Originally Published on: technavio |Stock Images Market by Application, Product and Geography - Forecast and Analysis 2023-2027
Stock Images Market: 2023-2027 Insights
The Stock Images market is anticipated to grow at a CAGR of 6.08% between 2022 and 2027, resulting in an estimated increase of USD 1,493.92 million. This growth is attributed to the rising popularity of stock images for digital and social media marketing, the flourishing e-commerce industry, and increased use of marketing intelligence. The market report provides an in-depth analysis of key drivers, trends, and challenges, along with historical market data from 2017 to 2021.
Key Drivers and Trends
The increased demand for stock photography in digital and social media marketing is a major driver of market growth. With greater internet penetration and the widespread use of smartphones and tablets, social media platforms like Facebook, Instagram, Twitter, and Snapchat have become vital for advertising and customer engagement. Stock images are gaining popularity on these platforms, and innovative tools provided by market vendors are enhancing user experience and driving demand.
Investments in related business portfolios and strategic alliances are prominent trends in the market. Vendors are diversifying their offerings to address declining profit margins, attracting new customers and expanding geographically. Strategic partnerships and collaborations are further expanding market share and product portfolios, particularly in sports and distribution sectors.
Challenges
Despite the promising growth, declining profit margins pose a challenge. Increased internet penetration and high-quality digital cameras have made taking photographs easier and more cost-effective, leading to a balanced supply and demand for stock images and subsequent price reductions. The emergence of photo-sharing platforms and price wars are further impacting profitability.
Geographical Insights
North America is poised to contribute significantly to global market growth, with the US and Mexico being the largest markets. Customized stock images, particularly for commercial use, are gaining traction, although the rising preference for video and animated content may affect demand. However, factors such as the demand for digital content and the growing e-commerce sector are expected to drive market growth.
Segment Overview
The editorial segment is expected to experience significant growth during the forecast period, primarily driven by the publishing industry's need for stock images to support advertising and promotion efforts. This segment includes documentary, editorial images, and illustrative editorial images, with categories such as celebrity images and descriptive content.
The COVID-19 pandemic initially impacted the market, particularly in revenue-generating countries like the US, Canada, and Mexico. However, the market recovered with increased vaccination efforts and growing demand for digital content, visual marketing, and e-commerce.
The market report provides a comprehensive view of the Stock Images market, including detailed segment data and analysis of key factors driving and challenging market growth.
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