The emergence of stock photography as a mainstream creative visual resource for businesses
SWOT Analysis:
Strengths: Wide collection of copyright-free, high resolution images in various categories catering to different business needs. Easy search tools and affordable pricing models.
Weaknesses: Growing popularity of user-generated content could reduce demand. Threat of copyright infringement from misuse of images.
Opportunities: Emerging technologies like VR and AR expected to further fuel the need for visual content. Growing markets in developing regions.
Threats: Intense competition from new entrants and low switching costs for customers. Changes in copyright laws could impact revenue models.
Key Takeaways
Market size: The Global Stock Photography Market Size was valued at US$ 3.3 Bn in 2020 and is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market, followed by Europe. However, Asia Pacific is expected to witness the fastest growth during the forecast period, led by countries such as China and India. The growth in APAC can be attributed to increasing adoption of digital marketing strategies by businesses and rising internet penetration in the region.
Key players: Key players operating in the stock photography market include Adobe Stock, Getty Images, Visual China Group (VCG), Shutterstock, 123RF, Agence France Presse (AFP), Agefotostock, Alamy, AP Images, Artlist, Coinaphoto, Depositphotos, Dissolve, Dreamstime, East News, Envato, Fotosearch, ImagineChina, Masterfile, The Mega Agency, Newscom, Photofolio, Pixta, Pond5, PR Photos, Redux Pictures, Reuters Images, SilverHub Media, Stocksy, SuStock Videotock, Imagesbazaar, Videvo, PEXELS, NHK Video Bank, Nippon News, Motion Array, Storyblocks, WENN, and ZUMA Press. The increasing competition in the market has resulted in these players focusing on expanding their image collections as well as forging partnerships with content creators.
Read More - https://www.timessquarereporter.com/technology/stock-photography-market-key-trends-fuel-growth
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