Photo Market Expected to Reach $9.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Photo Market," The photo market was valued at $4.8 billion in 2022, and is estimated to reach $9.2 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032. 

The photo market is engaged in buying and selling of stock photos. Photographers and creators upload their images for purchase and businesses, or individuals buy licenses to use these images for various purposes, from marketing to content creation.

Increase in trend of content creation, especially in digital marketing and online communication, is the major factor propelling the the photo market growth. As businesses and creators generate more content for websites, social media, and advertising, the requirement for diverse, high-quality visuals intensifies. Stock images offer a convenient and cost-effective solution, providing ready-made, licensable content that meets the rising demand for compelling visuals. This surge in content creation needs solidify stock images as a crucial resource for enhancing visual storytelling across various platforms results in incresea photo market demand. 

In addition, rise in content marketing strategies boosts the the global photo market share. As businesses focus on engaging audiences through online content, the need for diverse, high-quality visuals rises. Stock images become crucial for marketers to convey messages effectively, enhance digital presence, and maintain visual consistency. This increased reliance on visuals amplifies the demand for stock images, driving the market's growth as an essential resource for content creation across various industries.

The ease of online transactions and downloads facilitates the procurement of licensed images, contributing to the market's growth, as an essential resource for meeting the visual content needs of a digitally connected global audience.  As per the International Telecommunication Union, about 5.4 billion people, constituting 67% of the global population, are expected to be internet users by 2023. This marks a 45% increase since 2018, with approximately 1.7 billion individuals having joined the online community during this timeframe.

Furthermore, advancements in image search technology significantly boost the the photo market size as improved algorithms and metadata tagging streamline the search process, making it easier for users to find specific and relevant visuals. Enhanced search capabilities increase efficiency and user experience, driving more individuals and businesses to utilize stock images for their content creation needs. Technology’s evolution simplifies the image discovery process and expands the market's appeal, contributing to its overall growth.

Moreover, independent professionals and freelancers rely on stock images for projects, leveraging diverse, high-quality visuals without the expense of custom photography. This trend amplifies the market as freelancers increasingly contribute to various creative industries, fostering a sustained demand for stock images to meet the dynamic requirements of their projects. The accessible pool of visuals enables freelancers to meet diverse project needs, contributing to the market's continued expansion.

Furthermore, the increasing demand for authentic visuals presents a significant photo market opportunities for the expansion of the photo market trends. As businesses and individuals increasingly prioritize authenticity in their communication, there is a growing need for genuine and relatable images. The market can thrive by providing a diverse collection of authentic visuals that align with evolving trends. Meeting this demand enhances user engagement, builds credibility, and positions the photo/stock market as a valuable resource for those seeking authentic content in various industries, including marketing, advertising, and online communication.

The global photo industry is segmented into type and region. On the basis of type, the market is segmented into stock photography, theme park & cruise line, schools & colleges, sports, conferences, events, and weddings. 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)

Based on type, the stock photography segment held the highest market share in 2022, accounting for nearly two-third of the global photo market revenue and is estimated to maintain its leadership status throughout the forecast period. In the photo market, current trends in stock photography emphasize authenticity, diversity, and sustainability. Authentic representations of real people, experiences, and emotions are gaining traction, moving away from overly staged and posed visuals. However, the events and weddings segment is projected to manifest the highest CAGR of 8.0% from 2023 to 2032. Event and wedding photo trends highlight a shift toward candid and authentic captures, emphasizing genuine emotions and moments over posed shots. There is a growing demand for diverse and inclusive representations, reflecting the multicultural nature of celebrations.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearby one-third of the global photo market revenue. The trend toward authenticity and inclusivity photos is increasing in North America, with a strong demand for diverse and culturally representative visuals. Lifestyle photography and minimalistic compositions are popular, reflecting a preference for genuine and relatable content.  However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.4% from 2023 to 2032. The expanding digital marketing landscape and robust growth in e-commerce within Asia-Pacific propel the growth of the photo market. Businesses engaged in online promotion and e-commerce activities require compelling visuals for advertisements and product presentations.

The major players operating in the global photo market are Shutterstock, Inc., Getty Images Holdings, Inc., Dreamstime LLC, Pexels GmbH, Inmagine Lab Pte. Ltd., Alamy Limited, Footage Firm, Inc., Eezy LLC, Envato Pty Ltd., and Freepik Company, S.L. These players have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.