The global Stock Photography Market is estimated to be valued at US$ 3.3 Bn or Mn in 2022 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stock photography refers to royalty-free images that can be licensed by individuals and businesses for use on various platforms and mediums. Some key advantages of stock photography include affordable access to high-quality images, flexibility in terms of licensing and usage rights, and a large selection of images to choose from across various categories. With the increasing use of visual content in online platforms, mobile applications, websites, and other digital mediums, the need for stock photos has risen significantly in recent years.
Market key trends:
One of the major trends in the stock photography market is the growing demand for high-resolution images. As technology advances, the resolution and detail required in visual content is also increasing. Editors and designers now prefer 4K or 8K images to ensure quality when viewed on large, high-definition screens. Video footages are also in high demand along with individual photographs. Another key trend is the rising popularity of subscription-based licensing models where customers pay a monthly or annual fee to access unlimited downloads within their subscription period. This pricing model has improved convenience and lowered costs for frequent buyers of stock content.
Porter's Analysis
Threat of new entrants: The stock photography market has high barriers for new entrants due to established global players, high production costs and requirement of large image library.
Bargaining power of buyers: Buyers have high bargaining power due to availability of multiple stock photography sites offering wide collections at competitive prices.
Bargaining power of suppliers: Individual photographers have low bargaining power due to presence of many individual photographers supplying images to stock agencies.
Threat of new substitutes: Threat of new substitutes is low as stock photographs cater to a distinct need of license free, high quality and varied image collections.
Competitive rivalry: The global stock photography market is highly competitive due to presence of global stock agencies offering comparable yet differentiated services.
Key Takeaways
The Global Stock Photography Market Size is expected to reach US$ 3.3 Bn by 2030, exhibiting a CAGR of 5.2% over the forecast period. The market is mainly driven by the growing demand for high-quality, license-free stock images from advertising agencies and publishing houses for their promotions and publications.
Regionally, North America dominated the global stock photography market in 2020 with a share of over 35%, owing to high penetration of stock images in corporate advertisements, book and magazine publishing industry in the US and Canada. Asia Pacific is anticipated to be the fastest growing regional market, expanding at a CAGR of around 6% during 2023 - 2030 led by strong growth in advertising, media and entertainment industries in China and India.
Key players operating in the stock photography market are 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. Shutterstock holds dominant position with an estimated global market share of 12-15% in 2020. The global Stock Photography Market is estimated to be valued at US$ 3.3 Bn or Mn in 2022 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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