The internationally recognized "NMC Horizon Report" series and regional "NMC Technology Outlooks" are part of the NMC Horizon Project, a 12-year effort established in 2002 that annually identifies and describes emerging technologies likely to have a large impact over the coming five years in every sector of education around the globe. "The NMC Horizon Report: 2014 Library Edition" was produced by the NMC in collaboration with University of Applied Sciences (HTW) Chur, Technische Informationsbibliothek (TIB) Hannover, and ETH-Bibliothek Zurich. This report, examines key trends, significant challenges, and emerging technologies for their potential impact on academic and research libraries worldwide. While there are many local factors affecting libraries, there are also issues that transcend regional boundaries and common questions; thus, it was with these questions in mind that this report was created. For the creation of this report, an international body of experts from library management, education, technology, and other fields was convened as a panel. Over the course of three months in the spring of 2014, the 2014 Horizon Project Library Expert Panel came to a consensus about the topics that would appear in this edition. The expert panel identified 18 topics very likely to impact technology planning and decision-making: six key trends, six significant challenges, and six important developments in technology. The discussion of trends and technologies have been organized into three time-related categories (Fast Trends, Mid-Range Trends, and Long-Range Trends); along with challenges within a similar three-part framework (Solvable Challenges, Difficult Challenges, and Wicked Challenges) related to the scope of the challenge.