According to the most recent analysis by Fact.MR, a supplier of market research and competitive intelligence, the size of the global Commercial Photography Market is projected to be US$ 5.2 billion in 2022, and the market is anticipated to grow at a CAGR of 2.2% over the forecast years of 2022–2032. One significant reason fueling the demand for commercial photography is the expanding global e-Commerce market.
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.
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.
“Product photography to become opportunistic factor for the demand for commercial photography,” says a Fact.MR analyst.
How is U.S. Market Growth Being Aided?
The United States commercial photography market is estimated to expand at a CAGR of 1.9% during the forecast period (2022-2032)
The U.S. commercial photography market is projected to grow with the increasing demand for professionally clicked photographs for media communication, public relation, and other professional services.
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 Trends:
- Digitalization and Online Presence: The shift towards digitalization and the importance of a strong online presence has become even more critical for photographers. Clients often search for photographers, view portfolios, and make inquiries online. Therefore, having an impressive website and a strong social media presence is crucial.
- High-Quality Content for E-commerce: E-commerce businesses have been booming, and they require high-quality product images to attract customers. Commercial photographers have been capitalizing on this trend by offering specialized e-commerce photography services.
- Sustainability and Eco-Friendly Practices: There has been a growing emphasis on sustainability in various industries, including photography. Photographers who adopt eco-friendly practices, such as using sustainable materials for prints and minimizing waste, can appeal to environmentally conscious clients.
- Diversity and Inclusivity: There is a growing demand for more diverse and inclusive representation in commercial photography. Clients are seeking photographers who can capture a wide range of ethnicities, body types, and backgrounds to better connect with diverse audiences.
- 360-Degree Photography and Virtual Tours: With the rise of virtual reality (VR) and augmented reality (AR), there’s an increasing demand for 360-degree photography and virtual tours for real estate, hospitality, and tourism industries.
- Drone Photography: The use of drones for aerial photography and videography has expanded significantly. It’s being used in industries like real estate, construction, and tourism to provide unique and captivating perspectives.
- Video Content Integration: Many commercial photographers are diversifying their services by offering video content in addition to traditional photography. This aligns with the growing demand for video marketing across various platforms.
- Artificial Intelligence and Automation: AI-driven editing tools and automation software are being integrated into commercial photography workflows to enhance efficiency and streamline post-production processes.
- Personal Branding Photography: As more individuals and businesses recognize the importance of personal branding, there’s a rising demand for professional personal branding photography to create a consistent and appealing online image.
- Remote Photoshoots: The COVID-19 pandemic accelerated the adoption of remote photoshoots, where photographers guide clients in capturing their own images using smartphones or cameras, often through video calls.
- Subscription-Based Photography Services: Some photographers are offering subscription-based services where clients pay a monthly fee for a certain number of photoshoots or images. This model offers predictability for both photographers and clients.
- Post-Pandemic Event Photography: As events and gatherings gradually return post-pandemic, event photographers are experiencing increased demand for capturing live events, conferences, and celebrations.
- Niche Specializations: Many photographers are finding success by specializing in niche markets, such as food photography, automotive photography, or pet photography.
Segmentation of Commercial Photography Industry Survey
- By Type :
- Product Photography
- Architectural photography
- Event Photography
- Environmental Photography
- Headshots
- By End-use Industry :
- BFSI
- Education
- Healthcare
- Manufacturing
- Retails & Consumer Goods
- Energy & Utility
- Media & Entertainment
- Hospitality
- Others (Not Classified Elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Market Development
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.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global commercial photography market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (product photography, architectural photography, event photography, environmental photography, headshots) and end-use industry (BFSI, education, healthcare, manufacturing, retails & consumer goods, energy & utility, media & entertainment, hospitality, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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