Study Finds Commercial Photography Market is Strong and Growing
A market research study has concluded that the commercial photography business is growing, largely thanks to a surging e-commerce industry.
Fact.MR, a market research company, estimated that the global commercial photography market size is an estimated $5.2 billion in 2022 and is projected to evolve a further 2.2% in the next decade until 2032.
The Dublin-based firm puts the impressive numbers down to the boom in e-commerce which drives demand for commercial, and more specifically, product photography.
“It plays an essential role for the sales of products and is projected to gain more popularity with increasing smartphone and Internet penetration,” the company writes.
In 2021, the global market size of commercial photography was around 31% of the total photography services market. It has grown at 1.7% compound annual growth rate (CAGR) since 2017.
“Since it is a modern tool that enhances the business image and makes enterprises stand out differently from competitors, commercial photography is here to stay,” Fact.MR writes.
The global commercial photography market is projected to expand at a moderate CAGR of 2.2% and reach $6.5 billion by 2032.
Product photography is the dominant discipline within the commercial photography space with a market share of 45%.
In 2021, North America had a 41% share of the global market, but the researchers expect that the industry will grow more in Europe and East Asia in the coming years.
“Product photography to become an opportunistic factor for the demand for commercial photography,” says a Fact.MR analyst.
The U.S. Market
The United States commercial photography market is estimated to expand at a CAGR of 1.9% during the forecast period (2022-2032).
The U.S. commercial photography market is projected to grow with the increasing demand for professionally clicked photographs for media communication, public relation, and other professional services.
The growing popularity of e-commerce among enterprises to expand their business online is another major factor attributed to market growth. To sell products or services online, corporates require value-added content and high-quality imagery to gain greater consumer attention.
Why is Product Photography High in Demand?
Product photography is important for advertising a product or service. With the increase in online shopping and food delivery culture, product photography has gained tremendous popularity to attract greater customer attention and build a brand reputation.
According to Justuno, an advertising firm, around 93% of consumers examined visual content as a key deciding factor in their purchasing decision. Whereas, around 78% of online shoppers want high-quality photography of products to display in stores.
Across social media channels, photos and imagery posts are among the most effective and used content types to enhance audience engagement. Around 70% of enterprises invest in content marketing, including visual marketing tactics, which demand professional product photography.
Image credits: Header photo licensed via Depositphotos.