NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Photographic services include processes for creating durable images by recording light or through an electromagnetic radiation by means of an image sensor or chemically by means of a light sensitive photographic film. It includes editing, processing, and presentation pictures as desired by customers. The various photographic services include school portraits, wedding photography, special occasions and event photography.
The Americas was the largest geographic market in the photographic services market in 2015, accounting for $15 billion or 40% of the global market. This was due to the large proportion of young population and increased use of social media and other internet services. Europe was the second largest geographic market, accounting for $10 billion or 25% of the global market. Asia was the third largest geographic market, accounting for $8 billion or 24% of the global market. The Middle East and Africa accounted for 6% and $2 billion, while Oceania accounted for 3% of the global photographic services market.
Global per capita photographic services expenditure grew from $4.3 in 2011 to $4.8 in 2015 at a CAGR of 2.5% and is expected to grow to $5.5 in 2019 at a CAGR of 4.5%.
Photographers and service providers are increasingly exploring opportunities in niche markets to increase market value and customer base. Expertise and specialization in fields of sports, events, landscapes, wildlife, weddings, and street photography, are significantly gaining popularity. Companies and individuals are focusing on aerial photography, babies, pets, fashion, travel, and photo journalism. This trend is also helping companies market their services to targeted audiences, reduce operating costs, helping find appropriate clients, and increase reputation and expertise. Working in niche markets enable photographers to command comparatively high prices for their services and specialization, thereby increasing profitability
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