Rockville, MD, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The global commercial photography market size is estimated at US$ 5.2 billion in 2022 and the market is expected to evolve at a CAGR of 2.2% during the forecast years of 2022-2032, according to the latest study by Fact.MR, a market research and competitive intelligence provider. The surging e-Commerce industry across the world is a prominent factor driving the demand for commercial photography.
Product photography has tremendous demand in the e-Commerce industry to enhance brand awareness and drive consumer attention to products. It plays an essential role for the sales of products and is projected to gain more popularity with increasing smartphone and Internet penetration.
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The commercial photography market increased significantly post-COVID. In 2021, the global market size of commercial photography was around 31% of the total photography services market. Since it is a modern tool that enhances business image and makes enterprises stand out differently from competitors, commercial photography is here to stay.
Key Takeaways from Market Study
- The global commercial photography market is projected to expand at a moderate CAGR of 2.2% and reach US$ 6.4 billion by 2032.
- The market exhibited growth at 1.7% CAGR for the period of 2017-2021.
- Product photography dominates the market with a share of 45%.
- North America led the global market with a 41% share in 2021.
- The market is expected to increase at CAGRs of 2.3% and 3.1%, respectively, in Europe and East Asia.
“Product photography to become opportunistic factor for the demand for commercial photography,” says a Fact.MR analyst.
How is U.S. Market Growth Being Aided?
The United States commercial photography market is estimated to expand at a CAGR of 1.9% during the forecast period (2022-2032)
The U.S. commercial photography market is projected to grow with the increasing demand for professionally clicked photographs for media communication, public relation, and other professional services.
The growing popularity of e-Commerce among enterprises to expand their business online is another major factor attributed to market growth. To sell products or services online, corporates require value-added content and high-quality imagery to gain greater consumer attention.
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Segmentation of Commercial Photography Industry Survey
- By Type :
- Product Photography
- Architectural photography
- Event Photography
- Environmental Photography
- Headshots
- By End-use Industry :
- BFSI
- Education
- Healthcare
- Manufacturing
- Retails & Consumer Goods
- Energy & Utility
- Media & Entertainment
- Hospitality
- Others (Not Classified Elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Market Development
The environment in the commercial photography market reflects extreme competition. To gain a solid hold in the market, prominent service providers are employing organic and non-organic strategies, such as the acquisition of Shutterfly Inc. and Lifetouch in 2018, along with Lifetouch's acquired Unsplash in 2021.
With the utility of advanced photographic equipment, high-quality service offerings will be the primary focus of service providers in this market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global commercial photography market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (product photography, architectural photography, event photography, environmental photography, headshots) and end-use industry (BFSI, education, healthcare, manufacturing, retails & consumer goods, energy & utility, media & entertainment, hospitality, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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