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New Research from Outsell Sizes the Global Library Market
Data Shows Libraries Still a Strong Presence Despite Economic Headwinds
By: Outsell, Inc.
Building on earlier Outsell library reports, the current report shows upwardly revised numbers of school and academic libraries, particularly in Asia Pacific, Africa, and Latin America. Survey data shows a continued shift from print to digital, with many libraries embracing new technologies and offering e-books and remote access to content, in an effort to meet the evolving needs of their patrons.
"As the information ecosystem continues to evolve and options proliferate, libraries are finding ways to re-invent their mission to remain relevant and show value," said Jim Hydock, Outsell VP & Lead Analyst. "For instance, many in the public sector are becoming technology and community centers. Overall, there is a shift to a more service-oriented mentality to engage with their constituents."
Key findings from the report include:
· The library market has posted four years of positive growth, although it still lags the growth rate of the global economy and information industry as a whole.
· Library budgets are not keeping pace with publishers' content price increases.
· After several years of 4% to 5% budget growth, corporate libraries report only marginal growth for 2016, reflecting a sector that struggles to demonstrate robust return on investment.
Publishers and vendors serving this market can look for opportunities to back libraries' efforts to demonstrate value, such as through technology innovation or competitive licensing models, as libraries continue to evolve as 21st century institutions.
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For more information about this report (https://www.outsellinc.com/
About Outsell, Inc.
The rapid convergence of information, media, software and technology is reshaping businesses every day. Enter Outsell, Inc. (http://www.outsellinc.com/)