May 21, 2024
Stock Photography Market
Ict

Stock Photography Market IS Estimated TO Witness High Growth Owing TO Growing Demand FOR Online Visual Content

The stock photography market comprises photographs, vector illustrations and video clips which are licensed to customers for use in various different media and uses. Stock images are useful as they save time and money for businesses and designers by eliminating the need to commission photos for simple graphical needs. The growing need among businesses to have visually appealing graphics across various online channels like websites, social media, mobile applications, product packaging etc. has been a major driver of demand for stock photographs.

The global stock photography market size is estimated to be valued at US$ 4.43 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2024 to 2030.

Key Takeaways
Key players: Key players operating in the stock photography market are B. Braun Melsungen AG, OSTEOGENICS BIOMEDICAL, INC., Medtronic Plc., Sutumed Corp., Katsan Medical Devices, Corza Medical, DemeTECH Corporation, Hu-Friedy Mfg. Co., LLC., Lux Suturess, Assut Europe, BioHorizons, Advanced Medical Solutions Group plc, Riverpoint Medical, Dolphin Suturess, Healthium Medtech Limited, Implacore SP. Z o. o., and Orion Suturess India Pvt. Ltd.
Key opportunities: Growing demand for images from social media platforms and technology companies is expected to create new opportunities for stock photography market players. Rising internet penetration and e-commerce activities will further boost stock image consumption.
Technological advancements: Advancements in augmented reality/virtual reality and artificial intelligence are expected to enhance user experience with stock images. Increased usage of 3D/360 degree images and 4k ultra-high definition videos will support higher resolutions and interactive functions.

Market drivers
The increasing usage of digital media for marketing and communication activities by businesses, educational institutions and personal users is a major market driver. Growing internet penetration and availability of high-speed mobile internet have made it easier to access and share digital content online. Rising awareness about copyright issues associated with freely available images online has also boosted demand for licensed stock photos. E-commerce companies extensively use stock images on their platforms to represent their products and services virtually.

Current challenges in stock photography market
The Stock Photography Market Share  faces several challenges such as widespread copyright infringement due to easy access and distribution of content online. Many websites and platforms allow people to download and use stock images without proper licensing. Additionally, it is difficult for photographers to monitor unauthorized use of their content which impacts revenue. Another major challenge is the proliferation of free and low cost stock image libraries. While such options provide easy access, they create pricing pressure on professional agencies and individual photographers. Significant competition from microstock sites further intensifies price wars. Maintaining a consistent volume of fresh, high quality content is also challenging given the massive quantities of images demanded daily by businesses globally.

SWOT Analysis
Strength: Large collections with millions of diverse images allow finding exactly what customers need. Weakness: High set up and operational costs involved in building an extensive library, licensing images and ensuring quality. Opportunity: Growing demand for visual content from businesses and individuals worldwide as they promote themselves online. Threats: Piracy and unauthorized commercial use of images impacts revenues. Increased availability of free low quality images poses competition.

Geographical regions:
North America currently holds the largest share in the global stock photography market, primarily driven by widespread commercial use of online visual content in countries like the US. Europe is the second largest regional market driven by strict copyright laws that favor image licensing over piracy.

Fastest growing region:
The Asia Pacific region is expected to be the fastest growing market for stock photography during the forecast period. This can be attributed to growing internet and smartphone penetration that is boosting the demand for visual content across industries in emerging countries like China and India. Increasing digital marketing and e-commerce activities in the region will further support market growth.

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