The global stock photography market was valued at US$ 3.3 Billion in 2020 and is expected to surpass US$ 4.8 Billion by 2028, registering a CAGR of 5.2% during the forecast period (2021-2028), according to the Global Stock Photography Market Report, by Product Type (Stock Images and Stock Videos), by License (Royalty Free (RF) and Royalty Managed (RM)), by Source (Macrostock and Microstock), by End User (Marketers, Films & TV Producers, Media & Publishing Companies, Businesses and Individual Creators, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa), published by Coherent Market Insights.
Rising internet penetration and growing use of smart gadgets such as smartphones and tablets have resulted in growing exposure to social and digital media platforms. Moreover, the popularity of stock images on social media platforms has been increasing because digital media platforms are gaining traction for customer acquisitions, marketing, and advertisements. It enables marketing agencies to advertise their products and services with images to boost their views and responses from customers. This has increased the visibility of images and enhanced the growth prospects for stock photography providers. Social media has become one of the biggest platforms for advertisements, marketing, and customer acquisitions. This has further encouraged various marketing agencies to leverage these platforms for the advertisement of any product or service. These developments also increase the demand for stock images across the globe for ads and promotions.
In the e-commerce market, stock images are used to display the visual picture of products or services offered on a particular platform. The e-commerce players look forward to showcasing their products or services with bright and lucrative effects for which technologically advanced devices of photography are used. It is expected that the growth of the global e-commerce market will consecutively drive the growth of the global stock photography market during the forecast period.
Currently, several photographers, as well as stock image service providers, are using technologically advanced photography equipment, as it offers high defined and featured images. Advanced photography equipment not only improves the image quality but also enables photographers to add effects to their images. The advent of advanced photography equipment has made it easy and convenient for photographers to shoot different images of their choice without any external obstacles, thereby driving market growth for the next few years.
Global Stock Photography Market - Impact of Coronavirus (Covid-19) Pandemic
The ongoing COVID-19 pandemic and its economic fallout have impacted everyone, including photographers. Several photographers have lost revenue due to no jobs, fewer events related to photography and potential clients, including commercial clients also do not have the revenue to spend on photography. For instance, stock photography website Dreamstime has launched multiple initiatives to help photographers and others impacted by the COVID-19 pandemic, including a newly announced increase in royalties. Moreover, as of June 1, 2021, Dreamstime is rewarding contributing photographers with a 10% increase in the royalties value for all downloads from the dreamstime’s website.
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Key Trends and Analysis of the Global Stock Photography Market:
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