Library Management Software Market size is set to grow by USD 682.8 million from 2024-2028, rise in demand for library management software from APAC boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global library management software market size is estimated to grow by USD 682.8 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.35%  during the forecast period. Rise in demand for library management software from APAC is driving market growth, with a trend towards increase in the use of open-source library management software. However, growing concerns about data security  poses a challenge. Key market players include AmpleTrails, Awapal Solutions Pvt. Ltd., Axiell Group, Civica UK Ltd., Clarivate PLC, CodeAchi Technologies Pvt. Ltd., CR2 Technologies Ltd., Gayatri Software Services Pvt. Ltd., ICV Partners LLC, Insignia Software, Libero Systems Pty Ltd., Library Resource Management Systems Inc., LibraryWorld Inc., Mastersoft ERP solutions pvt. Ltd., Media Flex Inc., PowerSchool Holdings Inc., PrimaSoft PC Inc., Progressive Technology Federal Systems Inc., Soutron Global Inc., and Tech Receptives.

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Market Driver

Open-source library management software is a growing trend in the global library market. Notable companies, such as Ex Libris and EBSCO, support this movement by providing open-source discovery interfaces like VuFind and Blacklight, and launching projects like FOLIO. Kuali Foundation and Open Library Environment (OLE) collaborate to build open-source library management programs, with OLE offering SaaS solutions to academic and research libraries including Duke University Libraries, North Carolina State University Libraries, Lehigh Libraries, Cornell University Library, SOAS University of London's SOAS Library, and Texas A&M University Libraries. 

The Library Management Software market is experiencing significant growth with an increasing number of educational institutions and organizations adopting digital solutions for managing their library resources. Automation of library processes, device compatibility, and user-friendly interfaces are key trends driving the market. Features such as digital catalogs, online reservation systems, and automated check-out and return processes are becoming essential for libraries to meet the demands of their users. Additionally, cloud-based solutions and integrations with other educational software are gaining popularity. The market is expected to continue growing as libraries seek to provide efficient and convenient services to their patrons. 

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Market Challenges

•         Library management software market faces a significant challenge in ensuring data security, particularly for cloud-based solutions. End-users demand that vendors adhere to certified security standards, such as ISO/IEC 27001 for managing information security assets, and SAS 70/SSAE 16 for examining service organization controls. While these certifications offer protection for data stored in certified data centers, they do not guarantee data encryption during Internet transmission.

•         The library management software market faces several challenges in implementing and integrating advanced technologies. Digitization and automation are key areas of focus, requiring significant investment in infrastructure and training. Transformation of processes and workflows can be complex, especially for smaller institutions with limited resources. Integration of various systems and applications, such as chatbots and analytics, can also pose challenges. Additionally, ensuring data security and privacy is a major concern. Procurement of licenses and upgrades, as well as ongoing maintenance and support, add to the financial burden. Overall, the library management software market requires a strategic approach to address these challenges and maximize the benefits of technology.

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Segment Overview 

This library management software market report extensively covers market segmentation by  

1. Deployment 
• 1.1 Cloud-based
• 1.2 On-premises
2. End-user 
• 2.1 School library
• 2.2 Public library
• 2.3 Academic library
• 2.4 Others
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cloud-based-  Library Management Software (LMS) is a business solution that helps institutions manage their books and other resources efficiently. It streamlines borrowing and returning processes, automates overdue notices, and offers real-time inventory tracking. LMS enhances operational efficiency, reduces manual work, and improves user experience. It caters to various library types, including academic, public, and special libraries. By implementing LMS, organizations can save time, minimize errors, and better serve their patrons.

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Research Analysis

The Library Management Software (LMS) market encompasses solutions that automate various library operations, including cataloging, inventory management, patron management, and digital collections. These platforms often incorporate AI-powered features, such as predictive analytics and seamless navigation, to enhance user experiences. With the shift towards remote engagement and digital transformation, cloud-based LMS have gained popularity. However, budget limitations and allocation challenges pose challenges for smaller libraries, leading to the exploration of opensource alternatives and cheaper solutions. Software upgrades, customization, research and development, and licensing are essential considerations in the LMS market. Despite these challenges, the market continues to evolve, with a focus on data security, smart devices, and virtual interactions.

The Library Management Software market encompasses solutions designed to automate and manage various library operations. These solutions facilitate the borrowing and returning of books, management of catalogs, and maintenance of member information. They offer features such as online catalogs, automated renewals, and overdue notices. Additionally, they provide tools for managing inventory, generating reports, and implementing security measures. The software caters to libraries of all sizes, from small community libraries to large academic institutions. It enhances efficiency, reduces manual labor, and improves the overall library experience for users.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• Cloud-based
• On-premises
• End-user
• School Library
• Public Library
• Academic Library
• Others
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio