The global Stock Photography Market is estimated to be valued at US$ 3.84 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Stock photography consists of photo libraries or image collections that are readily available for use by customers. Images are licensed for use in various creative works like advertisements, brochures, editorial publications, websites, etc. Stock photography offers a large number of professional images on a variety of subjects at affordable prices. This helps creative professionals, marketers, publishers and others source high quality visuals for their projects without heavy production costs. The growing demand for visually appealing content across media and the internet has fueled the demand for stock images.
Market key trends:-
The stock photography market is witnessing increased demand driven by growth in visual content consumption and digital publishing. One key trend is the rising popularity of microstock images that offer low-cost licensing options. Microstock agencies host huge collections of inexpensive royalty-free images uploaded by amateur and professional photographers. Another major trend is the licensing of viral user-generated images that capture current events, popular culture moments etc. Companies are also focusing on 4K and 360-degree images aligned with evolving digital formats. 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 are some major players in the global stock photography market.
Porter’s Analysis:-
- Threat of new entrants: The stock photography market requires huge investment for developing an extensive collection of high-quality images which makes the threat of new entrants low. The established players also have strong brand recognition and distribution channels.
- Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have numerous options to choose from in terms of images, suppliers as well as pricing. They can easily switch between suppliers based on the offered content and rates.
- Bargaining power of suppliers: Individual photographers and small studios have low bargaining power against large stock agencies as they contribute only a small fraction of content. However, renowned photographers can demand better terms.
- Threat of new substitutes: Alternatives like user-generated content websites present a moderate threat to stock photos. However, stock images offer professionally shot, copyright cleared content at affordable prices.
- Competitive rivalry: The stock photography market is highly competitive with the presence of numerous global and regional players. Companies compete based on pricing, exclusivity and freshness of content.
Key Takeaways:-
The Global Stock Photography Market Growth is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period 2023 to 2030, due to increasing use of online and digital content across industries. The market size for 2023 is US$ 3.84 Bn.
The North American region dominates the stock photography market currently owing to heavy investments in content creation by key players and widespread use of stock images by online publishers in the region. Asia Pacific is expected to be the fastest growing market in the coming years led by growing digital industries in countries like China and India.
Key players operating in the stock photography market incorporate 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. These players are focused on expanding their catalogue to cater to evolving industry trends.
Read More – https://www.trendingwebwire.com/stock-photography-market-share-and-demand-analysis/
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