The eBooks market in Vietnam is experiencing significant growth due to several factors. Customer preferences have shifted towards digital content, leading to an increased demand for eBooks. Additionally, the availability of affordable smartphones and tablets has made it easier for consumers to access and read eBooks. The market is also benefiting from local special circumstances, such as a young and tech-savvy population, and a growing middle class with disposable income to spend on leisure activities like reading.
Customer preferences: Vietnamese consumers are increasingly embracing digital content, including eBooks. This shift in preference can be attributed to several factors. Firstly, eBooks offer convenience and portability, allowing readers to carry a vast library of books on a single device. Secondly, eBooks are often cheaper than their physical counterparts, making them more affordable for a wider range of consumers. Lastly, eBooks provide a more immersive reading experience, with features such as adjustable font sizes, highlighting, and search functions.
Trends in the market: The eBooks market in Vietnam is witnessing several key trends. Firstly, there is a growing demand for local language eBooks, reflecting the preference for content that is relevant and relatable to Vietnamese readers. Publishers are increasingly focusing on translating and digitizing local literature to cater to this demand. Secondly, there is a rising popularity of self-published eBooks, as authors can bypass traditional publishing channels and reach a wider audience directly. This trend has led to a diversification of content, with a greater variety of genres and niche topics available in the market. Lastly, subscription-based eBook services are gaining traction, offering readers unlimited access to a library of eBooks for a monthly fee. This model appeals to avid readers who consume a large volume of content and provides a steady revenue stream for publishers.
Local special circumstances: Vietnam's young and tech-savvy population is a significant driver of the eBooks market. With a median age of just 30 years old, the country has a large youth population that is comfortable with digital technology. This demographic is more likely to adopt new digital trends and embrace eBooks as a preferred reading format. Additionally, Vietnam's growing middle class has increased disposable income, allowing more individuals to afford eBooks and other leisure activities. As the middle class continues to expand, the eBooks market is expected to grow further.
Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the eBooks market in Vietnam. Firstly, the country has experienced rapid economic growth in recent years, leading to an increase in disposable income and consumer spending. This economic prosperity has created a larger market for leisure activities, including reading. Secondly, the widespread availability of affordable smartphones and tablets has made it easier for consumers to access and read eBooks. The declining prices of these devices, coupled with improving internet infrastructure, have made digital content more accessible to a wider audience. Lastly, the government's efforts to promote digital literacy and education have also contributed to the growth of the eBooks market. Initiatives such as the National Digital Transformation Program aim to improve digital skills and literacy among the population, creating a more receptive environment for digital content consumption.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Books market, which covers paid publications in printed form and in the form of digital replicas (eBooks). Revenues from the consumer (of general interest), academic (for educational purposes), and professional (on specialized topics) markets are included here. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.Modeling approach / market size:
The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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