Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) -- The "Global Digital Photography Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Emerging Product Innovations and Expanding Smartphone Usage Fueling Digital Photography Advancements
The latest industry analysis reveals a significant upswing in the global digital photography market, with expectations for the market to expand from $47.59 billion to $50.71 billion in 2023, demonstrating a robust compound annual growth rate (CAGR) of 6.6%. Despite the economic tensions brought on by the Russia-Ukraine conflict and pandemic aftermath, the sector shows remarkable resilience and is projected to attain a value of $62.81 billion by 2027, growing at a steady CAGR of 5.5%.
Smartphone Ubiquity to Augment Digital Photography Practices
A key driver of market growth is the surge in global smartphone users, transforming the landscape of digital photography. The incorporation of sophisticated imaging capabilities into smartphones makes them the go-to device for numerous consumers, fostering more significant engagement in digital photography activities. Evidence of this trend is seen in the high penetration rate of smartphone connections, which stood at 76% in 2022 and is anticipated to escalate to 92% by the year 2030.
Innovation at the Forefront as Industry Leaders Invest in Technological Advancements
Innovative product developments are increasingly pivotal in the digital photography market. Established players are advancing technologies, with the introduction of superior quality cameras and lenses that cater to the demanding needs of visual content creators. For example, a new camera launched with exceptional image quality and improved system responsiveness signifies the market's commitment to innovation.
Asia-Pacific Dominates with Rapid Growth Prospects
In geographical terms, Asia-Pacific stood out as the largest market in digital photography in 2022 and is expected to maintain the highest growth rate during the forecast period. Investments in this region are a testament to its potent market dynamics and burgeoning consumer base.
Industry heavyweights such as Samsung Electronics Co Ltd, PENTAX Imaging Co, and Sony Corp continue to play a significant role in advancing the market, alongside specialized firms like Matterport Inc, which recently enhanced its offering by acquiring a leading real estate photography and marketing services company.
A selection of companies mentioned in this report includes
- Samsung Electronics Co Ltd.
- PENTAX Imaging Co
- Sony Corp
- Panasonic Corp
- Canon Inc.
- Toshiba Corporation
- Fujifilm Holdings Corp
- Lytro Inc.
- Nikon Corp
- Eastman Kodak Company
- Shutterstock Inc
- Arri Group
- Leica Camera AG
- Blackmagic Design Pty Ltd.
- Polaroid Corporation
- Red Digital Cinema LLC
- Matterport Inc.
- OM Digital Solutions Corporation
- Vivitar Corporation
- Giraffe360 Limited
- Kinefinity Inc.
- Aryeo Co
- Harman Technology Limited
- Algolux Inc.
- Loupe Photography & Video Inc.
For more information about this report visit https://www.researchandmarkets.com/r/sbptsz
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