literacy and the integration of cutting-edge technologies in libraries, thereby, drives the market growth in this region.
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Major Industry Players: –
- Library Automation Technologies Inc.
- OCLC Inc
- Libsys Ltd.
- Auto-Graphics, Inc.
- CR2 Technologies Limited
- Civica
- Follett School Solutions, LLC
- Innovative Interfaces, Inc
- ProQuest LLC
- Infor
- PTSF
- Siris Corporation
- PrimaSoft PC, Inc
- Equinox Software and Services Pvt. Ltd.
- Ex Libris Ltd.
- CapitaPlc
The report provides a detailed analysis of these key players in the global library automation service system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisition and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In April 2024, OCLC acquired cloudLibrary, a platform that provides libraries access to a diverse range of digital content. This acquisition is to assist OCLC in aiding public libraries as they navigate the increasing shift towards digital collections, ensuring they can manage this transition effectively.
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