Library Management Software Market Worth USD 2.80 Billion By 2024

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’s financial position on accounts of profound investments in research and libraries.

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.

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Hexa Research has segmented the global library management software market based on deployment, end-use, and region:

Segmentation by deployment, 2014 - 2024 (USD Million)

• Cloud-based
• On-premises

Segmentation by end-use, 2014 - 2024 (USD Million)

• School Library
• Public Library
• Academic Library
• Others

Segmentation by region, 2014 - 2024 (USD Million)

• North America
• Europe
• Asia Pacific
 • Central & South America
• MEA

Key players analyzed

• Civica Pty Limited
• ProQuest
• Innovative Interfaces, Inc.
• SirsiDynix
• Book Systems Inc