by The Stock Photography Market is estimated to be valued at US$ 3.84 Bn in 2023 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 photos that are licensed for use in various applications such as brochures, websites, social media, presentations, and business reports. Stock photographs cover a wide range of categories like nature, business, healthcare, travel, people, and more. The stock photography industry provides affordable and high-quality photographs for commercial use which helps businesses elevate their visual content.
Market key trends:-
The global stock photography market is driven by the increasing demand for visual content across different industries. With the growing popularity of online content and e-commerce, there is a rising need for high-quality stock images to enhance websites and other digital platforms. Furthermore, the advancement of technologies like artificial intelligence is augmenting the production and customization of photographs. Major market players are focusing on expanding their product offerings by incorporating newer categories, styles, and customizable images. The availability of subscription and credit models has also increased the accessibility of stock photos. Growing social media engagement and visual storytelling are further propelling the adoption of stock images.
Porter’s Analysis:-
- Threat of new entrants: The threat of new entrants is moderate as the stock photography market requires substantial investments and operating costs. It also requires photographers and videographers to spend considerable time building a comprehensive library of high-quality assets which acts as a barrier. However, new specialized players can enter niche segments.
- Bargaining power of buyers: The bargaining power of buyers is high given the availability of a large number of stock content providers. Buyers can negotiate prices down and have many choices. This empowers them to switch between providers easily.
- Bargaining power of suppliers: The bargaining power of suppliers is low as individual photographers and videographers constitute the large supply base. They have limited influence over pricing and depend on agencies for distribution.
- Threat of new substitutes: The threat of new substitutes is moderate as alternate content like user-generated sites pose a threat. However, stock photography’s established distribution channels and curated professional assets provide some differentiation.
- Competitive rivalry: The competition is fierce with the presence of global conglomerates and independent agencies trying to expand market share.
SWOT Analysis:-
- Strengths: Vast library of royalty-free, high-quality assets in multiple genres; Global distribution network; Strong brand recognition and customer trust for top players.
- Weaknesses: High operating costs; Dependence on third party search and discovery platforms; Vulnerable to changing internet platforms and algorithms.
- Opportunities: Growth in visual content demand from industries like e-learning, AR/VR, and advertising; Emerging geographies and languages; Microstock and customized collections.
- Threats: Advent of user-generated and amateur images; Copyright issues from improper asset usage; increased commoditization putting pricing pressure.
Key Takeaways:-
The Global Stock Photography Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand for visual content across industries for various applications such as advertising, publishing, and product designing. North America currently dominates the market with the largest share owing to heavy investments in content production and presence of leading players. Europe stands as the second largest market.
Regional analysis: Asia Pacific is poised to be the fastest growing region in the stock photography market supported by rising internet and smartphone penetration coupled with strong economic growth of nations such as China, India. China represents one of the most lucrative opportunities on account of the country’s huge population and rapid development of visual content platforms.
Key players analysis: Key players operating in the stock photography market are Adobe Stock, Getty Images, Shutterstock, Visual China Group, 123RF, Dreamstime, Storyblocks, Depositphotos, Stocksy, Pexels, Pond5 and Can Stock Photo. Major players are focusing on expanding their international presence and developing niche collections. They are making significant investments in artificial intelligence and blockchain to modern.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
