July 21, 2024
Stock Photography Market
Ict

Stock Photography is estimated to Witness High Growth Owing To Rising Demand for Visual Content

The stock photography market is estimated to be valued at US$ 3.84 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Stock photography refers to royalty-free images that are licensed for use in advertising, packages, websites, printed materials, social media, and other uses. It provides businesses access to copyright-free photos, vectors, and illustrations for both personal and commercial use. Some key uses of stock photography include website design, promotional materials, social media posts, infographics, presentations, and more. Stock images help businesses communicate their message in a visually compelling way.

Market Dynamics:-

The stock photography market is driven by the rising demand for visual content across various industries. As digital advertising and e-commerce continue to grow exponentially, companies require high-quality images and videos to promote their products and services online. Furthermore, the proliferation of social media and smartphones has increased the consumption of visual media in recent years. Users are more inclined to engage with visually appealing posts and advertisements. This factor is prompting businesses to invest heavily in professional stock content.

Another key driver is the cost-effectiveness associated with stock images. Licensing stock photos eliminates the time and expenses involved in producing custom visuals. This makes stock content an affordable solution, especially for small and medium enterprises. The availability of huge collections online also allows finding suitable images faster. The ease of access and usage is boosting the adoption of stock photography solutions.

SWOT Analysis:-

  • Strength: Stock Photography has a global reach and large collection of images, photos, and videos (in millions) which allows flexibility to clients. Being an online market it provides easier discovery and licensing of content. It offers competitive pricing and affordable subscription models for customers.
  • Weakness: Custom stock content requires specialized skills and equipment which limits the number of contributors. Images need constant updating to remain relevant over long periods of time. Dependence on search engines and popularity of websites for discoverability.
  • Opportunity: Growing interest of clients in licensing royalty-free and customized content. Increased use of social media and online platforms is driving the demand for visual content. Emergence of technologies like AR/VR and need for high resolution images/videos provide new avenues.
  • Threats: Availability of free/low-cost images on open websites poses pricing challenges. Advancements in AI/deepfakes may replicate existing images. Stringent copyright regulations and ambiguity around ownership can deter new contributors and customers.

Key Takeaways:-

The Global Stock Photography Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand for visual content across industries. The market size for 2023 is estimated at US$ 3.84 Billion.

Regional analysis: North America dominates the global stock photography market holding over 35% share in 2023, attributed to strong presence of platforms and spend on visual assets by enterprises. Asia Pacific is projected to be the fastest growing region on back of rapid digitalization and increasing internet penetration in major countries.

Key players: Adobe Stock, Getty Images and Shutterstock capture over 50% share due to large portfolios and global footprints. Visual China Group and 123RF target Asian markets with localized offerings. New players like Depositphotos, Dissolve offer niche collections and customized solutions as competitive advantages.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it