The emergence of stock photography as a mainstream creative visual resource for businesses

 Stock Photography Market 

 


Market Overview:


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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Stock photography allows businesses to license photographic images, videos, and illustrations for use in marketing collaterals, presentations, websites, and other creative projects without directly commissioning or owning the copyright to those visuals. With growing needs of businesses for visual content and easy online accessibility of stock images, stock photography has emerged as a mainstream resource for creative professionals.


Market Dynamics:


The key drivers for the growth of the stock photography market include increasing adoption of visually-driven social media marketing strategies by SMBs and large enterprises, and the need for cost-effective yet high-quality visual content solutions. With rise in number of internet and smartphone users, businesses are leveraging platforms like Facebook, Instagram, Twitter to promote their brands and products using engaging visuals. However, directly commissioning professional photographers and videographers for every marketing campaign increases budget. Stock photography offers a cheaper alternative while ensuring availability of diverse, branded visuals.


Market key trends:


The stock photography market is experiencing high growth driven by one key trend - increasing adoption of stock photos by businesses across industries for their visual marketing and communication needs. As businesses recognize the importance of visual content to engage customers online, the demand for cost-effective, high-quality stock images has risen sharply. Furthermore, microstock photography websites have made it convenient and affordable for all businesses regardless of their size and budgets to incorporate professional and customizable photographs into their websites, social media, catalogs and other marketing collaterals.


SWOT Analysis:


Strengths: Wide collection of copyright-free, high resolution images in various categories catering to different business needs. Easy search tools and affordable pricing models.
Weaknesses: Growing popularity of user-generated content could reduce demand. Threat of copyright infringement from misuse of images.
Opportunities: Emerging technologies like VR and AR expected to further fuel the need for visual content. Growing markets in developing regions.
Threats: Intense competition from new entrants and low switching costs for customers. Changes in copyright laws could impact revenue models.


Key Takeaways



Market size: The Global Stock Photography Market Size was valued at US$ 3.3 Bn in 2020 and is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period of 2023 to 2030.

Regional analysis: North America currently dominates the market, followed by Europe. However, Asia Pacific is expected to witness the fastest growth during the forecast period, led by countries such as China and India. The growth in APAC can be attributed to increasing adoption of digital marketing strategies by businesses and rising internet penetration in the region.

Key players: Key players operating in the stock photography market include 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. The increasing competition in the market has resulted in these players focusing on expanding their image collections as well as forging partnerships with content creators.



Read More -  https://www.insightprobing.com/stock-photography-market-analysis-share-trends-size-and-demand/ 

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