Paris, Oct. 06, 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.
Post-COVID, online shopping & food delivery services have grown significantly, which is likely to accelerate the demand for commercial photography. Increasing internet of things (IoT) rising popularity of photography on digital media platforms will positively impact the demand for commercial photography.
With the rising advancement in technology and businesses going online, the demand for professional photography has grown drastically. E-Commerce websites attract a large number of consumers to their products with the use of professional product photography.
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.
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.
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Segmentation of Commercial Photography Industry Survey
- By Type :
- Product Photography
- Architectural photography
- Event Photography
- Environmental Photography
- By End-use Industry :
- Retails & Consumer Goods
- Energy & Utility
- Media & Entertainment
- Advertising & Media
- Others (Not Classified Elsewhere)
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Prominent commercial photography service providers are
- Myers Video Production LLC
- Hawke Commercial Filmmaking
- Wren Photo & Film
- Pixel3 Video Productions
- Movie Mogul Productions
- Szentpaly LLC
- Vignette Creative
- ARCANUM DESIGN SOLUTIONS LIMITED
- HAIKAI PHOTO
- 5 Pound Media
The global commercial photography market is expected to be highly competitive with the adoption of various strategic initiatives such as partnerships and acquisitions by market players.
For instance :
- In February 2021, a campaign was launched by NatWest and Getty Images to improve the way female entrepreneurs and business leaders are represented in media and advertising. As a result of the collaboration, a new photo gallery on gettyimages.com was created, featuring 15 female company owners and showcasing a variety of women-owned companies in the U.K.
- In 2018, Shutterfly Inc., an online retailer and manufacturer of personalized products and services, announced the acquisition of Lifetouch, a school photography leader.
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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.
Table of Content
1. Executive Summary - Global Commercial Photography Market
2. Market Overview
2.1. Market Definition and Introduction
2.2. Market Taxonomy/ Research Scope
3. Market Characteristic – Bird Eye View
3.1. Number of Active Enterprises by Key Countries
3.2. Number of People Employed
3.3. Average Operating Margin
3.4. Consistency in Demand
3.5. Key Barriers to Entry
3.6. Key Customer Archetypes
4. Market Background and Foundation Data
4.1. Global Photographic Industry Outlook
4.2. Comparison of Different Commercial Photography
4.3. Income Vs Revenue Growth Matrix
Get Detailed TOC :
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