PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098555
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098555
According to Stratistics MRC, the Global Digital Photography Market is accounted for $45.91 billion in 2021 and is expected to reach $68.12 billion by 2028 growing at a CAGR of 5.8% during the forecast period. Digital photography is a type of photography in which a camera with an electronic photodetector is utilized to capture any specific image by adjusting the lens. Digital photography gives immediate feedback as one can access the image immediately after capturing it.
Market Dynamics:
Driver:
Increasing use of electronic devices
The increasing utilization of image-capturing electronic devices such as smartphones, tablets, laptops, and digital cameras, is a major factor anticipated to drive the growth of the global digital photography market. The availability of electronic devices at an affordable price and their easy operative functions, make individuals more inclined towards their utilization for photography.
Restraint:
Rising smartphone camera technology
Smartphone cameras are still far more than digital cameras however simple camera interface, bolstered by features such as swiping to change the exposure,' make smartphone photography an extremely enticing option. The smartphone camera is developing at a higher rate, and organizations are investing a huge amount of money in the research and development of different camera technology. Hence, these factors are acting as a threat to market growth.
Opportunity:
The emergence of digital media
Digital media has revolutionized the face of digital photography with the development of photo-sharing sites, networking sites, and blogging sites. Additionally, the significant number of people utilizing social media including Facebook and internet usage among young people, as well as the trend of uploading pictures on various social media platforms, is likely to drive the digital photography Market. Internet is expected to emerge as a compulsory addiction among the youngsters thus serving as a major driving force for the market.
The camera cell phones segment is expected to be the largest during the forecast period
The camera cell phones segment is estimated to have a lucrative growth owing to the increasing sales of camera cell phones equipped with advanced cameras with artificial intelligence capabilities. Cell phone computational cameras are displaying significant changes in the market. There is a high impact of these cameras in the market.
The photography software segment is expected to have the highest CAGR during the forecast period
The photography software segment is anticipated to witness the fastest CAGR growth during the forecast period as photography software is being used to alter or improve digital images. This classification of software includes everything from simple apps that pertain simple effects to industry-standard initiatives used by professional photographers for more advanced approaches.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to the rising trend of photography, the growing retail sector, and the increasing use of social media coupled with the rising young population, especially in emerging economies. Photography became more user-friendly and affordable, continuing to support the region's demand for digital photography over the projected period.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the high purchasing power and increasing adoption of new technology among consumers in the region. With the exponential rise of social media in the emerging economies in North America, which has vastly populated countries are projected for robust growth.
Key players in the market
Some of the key players profiled in the Digital Photography Market include Samsung Electronics Co. Ltd, Toshiba Corporation, PENTAX, Sigma, Panasonic Corp, Kodak Co., Hewlett Packard Enterprise, Fujifilm Holdings Corp, Canon Inc., and Sony Corp.
Key Developments:
In May 2020, Sony launched ZV-1, a pocket-sized digital camera aimed at video content creators (or vloggers) and designed from the ground up for content creators and vloggers and combines easy-to-use features.
In January 2020, Nikon launched FX-format D780. It features an FX-format (35.9 x 23.9 mm) 24.5-megapixel BSI CMOS sensor and Expeed 6 image processor for seven frames per second continuous shooting through the viewfinder or up to 12 fps in Live View, and light sensitivity of ISO100-51,200 (which can expand to ISO204,800).
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What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances