Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "Photographic Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global photographic services market experienced growth from $41.71 billion in 2022 to $43.54 billion in 2023, at a CAGR of 4.4%. It is expected to reach $49.54 billion in 2027, growing at a CAGR of 3.3%. North America led the market in 2022, with Asia-Pacific being the second-largest region.
Factors Driving Growth
The widespread sharing of pictures on websites and social media platforms, such as Facebook, Instagram, Snapchat, and Pinterest, contributes significantly to the market's growth. The increasing trend of sharing images on social media to gain social acceptance and popularity boosts demand for photographic services. Professional agencies like Shutterstock and Getty offer images for sale, supporting the use of professional photographs for advertising on social media. Internet penetration, especially among urban and younger populations, further drives demand for professional photographic services.
Exploring Niche Markets
Photographers and service providers are exploring niche markets, such as sports, events, landscapes, wildlife, and street photography, to increase market value and cater to targeted audiences. Specialization in aerial photography, babies, pets, fashion, travel, and photojournalism is gaining popularity. Operating in niche markets allows photographers to command higher prices for their specialized services, leading to increased profitability.
Impact of COVID-19
The outbreak of COVID-19 had a negative impact on the photographic services market in 2020, as lockdowns and restrictions limited the need for professional services. However, it is expected to recover over the forecast period, considering it as a 'black swan' event and not indicative of fundamental weaknesses in the market or global economy.
Overall, the photographic services market is expected to continue growing, driven by social media trends, internet penetration, and photographers' focus on niche markets. As the global economy recovers from the impact of COVID-19, the demand for professional photographic services is likely to rebound.
A selection of major companies mentioned in this report includes:
- Shutterfly, Inc.
- Studio Alice Co. Ltd.
- Getty Images Inc.
- Lifetouch Inc.
- Studio Alice Co. Ltd.
- Getty Images Inc.
- Portrait Innovations Inc.
- Cherry Hill Photo Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/owvheq
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