Major companies in the information services market include Bloomberg; RELX Group; Wolters Kluwer; Associated Press and Thomson Reuters. The global information services market is expected to grow from $136.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Information Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018828/?utm_source=GNW
48 billion in 2020 to $147.04 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $196.7 billion in 2025 at a CAGR of 8%.
The information services market consists of the sales of information services by entities (organizations, sole traders or partnerships) that provide news reports, articles, pictures, public historical documents, photographs, maps, audio material, audiovisual material, and other archival material of historical interest. These entities include news syndicates, libraries and archives. The information services market is segmented into news syndicates; libraries and archives and all other information services.
Asia Pacific was the largest region in the global information services market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 26% of the global information services market. Africa was the smallest region in the global information services market.
Many universities, colleges and independent libraries are facilitating access to books, audio and video content through digital platforms. They are offering platforms and technologies that can offer access to content through various devices Applications are being developed for desktops, mobile phones and tablets irrespective of the size of the device screen. Responsive design and device compatibility are being incorporated to enhance user experience, accessing content through digital platforms. For example, Grand Valley State University Libraries, University of Toronto’s Library Catalogue, Princeton University Library and University of Arizona’s Special Collections incorporated responsive design to enhance user experience.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on some of the information services markets in 2020 as businesses were disrupted due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity and restricted movement of goods and services with countries entering a state of ’lock down’. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, many media markets have been unaffected or benefited from this as they transmit their content remotely through digital channels. It is expected that the information services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Rising use of social media for people to connect and communicate with each other is expected to drive the demand for information services during the forecast period. Individuals are using social platforms to share information and to be in touch with their families and friends. More time is being spent on social networking sites is boosting the growth of the internet publishing and broadcasting industry. As of 2019, there were around 3.48 billion people using social media, indicating widespread usage of social media. Rising social media usage is expected to drive the growth of the information services market through rise in demand for news syndicates and online libraries and archives.
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