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|  | Library Market
What’s billed as the first report to analyze the global library market for all types of libraries and information centers suggests that the $22.5 billion market will reach $24.7 billion in 2010. The 3.1 percent compound annual growth rate still won’t keep pace with inflation, however. In fact, according to Outsell's "2008 Library Market Size, Share & Forecast Report", academic libraries worldwide have it especially tough, with a 2.5 percent predicted growth rate. That is less than half that of corporate libraries, which face the sunniest outlook. Public libraries are projected to have a 3 percent growth rate.
The largest market worldwide is school libraries, followed by corporate libraries, and academic libraries. The region with the largest spending is North America. Academic libraries spend the single largest share of their budgets in the category of “education/training”—a little over 20 percent, slightly ahead of that spent on scientific and technical materials. Those categories dwarf all others; however, when all libraries are aggregated—the report doesn’t break out academic libraries on this—the scientific and technical category is declining, while the education/training category is growing. Still, the scientific and technical category remains the largest worldwide for all libraries; once the medical category is added, STM is even larger.
Outsell points out that libraries are “successfully changing their models to stay abreast of the new information world paradigm.” Indeed, the report notes trends, evident to many librarians, that libraries are creating more original content, including via digitization, and coping in a world with much more user- and institutionally generated content. Libraries must meet users where they are, Outsell advises, and take advantage of the strength of consortia to combat rising prices. Librarians and end users are already doing more to find free or lower-cost alternatives to paid content. The corporate library, the report notes, is changing the most. The report is based on various governmental statistical reports and data from secondary sources, professional associations, and conversations with specialists.
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