by Stock photography refers to the licensed images that are obtained from image galleries or libraries for usage with permission. It involves professional or amateur photographer selling rights (mostly limited licenses) to their photos. Stock photos find applications in web design, social media design, advertising, print media and other creative projects. They offer a cost-effective alternative to hiring professional photographers or licensing images for every specific project. Growing number of businesses and individuals leverage stock photos online for creative visual content on websites and digital platforms.
The global stock photography market is estimated to be valued at US$ 3.84 billion in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for creative visual assets from websites, blogs, social media handles and digital marketing campaigns has been a key driver for the stock photography market. Professionals offering graphic design, web design and digital marketing services on freelancing platforms often recommend clients to use licensed stock photos to enrich their visual communication and storytelling online. Moreover, stock photos help amateur content creators and small businesses procure high-quality images for their digital promotions and branding activities within constrained budgets. Large volume of individuals and businesses leveraging stock photos indicates favourable prospects for continued market expansion over the coming years.
Segment Analysis
The global stock photography market is segmented by category, imagery, license and end use. Among categories, commercial photography holds the major share as it accounts for nearly 40% of the market. Commercial images are widely used in various domains like advertising, corporate presentations, web & digital media etc. The editorial photography segment follows commercial photography with 30% share. Editorial images include news, events and lifestyle content.
PEST Analysis
Political: Intellectual property laws relating to copyrights of images are well established globally aiding the growth of this market. however, laws differ across nations and need constant revisions.
Economic: A thriving digital media industry and growing reliance on visual content for marketing is promoting investments in this space. Cost benefits offered through stock photography are boosting its adoption.
Social: Increasing internet and smartphone penetration coupled with rising popularity of social media platforms have enhanced demand. User preferences are shifting towards high resolution imagery.
Technological: Advancements like AI, augmented reality and virtual reality are spurring new use cases. Cloud storage solutions and image recognition tools are supporting efficient content management and search capabilities.
Key Takeaways
The global stock photography market is expected to witness high growth over the forecast period. Global Stock Photography Market Demand is estimated to be valued at US$ 3.84 billion in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030
North America holds the largest regional market share attributed to technical advancements and widespread digitization in industries like media & entertainment. Growing investments to develop high quality imagery libraries bolster the North American market. The Asia Pacific region is projected to grow at the fastest pace during the forecast period. Rapid digitalization initiatives across industries are driving demand for diverse visual content. Proliferation of smartphones and low-cost data plans in emerging economies like India and China are strengthening the visual content consumption habits. Developing photographic industries in these nations are collaborating with international stock agencies to cater to the regional needs.
Key players-
Key players operating in the stock photography market are Shutterstock, Getty Images, Adobe, Pexels, Depositphotos, Cision, 123RF, iStock, Reuters Images, Dreamstime. Shutterstock maintains its leadership position through continuous investments in AI and machine learning to enhance search and discovery experience for customers. 123RF delivers high resolution images at affordable rates attracting small businesses and freelancers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
