LONDON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s digital photography global market report 2023, the global digital photography market is poised for substantial growth, expected to leap from $47.59 billion in 2022 to $50.71 billion in 2023 at a notable compound annual growth rate (CAGR) of 6.6%. Looking ahead, the digital photography market is forecasted to reach $62.81 billion by 2027, maintaining a CAGR of 5.5%.
Drivers: The rising number of smartphone users worldwide emerges as a key driver, redefining the landscape of digital photography market. With over 5.4 billion individuals enrolled in mobile service and 4.4 billion using mobile internet by the end of 2022, smartphones have become the primary cameras for many. The convenience, portability, and advanced camera capabilities of smartphones have led to increased user engagement in digital photography, creating a robust market outlook.
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Trends: Product innovation takes center stage as major players such as Victor Hasselblad AB and Matterport introduce cutting-edge solutions. Hasselblad's X2D 100C camera and new XCD lenses promise significant technical improvements in image quality and system responsiveness. Matterport's acquisition of VHT Studios broadens its offerings, combining digital twins with professional photography, drone capture, and marketing services for effective property promotion.
Market Leaders: Major players in the digital photography market include Samsung Electronics, Sony Corp, Canon Inc., Nikon Corp, Shutterstock Inc, and more. These industry leaders continue to innovate and shape the market landscape with their technological advancements and strategic acquisitions.
Stakeholder Utilization of the Market Report: The comprehensive Digital Photography Global Market Report serves as a valuable resource for various stakeholders. Industry players can leverage market insights to align their strategies with evolving trends, capitalize on the rising number of smartphone users, and explore innovative product development. Investors gain a strategic overview for informed decision-making, while professionals in photography, technology, and real estate can use the digital photography market report to navigate market dynamics and identify growth opportunities.
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The digital photography market report provides a roadmap for stakeholders to thrive in the dynamic digital photography landscape. With trends leaning towards innovation and expanding user bases, the market is set to witness transformative growth. Access the detailed digital photography market report to stay ahead in this evolving industry.
Digital Photography Global Market Report 2023 by The Business Research Company provides insights on the digital photography market size, digital photography market segments, digital photography market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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