Library Management Software Market size to grow by USD 390.07 million from 2022 to 2027, 1.31% YOY market growth recorded in 2023, Technavio

NEW YORK, Feb. 26, 2024 /PRNewswire/ -- The library management software market is expected to grow by USD 390.07 million during 2022-2027, progressing at a CAGR of 3.23% during the forecast period. According to technavio, the market experieced a 1.31% YOY growth in 2023. Read PDF Sample Report

AmpleTrails, Awapal Solutions Pvt. Ltd., Axiell Group, Civica UK Ltd., Clarivate PLC, CodeAchi Technologies Pvt. Ltd., CR2 Technologies Ltd., Gayatri Software Services Pvt. Ltd., ICV Partners LLC, Insignia Software, Libero Systems Pty Ltd., Library Resource Management Systems Inc., LibraryWorld Inc., Mastersoft ERP Solutions Pvt. ltd., Media Flex Inc., PowerSchool Holdings Inc., PrimaSoft PC Inc., Progressive Technology Federal Systems Inc., Soutron Global Inc., and Tech Receptives.

• Awapal Solutions Pvt. Ltd.: The company offers library management software that organizes books, journals, and other documents in a professional order so that it becomes easier for readers To gain access to more company profiles available with Technavio, buy the report!

The cloud-based segment will grow at the highest rate during the forecast period. Given the fact that they only need a web browser and an Internet connection, cloud-based applications are more widely available and simpler to use. End users can make monthly payments instead of a large one-time investment in cloud-based library management software. These periodic expenses are mostly for software maintenance and upgrades. The growing adoption of cloud-based solutions can be attributed to the extensive use of the Internet. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

The demand for library management software in K-12 schools propels market growth, with a focus on providing grade-level resources and integration with student management systems. Companies like Follet offer solutions such as Destiny Library Manager, aiding librarians in tasks like records management, issuing notifications, and reducing operational costs. The need for such software is expected to rise globally, driven by increased adoption in educational institutions.

• The evolution of digital newspapers and magazines is the primary trend shaping market growth. 
• The paucity of skilled professionals is the major challenge impeding growth. Download to gain access to this information.

Analyst Review

The market is witnessing significant growth, fueled by the increasing demand for automation in library functions. Universities and non-academic institutions alike are investing in library management solutions to streamline item orders, patron management, and book inventory. With the rise of mobile access, data security has become paramount, prompting the adoption of advanced open-source library management software. Existing products are evolving rapidly, with continuous product developments to address complexities and enhance service delivery. This market presents lucrative opportunities globally, driving market growth. Successful deployment of library management solutions hinges on robust market strategies to tap into the expanding global market.

The market is witnessing significant growth driven by the increasing demand for efficient application of technology in library automation. With the advent of cloud-based solutions, libraries of all sizes, including small, medium, and large, can now streamline their operations efficiently. These software solutions offer barcode generation for easy cataloging, transaction management, and robust database management. Particularly in the academic and education sectors, such systems are gaining traction. However, there are restraints such as investment pockets required for implementation. Nonetheless, the market presents lucrative opportunities for growth. A comprehensive impact analysis, including Porter's Five Forces analysis, reveals the dynamics shaping the industry, making it imperative for private libraries to adapt to on-premise or cloud-based solutions to stay competitive.

In the Library Management Software Market, the potency of buyers and suppliers plays a crucial role in shaping competitive dynamics. Libraries seek quantitative analysis tools within software solutions to streamline operations and enhance user experience. The market potential for such software is vast, with libraries worldwide recognizing the need for efficient management systems. Suppliers must cater to diverse library requirements, emphasizing innovation and customization to maintain a competitive edge. Additionally, buyers wield significant influence, driving suppliers to offer competitive pricing and comprehensive features. As the demand for digital cataloging, circulation, and patron management grows, library management software providers must continually adapt to meet evolving market needs. Download to gain access to this information.

Related Reports:

The procurement software market size is estimated to grow at a CAGR of 10.2% between 2022 and 2027. The procurement software market size is forecast to increase by USD 4,903.04 million.

The Global Event Management Software Market size is estimated to grow by USD 2,425.09 million between 2022 and 2027 accelerating at a CAGR of 7.76% during the forecast period.

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED