The convergence of library, museum and archive services is gaining popularity as they are inter-related in terms of their service offerings and have therefore gained acceptance. For instance, the Museum of History & Industry and the University of Washington Libraries collaborated with the Association of King County Historical Organizations to address the challenges related with preserving collections and to provide greater access to the community.
THE BUSINESS RESEARCH COMPANY VALUED THE LIBRARIES AND ARCHIVES GLOBAL MARKET AT $99 BILLION IN 2017
Asia Pacific was the largest geographic region in the libraries and archives market in 2017, accounting for one-third of the market share. China was the largest country, accounting for less than one-fifth of the global market.
The chart below shows the year-on-year growth of the global libraries and archives market during 2017 – 2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, digital audio books sales have increased exponentially over the last decade. Libraries are also adopting audio books in a big way. Some companies also offer a pay per usage plan that enables users to pay when they access a book title. 3M Cloud Library, Baker and Taylor, Hoopla, Overdrive and Audible are the major audiobook service providers. For instance, the number of audiobook titles produced by major publishers increased from 3,073 in 2007 to 35,000 in 2014.
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Library of Congress was the largest player in the libraries and archives market, with revenues of $2.4 million in 2016. Library of Congress’ growth strategy is to deliver authoritative, authentic, analyse and secure the information and to develop modernised copy rights.
Libraries engage in maintaining collections of documents (e.g. books, journals, newspapers, and music) and facilitating the use of such documents (regardless of its physical form and characteristics) to meet informational, research, educational, or recreational needs of their users. The archives market comprises establishments primarily involved in acquiring, researching, storing, preserving and giving access to public historical documents, photographs, maps, audio material, audio-visual material, and other archival material of historical interest. Most of the resources are electronically accessible.
Libraries And Archives Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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