Libraries & Archives in the US - Industry Market Research Report

Page turner: Limited funding and competition from online resources will likely limit industry revenue

Libraries have a long and storied history, dating back thousands of years to the legendary Library of Alexandria. Even in today's digital age, they act as key public institutions that provide free access to costly information and resources, contributing significantly to community development and literacy. Since library benefits are distributed as externalities across the community, funding for libraries primarily comes from local government sources, such as property taxes. However, budgets are often under pressure due to shifting priorities. Libraries have sought alternative funding sources like grants, donations, and partnerships with private entities. Even with diverse funding, libraries almost always struggle to meet all their financial goals. Over the past five years, industry revenue growth has been stagnant and is expected to total $2.8 billion, with inflation burning any excess profit down to 3.3% and revenue falling 0.2% in the most recent twelve months.

Industry establishments provide library or archiving services, maintaining collections of documents for informational, research, educational or recreational needs. Libraries store historical documents, photographs, maps, audio material and audiovisual material, and make them accessible to the public. This industry includes both public and private libraries, but excludes university libraries, corporate libraries and establishments that do not primarily provide library services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.