Wellesley, Mass, Feb. 23, 2017 (GLOBE NEWSWIRE) -- Despite the proliferation of smartphones, which have significantly eroded digital camera sales, the global digital photography market is expected to see modest growth. BCC Research reveals in its new report that the evolving state of technology is driving manufacturers to continually launch new products, stimulating demand for more products and moving the market.
The global digital photography market should reach $48.9 billion by 2021 from $41.9 billion in 2016, increasing at a five-year compound annual growth rate (CAGR) of 3.1%. Software, the fastest-growing segment with a five-year CAGR of 4.3%, should grow from $26.4 billion in 2016 to $32.6 billion in 2021. Lenses as a segment is expected to reach $3.9 billion and $4.5 billion in 2016 and 2021, respectively, at a five-year CAGR of 3.1%.
The innovation in technologies for creating videos and photographs along with their processing, viewing, storage and sharing continues to expand the scope for the digital photography industry. Advancements in technology governing cameras, processing software and new lenses should grow the market. For example, innovative sensors such as charged couple devices (CCD) and complementary metal-oxide-semiconductor (CMOS) or active pixel sensors are creating product demand as a market driver.
Asia-Pacific, the largest market in terms of revenue in 2015, is expected to dominate market share through 2021 due to escalating purchasing power. Meanwhile North America and Europe are likely to witness below average growth because of market saturation. Additionally, high growth prospects in Asia-Pacific as a result of higher product penetration are expected to hamper growth in both North American and European markets.
Rising disposable income, especially in developing countries, has fueled big demand for digital cameras. This trend is expected to continue over the forecast period owing to growing popularity among the youth population for use in social networking. Rising demand for ancillary equipment also is likely to foster market growth.
"The resurgence of commercial photography will play an important role in pushing industry growth," says BCC Research analyst Harilal Agnani. "The advent of digital technology and the availability of attractive novel products at a reasonable price is expected to instigate demand in the digital photography market."
Digital Photography: Global Markets (IFT030D) analyzes the geographies, products and applications. The report also examines Industry structure in terms of market share and key strategies of the major companies. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
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