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on January 12, 2024
SWOT Analysis
Strength: Stock photography provides easy access to copyright free images for commercial use. Photographers can earn royalty fees by licensing their photos. Having a large collection of diverse images allows sellers to meet varied customer needs.
Weakness: Image quality may not be as high as commissioned or professionally shot photos. Customers often prefer original or unique images over stock photos. Amateur photos from microstock sites can be inconsistently shot.
Opportunity: Growth of Internet usage and e-commerce is driving demand for visual content. More businesses require images for marketing campaigns, social media, websites etc. Personalized or niche photos are in demand.
Threats: Free image platforms offer limited but royalty-free options. Advancements in AI/editing tools may automate basic customizations. Shutterstock, Getty Images are intensely competitive with vast archives and pricing power.
Key Takeaways
The global stock photography market is expected to witness high growth over the forecast period of 2023 to 2030. Global Stock Photography Market Demand is projected to reach US$ 3.84 billion by 2024.
Regional analysis indicates North America currently holds the largest share of the stock photography market. This is attributed to extensive commercial image usage in digital advertising, eCommerce industries which are highly developed in the US and Canada. However, Asia Pacific is expected to emerge as the fastest growing regional market. Rising digitalization and increasing social media usage in countries like China and India is driving demand for visual content.
Key players operating in the stock photography market are Shutterstock, Getty Images, Adobe, Dreamstime, Envato, Pexels, PIXTA, Pixabay, Picjumbo and Unsplash. Shutterstock and Getty Images have captured a major portion of the market share through their massive historical photo archives and flexible commercial licensing options. However, new players like Pexels provide free limited usage options attracting cost-conscious small businesses and individual customers.
Get More Insights on this Topic- https://www.dailyprbulletin.com/stock-photography-market-size-share-and-demand-analysis/
Posted in: Technology