Photo Market to Reach $9.2 Billion, Globally, by 2032 at 6.7% CAGR: Allied Market Research

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Feb 06, 2024, 07:03 ET

The growing trend of user-generated content and the need for authentic visuals enhance the market potential. Advanced technology, including high-quality cameras and editing tools, further fuels the market growth. Moreover, the shift toward remote working culture and online communication increases the reliance on stock photos for captivating presentations and virtual content. With more businesses using visuals to tell their stories, the photo market is growing rapidly.

PORTLAND, Ore., Feb. 6, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Photo Market by Type (Stock Photography, Theme Park & Cruise Line, Schools & Colleges, Sports, Conferences, and Events & Weddings): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global photo market was valued at $4.8 billion in 2022, and is projected to reach $9.2 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032.

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Prime determinants of growth

Technological advancements propel the photo market by enhancing image creation, editing, and distribution. In addition, innovations in photography tools as well as integration of artificial intelligence and image recognition contribute to improved quality and efficiency. Advanced platforms, augmented reality, and virtual reality applications further expand the market's growth. The seamless integration of advanced technologies makes stock images more accessible, versatile, and appealing, meeting the evolving needs of digital content creators and businesses in an increasingly tech-driven landscape.

Increase in trend of content creation, especially in digital marketing and online communication, is the major factor propelling the growth of the photo market. As businesses and creators generate more content for websites, social media, and advertising, the requirement for diverse, high-quality visuals intensifies. Stock images offer a convenient and cost-effective solution, providing ready-made, licensable content that meets the rising demand for compelling visuals. This surge in content creation needs stock images as a crucial resource for enhancing visual storytelling across various platforms.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2021	$4.8 Billion
Market Size in 2031	$9.2 Billion
CAGR	6.7 %
No. of Pages in Report	300
Segments Covered	Type and region
Drivers	Expansion of the e-commerce industry Increase in digital media campaigns Creative entrepreneurship and social media proliferation
Opportunities	Increase in internet penetration rate Technological advancements
Restraints	Free images availability and changing consumer preferences

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The stock photography segment to maintain its leadership status throughout the forecast period

Depending on type, the stock photography segment held the highest market share in 2022, accounting for nearly three-fourths of the global photo market revenue and is estimated to maintain its leadership status throughout the forecast period. In the photo market, current trends in stock photography emphasize authenticity, diversity, and sustainability. Authentic representations of real people, experiences, and emotions are gaining traction, moving away from overly staged and posed visuals. However, the events & weddings segment is projected to register the highest CAGR of 8.0% from 2023 to 2032. This is attributed to the fact that event and wedding photo trends highlight a shift toward candid and authentic captures, emphasizing genuine emotions and moments over posed shots. In addition, there is a growing demand for diverse and inclusive representations, reflecting the multicultural nature of celebrations.

North America to maintain its dominance by 2032

Region wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global photo market revenue. This is attributed to the fact that the The trend toward authenticity and inclusivity photos is increasing in North America, with a strong demand for diverse and culturally representative visuals. Lifestyle photography and minimalistic compositions are popular, reflecting a preference for genuine and relatable content. However, Asia-Pacific is expected to witness the fastest CAGR of 7.4% from 2023 to 2032. The expanding digital marketing landscape and robust growth in e-commerce within Asia-Pacific propel the growth of the photo market. Moreover, businesses engaged in online promotion and e-commerce activities require compelling visuals for advertisements and product presentations.

Leading Market Players

Shutterstock, Inc.
Getty Images Holdings, Inc.
Dreamstime LLC
Pexels GmbH
Inmagine Lab Pte. Ltd.
Alamy Limited
Footage Firm, Inc.
Eezy LLC
Envato Pty Ltd.
Freepik Company, S.L.

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The report provides a detailed analysis of these key players in the global photo market. These players have adopted different strategies such as collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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