Stock photography provides visually appealing images, illustrations and videos that can enhance various forms of content marketing on various digital platforms. Photographers and visual creators capture a diverse range of photography covering people, nature, lifestyle, events and more. These photos offer flexibility to businesses of all sizes seeking visuals for websites, blogs, social media posts, online articles and other digital content. The growing importance of visual storytelling on social networks and platforms is driving greater need for high quality, rights-managed stock photos. With rising internet penetration and active social media users worldwide, the demand for visually engaging content is constantly increasing.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Emergence of Microstock Photography: Microstock photography involves purchasing rights to use images and media for a much lower price compared to traditional stock photography. Microstock sites allow individual photographers to sell their work without any intermediary involvement. Popular microstock sites like Shutterstock, iStockphoto and Dreamstime have democratized the supply of stock content by giving opportunities to amateur photographers to monetize their works. The competitive pricing of microstock photographs have helped their wider adoption across e-commerce sites, blogs and social media platforms. This emerging trend is expected to drive further growth in the global stock photography market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the stock photography market is moderate as stock photography requires significant time and effort to build up a large library of high quality images. However, barriers to entry are relatively low as new players can sign up photographers and buy licenses to their works.
Bargaining power of buyers: The bargaining power of buyers is high in the stock photography market. Buyers have a variety of stock photography providers to choose from and can negotiate better pricing and licensing terms.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While top-quality photographers are in demand, providers have alternatives to source content from less prominent image-makers.
Threat of new substitutes: The threat of new substitutes is moderate. Alternatives like custom photography and user-generated content can replace stock photography for some assignments. However, stock provides convenience and instant access to huge databases.
Competitive rivalry: Competition in the stock photography market is high amongst global and regional providers. Players compete based on pricing, exclusive content, and customer experience.
Key Takeaways
The global stock photography market is expected to witness high growth. 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 to 2030.
Regional analysis comprises North America dominates the global stock photography market and is expected to maintain its position over the forecast period. Factors such as high spending on advertising and marketing and growing e-commerce industry drive the North American stock photography market.
Key players operating in the stock photography market are B. Braun, iStock, Shutterstock, Pexels, 123RF, Dreamstime, and Depositphotos.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it