Photo as a Service Market Expected to Reach $74.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Photo as a Service Market," The photo as a service market was valued at $48.2 billion in 2022, and is estimated to reach $74.2 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.

The photo as a service market includes professional photography services provided to individuals, businesses, and organizations. These services include, but are not limited to personal photography, portrait photography, event coverage, commercial photography for advertising, product photography for e-commerce, and specialized photography such as real estate or aerial photography. Photographers offer their expertise to capture and deliver high-quality visual content tailored to clients' needs.

According to the U.S. Bureau of Labor Statistics, between 2022 and 2032, the employment of photographers is expected to grow by 4%, which is on par with the average growth rate across all occupations. In 2022, there were 148,900 employed photographers, with projections indicating a consistent increase to 155,000 annually. The median hourly wage for photographers in May 2022 was $19.31, which represents the middle point where half of all photographers earned more, and half earned less. The lowest 10% earned below $12.98 per hour, while the highest 10% earned over $39.64 per hour.

The projected growth in employment opportunities for photographers, coupled with increasing median wages, surge the demand for photography services. As more photographers enter the workforce and wages improve, there is likely to be an expansion in the availability and quality of photo as a service industry offerings. In addition, the steady employment growth indicates a sustained need for photography services across various sectors, contributing to the overall surge in market demand.

As the event sector grows, including weddings, corporate functions, and other gatherings, there is increase in demand for professional photography services. Events hold significant sentimental value, prompting individuals and organizations to seek high-quality imagery for preservation. Whether it is documenting weddings, corporate affairs, or special occasions, the need for skilled photographers to capture these moments is on the rise. This growth in the event industry directly drives the photo as a service market trends offerings, creating opportunities for photographers to meet this increasing market need.

Moreover, as per the National Center for Health Statistics, in 2021, there were 1,985,072 marriages in the U.S., with a marriage rate of 6.0 per 1,000 total population. Comparatively, in 2020, there were 1,676,911 marriages, and the marriage rate was 5.1. 2.5 million marriages were anticipated to take place in 2022 in the U.S.. The increase in the number of marriages from 2020 to 2021, along with the projected rise in marriages for 2022, suggests a growing demand for wedding photography services. As more couples tie the knot, there is likely to be an increase in the need for professional photographers to capture their special moments. This trend leads to growth opportunities in the wedding photography segment of the photo as a service market.

The rise in demand for commercial and e-commerce photography has significantly boosted the demand for the photo-as-a-service industry. Businesses across various sectors, including retail, fashion, and food, require high-quality images for marketing materials, product listings, and advertising campaigns. In addition, the growth of e-commerce platforms has escalated the need for professional product photography to enhance online visibility and sales.

According to the International Trade Administration, India is expected to be the leader in online shopping, with a yearly increase of 14.1% from 2023 to 2027. Argentina and Brazil are also rapidly growing in e-commerce, with a yearly increase of over 13.6%. As businesses strive to create visually appealing content to attract customers and stand out in competitive markets, they increasingly rely on photographers to deliver compelling imagery. This surge in demand for commercial and e-commerce photography services has led to expanded opportunities and revenue streams, driving the overall photo as a service market growth.

In addition, the proliferation of digital photography and the widespread use of social media platforms have surged the photo as a service market share. With rise in demand for visually captivating content online, businesses, influencers, and individuals seek professional photography services to enhance their online presence. Social media platforms serve as powerful channels for showcasing high-quality images, driving the need for skilled photographers to meet the demand for captivating visual content. Such factors propel the photo as a service market size.

The photo as a service market analysis into type and region. On the basis of type, the market is segmented into school photography, events photography, wedding photography, theme park & cruise line photography, photo restoration, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe). Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA). 

The major players operating in the global photo as a service market are Lifetouch Inc., Cherry Hill Programs, Inc., George Street Photo and Video, LLC, Strawbridge Studios, Inc., Studio Alice Co. Ltd., HR Imaging Partners Inc., Bella Baby Photography, LLC, Fisher Studios Ltd., MSP Photography Pty Ltd, and Carma Media Productions LLC.

Key Takeaways of the Report

• By type, wedding photography segment held the major share of the market in 2022.
• By type, photo restoration segment is expected to grow with the highest CAGR during the forecast period.
• By Region, Asia-Pacific held the major share in the market and is expected to grow with a highest CAGR during the forecast period with photo as a service market opportunities.