Stock Photography Market Is Estimated To Witness High Growth Owing To Increased Usage And Expanding Customer Base Leads To New Opportunities

The Stock Photography Market is estimated to be valued at US$ 3.3 Bn in 2022 and is expected to exhibit a CAGR of 5.2% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Stock photography refers to images and footage that are licensed for various commercial uses like advertising, publishing, and film and video production. Stock photos are generally obtained from stock photography databases that license images. The stock photography market allows content creators, businesses, and individuals to source high quality imagery for their creative projects. With increasing digitalization, stock photography has become an important part of modern marketing campaigns as well as other creative projects. The ease of access and affordable pricing of stock images has boosted their popularity as a replacement for commissioned photography.

Market Dynamics:

Adoption of stock images for websites and digital campaigns: The evolution of digital media has increased the usage of stock images by companies and content creators to populate their websites and social media platforms. Stock photography provides an affordable way to add visually appealing images to websites, blogs, social media posts, presentations and other digital content. According to some reports, over 95% of companies using stock images stated that visual content improves website visitor engagement and conversions.

Increasing demand from growing customer base in emerging economies: Emerging economies in Asia Pacific and Latin America are witnessing rising digitalization and growth of digital marketing. This has created new demand centers for stock photography from small businesses and individual content creators. As the middle class population expands in developing nations, it is expected to drive the growth of stock image licensing. The increasing affordability of smartphones and internet access is also enabling wider access and adoption of stock photography in cost-sensitive emerging markets.

 

Segment Analysis

The stock photography market is segmented into imagetype, image source, license model, and user. By image type, the photos segment dominated 2020, accounting for over 65% share due to vast usage of photos in various print and digital media. Within photos, portrait photos are most commonly used for marketing and advertising purposes.

PEST Analysis

Political: Regulations regarding copyright and intellectual property are strongly enforced which benefit stock content providers. Economic: Growth of the digital publishing industry and rise of self-publishing drives demand. Strong economy and rise of small businesses fuels advertising and marketing requirements. Social: Social media proliferation increases opportunities for stock content integration. Technological: Advanced search tools and AI recommendations help users discover relevant images easily enhancing the market.

Key Takeaways

The Global Stock Photography Market Demand size is expected to grow from US$ 3.3 Bn in 2020 to US$ 5.2 Bn by 2030, expanding at a CAGR of 5.2% during the forecast period. The market is driven by the growing digital publishing industry and proliferation of self-publishing platforms. Regionally, North America dominated with over 35% share in 2020 owing to strong economy and rise of small businesses in the US and Canada boosting marketing initiatives.

Key players operating in the stock photography market are Adobe Stock, Getty Images, Visual China Group (VCG), Shutterstock, 123RF,Agence France Presse (AFP), Agefotostock, Alamy, AP Images, Artlist, Coinaphoto, Depositphotos, Dissolve, Dreamstime, East News, Envato, Fotosearch, ImagineChina, Masterfile, The Mega Agency, Newscom, Photofolio, Pixta, Pond5, PR Photos, Redux Pictures, Reuters Images, SilverHub Media, Stocksy, SuStock Videotock, Imagesbazaar, Videvo, PEXELS, NHK Video Bank, Nippon News, Motion Array, Storyblocks, WENN, and ZUMA Press.

Regional analysis indicates North America will continue dominating owing to increasing digitization of businesses in the US and Canada. Key players are focused on strengthening product offerings and tapping opportunities in developing Asian markets like India and China.

 

 

Read More –  https://www.newsanalyticspro.com/stock-photography-market-analysis-share-size-and-demand-forecast/ 

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