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Global photo market to reach $9.2 billion by 2032, 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. This is according to the latest research by Allied Market Research.
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.
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.
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.
