According to a new report published by Acumen Research and Consulting titled “Library Management Software Market (By Deployment type: Cloud, On-premise; By End User: School Library, Public Library, Academic Library, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, the global market for library management software is estimated to grow at a significant rate and reach the market value of over $2,220 million by 2026. Among the major factors responsible for this astounding growth are ever increasing population and increase in need for automation of library functions drives the market growth. In addition, product expansions of offering convenient library management solutions thus changing the existing products boost the growth further. Moreover, solutions which quickly offer mobile access to library-linked content further propel the market.
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By region, the market in Asia Pacific is likely to produce at the fastest CAGR during the forecast period considering the growing number of educational institutes and its adaptation to latest technologies. The rising demand for library management software in Asia Pacific is anticipated to additional add to the growth of the market during the forecast period. In addition, there is a comparative growth in per capita presence of libraries in the region, with significant countries such as China, India, and Japan.
North America attributed for the largest market share in 2017 and is predicted to hold its position over the estimated period relating to numerous factors such as growing use of online web-based library information with the comparative ease of use and operational efficiency is anticipated to drive the market in the region
Cloud based library management software contributed key market share in 2016 and is projected to profitable growth over the anticipated period on account of features such as multiple format support, multi-lingual interface, and accessibility from any device at any time. However, growing use of World Wide Web in emerging economies is likely to increase the demand for cloud-based software. Subsequently, on-premise deployment is projected to rise at a relatively slow pace during the forecast period owing to growing adaptation of cloud-based solutions across the globe
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Software development is a key factor which is anticipated to enhancement the development of the market during forecast period which provides well-organized management solutions. Moreover, as the smartphone market is on the increase, mobile applications which are combined through new library system technologies providing benefits such as SMS alerts and online subscriptions which will propel the industry. Concerns over data privacy and unauthorized access are likely to hamper the growth of library management software market.Some of the major factors driving the growth of this market include software development is a key factor which is expected to boost the growth of the market over the forecast period which delivers efficient management solutions. Furthermore, as the smartphone market is on the increase, mobile applications which are combined through new library system technologies providing benefits such as SMS alerts and online subscriptions which will boost the industry.
In addition, the key players operating in library management software market and identifies the key strategies deployed by them along with the market share of leading players.Some of the leading companies operating in the global library management software market include PowerSchool, Innovative Interfaces Inc., Sirsi Corporation, ProQuest LLC, Axiell group, Book Systems, Inc., Insight Informatics Pty Ltd., Capita plc, and CR2 Technologies Limited.
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