The number of tech bookstores in the United States has grown by more than 10% in the past five years, according to a report released Wednesday.
The number of bookstores has grown at an average annual rate of about 3% a year over the past two decades, the report from consulting firm IBISWorld found.
That growth rate is more than triple the national average of 0.3%, the report found.
Tech bookstores make up roughly 30% of the overall retail market.
The industry has grown significantly in the last decade, with the number of locations up by over 100% over that period, the IBIS report found, noting that bookstores have grown more than three times faster than other retail industries.
The report notes that the market has been fueled by both demand and the increasing number of people with access to online and mobile services.
The authors of the report, who surveyed nearly 3,000 business owners, noted that many tech companies are investing in technology in order to make their books easier to read, and they are also creating products that offer more value.
For instance, Amazon is investing in e-readers, while Apple is investing heavily in physical retail, according the report.IBISWorld President Peter Seltzer noted that while there is still plenty of room for growth, the overall business of the book trade is expected to shrink over the next decade.
He also noted that the book market will continue to evolve in ways that require new technology and the ability to scale, which is a growing problem for bookstores.