Portland,OR, June 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Stock Images Market by Product Type (Nature Photography {Animals and Insects, Flowers and Plants, Landscapes, Sky and Clouds, and Others), People Photography {Sports, Wedding, Event, Fashion, Travel, Commercials, and Others}, Manmade Objects {Product Photography, Real Estate, Food, Still Life Photography, and Architecture}, and Abstract Photography): Global Opportunity Analysis And Industry Forecast, 2023-2032”. According to the report, the global stock images industry generated $6.4 billion in 2022, and is anticipated to generate $12.2 billion by 2032, witnessing a CAGR of 6.8% from 2023 to 2032.
Prime determinants of growth
The growth of the global stock images market is driven by increase in demand for digital media campaigns, benefits associated with paid stock images, and rise in e-commerce industry. However, the availability of artistic and creative free stock images hampers the growth of the market. On the contrary, high internet penetration rate among developed and developing economies and technological developments are expected to offer remunerative opportunities for the expansion of the stock images market during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.4 billion |
| Market Size in 2031 | $12.2 billion |
| CAGR | 6.8% |
| No. of Pages in Report | 271 |
| Segments covered | Product Type and Region. |
| Drivers | Increase in demand for digital media campaigns Benefits associated with paid stock images Rise in e-commerce industry |
| Opportunities | High internet penetration rate Technological developments |
| Restraints | Free images availability hampers the market for paid stock images |
Covid-19 Scenario
- The Covid-19 pandemic had a negative impact on the stock images market, owing to canceled jobs, fewer events to photograph, and loss of potential clients—including commercial clients—not having the money to spend on photography.
- The demand for stock images is expected to grow rapidly in the post-COVID-19, owing to recommencing of all commercial activities. The technological developments and an increase in the quality of stock images in the post-pandemic period will provide ample growth opportunities for the stock images market.
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The manmade photography segment to maintain its leadership status throughout the forecast period
Based on product type, the manmade photography segment held the highest market share in 2022, accounting for nearly two-fifths of the global stock images market revenue and is estimated to maintain its leadership status throughout the forecast period, as there is a rapid increase in the usage stock images as a product and commercial photography to expand the product visibility on social media. However, the people photography segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032, as use of stock images helps government and public bodies to convey their messages to the general public. Apart from that, the increasing demand for sports stock images owing to the increasing spending on promotional activities by market players will propel segmental market growth.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global stock images market revenue, owing to the emergence of innovative methods in photography. Moreover, growth in industrialization and increase in SMEs are expected to offer huge opportunities for new entrants in the Asia-Pacific stock images market during the forecast period. However, North America is expected to witness the fastest CAGR of 7.5% from 2023 to 2032, as the wide range of image offerings and the increase in the adoption of paid stock images, allowing the market to thrive.
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Leading Market Players: -
- Depositphotos, Inc. USA
- Adobe Inc.
- Inmagine Lab Pte., Ltd.
- Dreamstime
- Stocksy United
- Canva, Inc
- Shutterstock, Inc.
- The Associated Press
- Getty Images Holdings, Inc
- Unsplash
The report provides a detailed analysis of these key players of the global stock images market. These players have adopted different strategies such as new product launches, acquisitions, technological developments, investment in R&D, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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