The stock photography market is projected to showcase significant growth with the increasing demand and need for easy licensing and rights-managed photograph contents for various digital media applications. Stock photography provides businesses and individuals easy access to a wide variety of photos, videos and illustrations for use in websites, mobile applications, presentations, publications and various commercial purposes. Advantages such as easy search, bulk licensing options and worldwide usage rights have boosted the popularity of stock photos over commissioning new photography shoots. The stock photography industry has aggregated millions of photos, videos and vector illustrations contributed by professional and amateur photographers globally.
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 2024 to 2031.
With growth in digital publishing, e-learning and social media, the demand for high-quality, easily accessible stock contents is growing exponentially. This has attracted various industry players to invest in aggregating large collections and offering different pricing and licensing models to cater to the diversifying needs of professional and individual creators.
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: With the growth of social media platforms, video/image content creation and digital marketing, the demand for stock photography has increased tremendously over the past few years. Various industries such as publishing, education, advertising and media are major consumers of stock photos.
Global expansion: Leading Stock Photography Market Demand companies are focusing on global expansion to tap the growth opportunities in developing markets. Partnerships with local contributors and launching of regional websites/mobile applications in local languages are helping companies strengthen their international presence.
Market Key Trends
The increasing popularity of social media video platforms and rise of influencer marketing have augmented the demand for trendy, fresh and diverse stock video contents. Stock video libraries are focusing on aggregating broad collections of niche category videos along with global licensing to leverage the growth in this segment. With artificial intelligence and deep learning gaining ground, many players are developing advanced image recognition and keywording technology to improve search and discoverability for customers.
Porter’s Analysis
Threat of new entrants: Low barrier to entry as stock photography can be started with minimum capital. However, established players have established brand and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from large number of stock photography sites. However, switching costs are low.
Bargaining power of suppliers: Individual photographers have low bargaining power as large stock sites negotiate better pricing terms. Established photographers may bargain for better rates.
Threat of new substitutes: Threat of substitution is high from new technologies like drones and computer generated images that can replace stock photos.
Competitive rivalry: Intense competition among large stock photography sites to acquire exclusive content and subscribers.
Geographical regions:
North America accounts for the largest share in the global stock photography market in terms of value. The region is home to key stock photography companies and various end-use industries that are major consumers of stock photos.
Asia Pacific region is expected to witness the fastest growth during the forecast period. Increasing internet and smartphone penetration coupled with rising advertising and media spending is driving the demand for stock images in the region. Countries like China and India are emerging as high potential markets.