PUBLISHER: Allied Market Research | PRODUCT CODE: 1446948
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446948
The global photo market was valued at $4815.4 million in 2022, and is projected to reach $9163.3 million by 2032, registering a CAGR of 6.7% from 2023 to 2032.
The photo market is engaged in the buying and selling of digital images and visual content for various purposes, including marketing, advertising, and creative projects. Stock photos, illustrations, and other elements are made available for licensing, allowing users to purchase and use these assets for various purposes like marketing, advertising, and creative projects. This market serves as a hub for buying and selling high-quality visual content to meet diverse professional and creative needs. The photo market considers stock photography, theme park & cruise line, schools and colleges, sports, conferences, events and weddings under its scope. Moreover, it analyzes the current market trends of photos across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The booming e-commerce industry is driving the growth of the photo market. As online shopping continues to grow, businesses seek captivating visuals for product presentations and marketing. The need for high-quality images and videos to enhance online storefronts and advertisements fuels the demand for diverse, licensable content from the photo market, making it an essential resource for e-commerce platforms to create engaging and visually appealing customer experiences. According to the International Trade Administration From 2023 to 2027, India is expected to be the leader in online shopping, with a yearly increase of 14.1%. Argentina and Brazil are also rapidly growing in e-commerce, with a yearly increase of over 13.6%. The global average growth rate for online shopping during this time is around 11.16%. This means that India, Argentina and Brazil are among the countries where online shopping is growing the fastest in the next few years. Thus, increase in e-commerce activities demand for visual content, which, in turn, contributes toward the expansion of photo market.
Rise in digital media campaigns is a significant driver of the photo market. Businesses, marketers, and advertisers increasingly rely on compelling visuals for online campaigns. With increasing trend of digital marketing, social media, and e-commerce activities, the need for high-quality images has increased considerably, thereby fostering the market growth. The photo market caters to this demand by providing a diverse range of licensable visual content, empowering businesses to create engaging digital campaigns efficiently. This increasing reliance on digital media fosters the market growth as a go-to resource for impactful and visually appealing content. As online presence becomes crucial, the accessibility of diverse, high-resolution visuals from the photo market facilitates effective storytelling, brand communication, and user engagement, further propelling the market's growth amidst the expanding digital landscape.
The global photo market is segmented into type and region. On the basis of type, the market is segmented into stock photography, theme park & cruise line, schools & colleges, sports, conferences, events, and weddings. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe). Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific) and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
The major players operating in the global photo market are Shutterstock, Inc., Getty Images Holdings, Inc., Dreamstime LLC, Pexels GmbH, Inmagine Lab Pte. Ltd., Alamy Limited, Footage Firm, Inc., Eezy LLC, Envato Pty Ltd., and Freepik Company, S.L. These players have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and strengthen their foothold in the market.
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