Allied Market Research published a report, titled, “Photography Services Market By Type of Photography (Commercial Photography, Consumer Photography), By End User (Individual, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global photography services industry was valued at $32.6 billion in 2022, and is projected to reach $56 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.
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Prime determinants of growth
The photographic services market is projected to be fueled by increased demand for high-quality visual content. The increased demand for high-quality visual content has undoubtedly had a major impact on the photographic services market. With the rise of social media, online advertising and e-commerce, businesses and individuals increasingly need high-quality visual content to grab their audience’s attention and stand out in a crowded market. However, growing competition is one of the major impediments in the photography services market.
- The COVID-19 pandemic had a major impact on the photographic services market. Many weddings, corporate events, and other events that typically require professional photographic services had been canceled or postponed due to restrictions on large gatherings and events. This had led to a drop in demand for photographic services in various regions.
- The market has already recovered in the post pandemic.
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The consumer photography segment to maintain its leadership status throughout the forecast period.
Based on type, the consumer photography segment held the highest market share in 2022, accounting for nearly three-fourths of the global photography market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the commercial photography segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. With the rise of e-commerce and online shopping, businesses need high-quality images of their products to showcase them effectively to potential customers.
The individual segment to maintain its leadership status throughout the forecast period
Based on end users, the individual segment held the highest market share in 2022, accounting for more than two-thirds of the global photography market revenue and is estimated to maintain its leadership status throughout the forecast period. Individual trends in the photographic service market are constantly evolving and changing, driven by advances in technology, changing consumer preferences, and emerging cultural trends. However, the commercial photography segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global photography market revenue. There are several reasons why the photographic service market is rising and growing in Asia-Pacific. Firstly, the region is home to many of the world’s leading camera manufacturers and photographic service equipment suppliers, which has helped to create a robust and innovative industry. This has led to the development of high-quality equipment and cutting-edge technology, which has in turn driven demand for photographic services and products. Secondly, Asia-Pacific has a large and diverse customer base, encompassing everything from individual consumers to large businesses and organizations. However, the North America region is expected to witness the fastest CAGR of 6.2% from 2023 to 2032.
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Leading Market Players: –
- Fisher Studios Ltd.
- Carma Media Productions
- Bella Baby Photographic Service
- Angle Platform
- Shutterfly, LLC
- Studio Alice Co. Ltd.
- Getty Images Holdings, Inc.
- Lifetouch Inc.
- Portrait Innovations Inc.
- Cherry Hill Programs, Inc.
The report provides a detailed analysis of these key players of the global photography market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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.
Source From : https://www.prnewswire.com/news-releases/photography-services-market-to-reach-56-0-billion-globally-by-2032-at-5-7-cagr-allied-market-research-301849693.html
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