Library Management Software Market to See Strong Growth and Business Scope from 2018-2024


Market Overview

Library management software is an enterprise resource planning and management software for a library, which is used to carry out the library functions such as to track items, bills paid, orders received, and patrons who had borrowed books. Today, librarians are well aware of their increasingly complex relationships concerned workflow, content and discovery. In a bid to enable efficient management of the complexities in libraries, universities and other types of non-academic library environments deploy library management software systems. Library management software market tends to draw huge amount of revenues from medium to large or national level library management systems deployment and maintenance contracts.

Market Dynamics

The evolution of newer library management technologies is leading to the replacement of existing ones, which is in turn expected to drive the library management systems market growth in the years to come. There exists a huge scope for the library management software market in Asia-Pacific owing to the presence of large number of academic institutions in the region, that have not yet fully automated their library functions and the market thus mostly remained underpenetrated. This creates an opportunity for the existing and new global or regional players to expand into the library management software in Asia-Pacific. 

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Trends
Substantial revenues in the industry are generated by the annual maintenance fees or Software-as-a-Service (SaaS) renewals. In addition, owing to a large number of mergers and acquisitions that have taken place in the recent some years, the scope of consolidation in the library software industry is also immense.

In public sector library systems, a number of migrations have been discovered to be lateral in which a library moves from one actively supported integrated library system (ILS) of similar capabilities to another.

Growth Driver
Through product developments that are capable of offering more efficient and convenient library management solutions, existing products are replaced, which is in turn is expected to drive the library management software market. The growing need for automation of library functions, which easily streamline library management information resources, has majorly driven the library management software market.

Competitive Analysis

Some of the key players in the library management software market include Axiell Group, ProQuest, Biblionix, Book Systems Inc., ByWater Solutions, Capita, Civica Pty Limited, Companion Corp. Alexandria, EBSCO Information Services, Equinox Software, Inc., The Library Corporation, SirsiDynix, Follett School Solutions, Soutron Global, VTLS, PTFS Europe, Infor Library and Information Solutions.

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