by 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:
The stock photography market provides businesses and individual customers a subscription-based model to obtain high resolution and reusable images and videos. With growing demand for images from websites, blogs, publications and promotions, stock photography has become an important part of the visual communication industry. The images can be used for both commercial and personal purposes as allowed by the license terms.
Market Dynamics:
The stock photography market is primarily driven by the increase in freelance work culture and growth of the e-commerce industry. As more people choose self-employment or flexible work arrangements, there is strong demand for stock images and videos that can be used across various professional and personal projects. The e-commerce industry is also fueling growth, with online retailers requiring a diverse range of high quality product photos and lifestyle images. Additionally, the shift towards mobile and social media is driving the need for seamless visual content that enhances the digital experience. Major stock photo companies like Adobe Stock, Getty Images and Shutterstock cater to this demand by offering comprehensive collections and flexible subscription plans.
SWOT Analysis
Strength: Stock photography has three major strengths – it provides licensed images quickly, offers a wide range of image options, and provides affordable options for small budgets. It allows businesses to visually market their products and services in a cost-effective manner. Weakness: The image quality of stock photos is sometimes lower than professionally shot photos. There is also a lack of unique images as most stock photos are rather generic. Finding very specific images can also be challenging. Opportunity: The growth of Instagram and other social media platforms has increased the demand for high-quality visual content. Stock photography providers can partner with these platforms to offer exclusive image libraries. The rise of micro-influencers also offers an opportunity to target smaller influencer campaigns. Threats: Free stock image websites threaten the market as they provide free images forcommercial use. Advancements in artificial intelligence may allow for customized photo generation which could reduce the need to license actual photos. Stronger copyright laws worldwide may also tighten the licensing of commercial photos.
Key Takeaways
The Global Stock Photography Market Demand is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing demand for affordable visual content across industries.
Regional Analysis
The North American region dominated the global stock photography market in 2020 and is expected to continue its dominance over the forecast period. This is attributed to early adoption of new technologies and presence of major players in countries like the US. However, the Asia Pacific region is expected to grow at the fastest pace owing to a growing creative community and expansion of companies into emerging countries of the region.
Key Players
Key players operating in the stock photography market are Adobe Stock, Getty Images, Visual China Group, Shutterstock, 123RF, Agence France Presse, 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. These players are focusing on platform improvements and licensing model innovations to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
