Photographic Services Market Characteristics
The photographic services market consists of the sales of photographic services and related goods by entities (organizations, sole traders and partnerships) that offer services for planning, developing, creating and managing the processes for creating durable images by recording light or through electromagnetic radiation by means of an image sensor or chemically by means of a light sensitive photographic film. It includes editing, processing and presenting pictures. Photographic services include school portraits, wedding photography, special occasions and event photography. Photographic services establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
Competitive Landscape of the Photographic Services Market
Major players in the global photographic services market include Lifetouch Inc, Studio Alice Co Ltd, Getty Images Inc, Portrait Innovations Inc.
Photographic Services Market Size
The photographic services market size is expected to reach around $50 Billion by 2022, significantly growing at a CAGR of around 3% during the forecast period. The growth in the Photographic Services market is due to increase in growing popularity of social networking, increasing applications across various industries and emerging economies.
However, the market for Photographic Services is expected to face certain restraints from several factors such as personal photography, increasing competition leading to declining profits.
Photographic Services Market Segmentation
The global photographic services market is further segmented based on type and geography.
By Type - The photographic services market is segmented into portrait studios services, commercial studios among these segments, the portrait studios services market accounts for the largest share in the global Photographic Services market.
By Geography - The global photographic services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global photographic services market, accounting for around 45% of the market in 2018.
Trends in the Photographic Services Market
Photographic service providers are constantly upgrading services by adopting new technologies of the industry. Many companies are launching light weight cameras with exhaustive features to capture wide range of photographs. For instance, in January 2017, Light Company launched the Light L6 Camera that packs the qualities of a DSLR into a slim mobile-like body by folding optics. It can shoot from 16 different lenses with 13 megapixels each, and an algorithm integrates each image together. Also, the new range of Nikon cameras come with built in Ethernet that enables users to share pictures on the go. The 360 Fly can capture 360 degrees panoramic videos of 4K quality. Such advances in technology are helping photographers click high quality photographs even in difficult situations.
Potential Opportunities in the Photographic Services Market
With increase in economic growth, demographic shift and technology development the scope and potential for the global photographic services market is expected to significantly rise in the forecast period.