USD 105.2 billion
Report ID: SQSG25E2002 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 66 | Figures: 75
Digital Photography Market size was valued at USD 105.2 billion in 2021 and is poised to grow from USD 109.83 billion in 2022 to USD 161.82 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).
The emergence of social networking sites like Facebook, Instagram, Tumblr, and Pinterest has been a major factor in the growth of the global digital photography market. The market for digital photography has developed as a result of the rise in popularity of social networking and the practise of sharing photographs across numerous platforms. The rising demand for digital photography has also been supported by programmes and services like picture editors like Adobe Photoshop.
While the modifications help photographers by enhancing their efficiency and convenience, consumers can now shoot photos of a professional calibre without the help of a pro. With the gradual impact of digital cameras and post-production technologies on the workforce, the photography industry has seen a number of changes. To meet industry need and drive market expansion, fans concentrate on niche areas like sports, events, and church directories. Digital media has transformed the worlds of blogging, networking, photo sharing, and photography, generating enormous revenue for the relevant market. Internet usage is predicted to become a compulsive addiction among young people, propelling the business forward.
Over the next seven years, it is anticipated that growing interest in photography as a pastime and networking sites that offer high-quality images will boost the industry. Another factor projected to contribute to the market's growth is rising smartphone penetration. Over the forecast period, the photography market is anticipated to experience significant growth due to the proliferation of photography's applications in a variety of industries, including manufacturing (photolithography), business, science, security surveillance, art, recreation, data storage, professional photography, photo books, automotive, machine vision, and medical visualisation. The market for digital photography is predicted to increase as a result of a growing number of sensor manufacturers, improved performance delivery brought on by the rapid technical change to CMOS sensors, and the expansion of production facilities in the Asia Pacific area.
US Digital Photography Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 105.2 billion
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The Global Digital Photography Market is segmented based on Type, Application, and Region. Based on the Type, the Global Digital photography Market is segmented as Photo Processing Equipment, Interchangeable Lenses, Camera Cell Phones, Non-Reflex, and Others. Based on the Application, the global digital photography market is segmented as Photography Software, Photo Looks, Photo Processing, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Digital Photography Market Analysis by Type
In 2022, the camera cell phones segment dominated the global digital photography market, accounting for a major portion of total market revenue. The innovations in the smartphone market, new products being launched, and increasing demand for them has resulted in wider scope for camera cell phone segment development. On the other hand, demand for DSLRs with interchangeable lenses has been growing rapidly as they are replacing traditional cameras in professional video and photo-shootings and more and more individuals focus on delivering high-quality content on their social media and video broadcasting channels.
Digital Photography Market Analysis by Application
Digital photography finds applications in several industries such as medical, surgery, automobiles, and manufacturing, which has increased the demand for the market. In 2022, photography software and photography processing segments dominated the global digital photography market. As more sophisticated social networking and photo-sharing websites, including Instagram, Facebook, Pinterest, and Tumbler, have grown in popularity. Because digital images can be seen, reproduced, stored, and modified with ease, software, and services like photo editor and Adobe Photoshop are driving up demand for the digital photography business. Consumers may take their own professional-quality images thanks to global digital photography market.
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Around the world, global digital photography market is opening up fresh and significant prospects. Due to the growing popularity of photography on networking and photo-sharing websites, Asia Pacific now holds the largest share of the global market for digital photography, with North America following up closely. This has a fantastic potential to increase demand for global digital photography market. Due to the region's expanding economies, including those of China, Japan, South Korea, and India, among others, Asia Pacific is predicted to have the quickest rate of growth in the regional market for digital photography. The global digital photography market is expanding as a result of the area's quick economic development, rising citizen prosperity, and accessible communications services. The need for digital photography will increase over the coming years due to technological improvements and various photography applications. The increased need for replacements is expected to help the digital photography industry in developed regions like North America and Europe. The most recent interchangeable lens cameras are taking the place of the compact built-in lens cameras that consumers in these areas were using.
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Digital Photography Market Driver
Rapid Growth in the Demand for High-Resolution Still Cameras due to Internet and social media
Digital Photography Market Restraint
High expenses coupled with competition from lens on rent market
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The market has several large, medium, and small companies in competition with each other. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the global digital photography market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive global digital photography market. Additionally, in order to attract consumers' attention, the major companies in this market are continually inventing and launching new items. For instance, the established markets of the U.S., Japan, Europe, and other growing economies in the Asia Pacific are anticipated to experience a surge in demand for wireless cameras.
Digital Photography Market Top Player's Company Profiles
Digital Photography Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Digital photography Market Analysis, the growing disposable incomes in developing countries and the increasing popularity of social media and video platforms among young adults have amplified market demands in recent years. Furthermore, as a result of heavy investments in research and development, photographic technology is improving constantly. The introduction of new and advanced products is expected to lead the market growth during 2022-2028.
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|Market size value in 2021||USD 105.2 billion|
|Market size value in 2030||USD 109.83 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Photography Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Photography Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Photography Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Photography Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQSG25E2002