July 24, 2024
Stock Photography Market

The Global Stock Photography Market Is Witnessing Trends Through Digitization By 2024

The stock photography market encompasses commercial photography licensing through stock photo agencies and stock photography websites. Stock photography provides unrestricted commercial usage rights to easily accessible images that clients can download and use across various platforms and mediums. The growing demand for visual content in various industries has fueled the need for stock photography.

The global stock photography market is estimated to be valued at US$ 4.43 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2024 to 2030.

Key Takeaways

Key players: Key players operating in the stock photography market are B. Braun Melsungen AG, OSTEOGENICS BIOMEDICAL, INC., Medtronic Plc., Sutumed Corp., Katsan Medical Devices, Corza Medical, DemeTECH Corporation, Hu-Friedy Mfg. Co., LLC., Lux Suturess, Assut Europe, BioHorizons, Advanced Medical Solutions Group plc, Riverpoint Medical, Dolphin Suturess, Healthium Medtech Limited, Implacore SP. Z o. o., and Orion Suturess India Pvt. Ltd.

Growing demand: The rising demand for visual content from various industries such as publishing, advertising, real estate, and film production is driving the growth of the stock photography market. Enterprises are increasingly incorporating images and videos in their marketing strategies to engage customers.

Global expansion: Major stock photo agencies are expanding their global footprints and libraries by collaborating with local photographers worldwide. This allows them to cater to the diverse photography needs of global clients. The increasing internet penetration worldwide is also supporting the growth of global stock photography platforms.

Market key trends

One key trend gaining momentum in the Stock Photography Market Share is digitization. Driven by advances in technology, digital solutions have come to dominate the stock photography industry. High-resolution digital images are replacing analog photography. AI tools are also being deployed for image tagging, indexing and search. Stock photo agencies are focusing on developing enhanced search features, immersive browsing experiences and payment integrations to stay ahead in this increasingly digital landscape.

Porter’s Analysis
Threat of new entrants: Low barrier of entry allows new players to enter the market easily with low capital investment. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products. Buyers can negotiate on price.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many suppliers and fragmented nature of supply market.
Threat of new substitutes: Threat of substitution is low as there are limited substitutes for stock photography.
Competitive rivalry: Intense competition among existing players to gain market share. Players compete on price, quality, and brand reputation.

Geographical regions:
North America accounts for the largest share of the global stock photography market in terms of value due to high demand from graphic design, publishing, and advertising industries in the US and Canada.
The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period driven by increasing demand from e-commerce companies and rising number of digital publishers in countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it