Commercial Photography Market

Commercial Photography Market Outlook (2022 to 2032)

The global commercial photography market is expected to reach a valuation of US$ 6.4 billion by the end of 2032, up from its current size of US$ 5.2 billion, expanding at a CAGR of 2.2% over the next ten years.

Commercial photography accounted for around 31% share of the global photography market at the end of 2021.

Report Attributes	Details
Commercial Photography Market Size (2021A)	US$ 5.1 Billion
Estimated Market Value (2022E)	US$ 5.2 Billion
Forecasted Market Value (2032F)	US$ 6.4 Billion
Global Market Growth Rate (2022 to 2032)	~2.2% CAGR
North America Market Share (2021)	~41%
East Asia Market Growth Rate (2022 to 2032)	~3.1% CAGR
United States Market Growth Rate (2022 to 2032)	~1.9% CAGR
Market Share of Top 10 Companies	Higher Single Digit
Key Companies Profiled	Myers Video Production LLC; Hawke Commercial Filmmaking; Wren Photo & Film; Pixel3 Video Productions; Movie Mogul Productions; Szentpaly LLC; Vignette Creative; PHOTOWEB; SPLENTO; ARCANUM DESIGN SOLUTIONS LIMITED; HAIKAI PHOTO; 5 Pound Media; FS MEDIA | FOOD STEEZ; Super Crispy; MHF creative

Increasing Demand for Customer-focused Services to Boost Commercial Photography Market

Commercial photography has commendable utility in various industry verticals such as retail & consumer goods, manufacturing, media & entertainment, and others. It is a modern tool to enhance the business image and increase brand awareness among consumers.

Enterprises use commercial photography services to attract stakeholders' and customers' attention to business activities, office premises, and the number of people employed in the organization on news articles, the company’s website, and press releases. This boosts consumers’ confidence in the enterprise and makes the business stand out from the competitors.

With the rising advancement in technology and businesses going online, the demand for professional photography has grown drastically. e-Commerce websites attract a large number of consumers to their products with the use of professional product photography.

• Short Term (2022 to 2025): Post-COVID, online shopping & food delivery services have grown significantly, which is likely to accelerate the demand for commercial photography. Increasing internet of things (IoT) rising popularity of photography on digital media platforms will positively impact the demand for commercial photography.
• Medium Term (2025 to 2028): Increase in digitalization and a highly competitive scenario in the global economy will lead to the procurement of consumer-focused websites with visual marketing content that is expected to stimulate market growth. Developing economies such as China, India, and others are expected to see substantial demand for commercial photographers.
• Long Term (2028 to 2032): Digital advertisement is expected to be a highly fragmented sector, which will boost the demand for commercial photography services to cater to more customers on online retail platforms. Increasing technologically advanced photography equipment will aid the precision and superior quality of product offerings, which will further drive market growth.

Over the 2017 to 2021 historical period, the global commercial photography market registered a CAGR of 1.7%. As per the analysis by Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 2.2% CAGR between 2022 and 2032.

Market share analysis of commercial photography based on type and region, where product photography dominates with 45% market share in 2022.

Which Factors are Contributing to Growing Commercial Photography Demand?

“Surging e-Commerce Industry Worldwide”

Over the next ten years, the demand for commercial photography would expand significantly as a result of rising Internet usage and the popularity of photography on digital media platforms. The e-Commerce sector is increasingly using photography services to present images of products. An image of the product is essential for e-Commerce stores as it enhances product description and makes the product more appealing to e-store visitors.

The market is being driven by the shift in consumer buying preferences to online shopping, high Internet penetration, and rising smartphone usage.

• As per the International Telecommunication Union (ITU), around 5.3 billion people worldwide, or approx. 66% of the world’s population, is using the Internet in 2022.
• Similarly, around 6.6 billion people globally, or about 83.4% of the world’s population, own a smartphone.

“Introduction of Technologically-Advanced Photographic Equipment”

With the increasingly visual culture worldwide, photography has played an essential role in the documentation of places, people, and events, along with it is being used as a mode of communication and critique.

For commercial photography, photographers required technical expertise and the appropriate photography equipment. As such, photographers, these days are utilizing technologically advanced photography equipment such as tilt-shift lenses, fisheye lenses, DSLR cameras, UV lens filters, and others to create high definition and featured photos.

Such advanced equipment helps photographers overcome weather and lighting-related challenges and ensures elite pictures of products. The use of advanced photography equipment ensures quality improvements in commercial photography services, which will drive the adoption of photography services across the world.

What Can Hamper Commercial Photography Market Growth?

“Commercial Photography Tied to Enterprise Growth”

Direct response marketing has become an essential part of every organization these days, which requires quality photos and videos. Commercial photography can be costly for small & medium organizations, as it requires professionals, advanced cameras, and lenses with top-notch glass. Corporates with good revenue are expected to spend more on services such as commercial business photography; however, it is a challenging task for small- or mid-size organizations with lower operating cash flow.

“IT Development May Pose a Threat to Commercial Photography Business”

Photographers may face challenges to maintain robust development in IT. Operating new technologies and cameras is formidable for professionals and intermediates, and it will also be expensive to update new tools persistently

Moreover, consumer tech accessories such as smartphones may threaten the photography industry with high-quality photo capturing quality and the advent of flexibility & convenience, which can limit the demand for professional photographers.

Country-wise Insights

How is U.S. Market Growth Being Aided?

The United States commercial photography market is estimated to expand at a CAGR of 1.9% during the forecast period (2022 to 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.

What’s Impacting India’s Commercial Photography Market?

The Indian commercial photography market is projected to rise at a CAGR of 3.1% through 2032.

The rising advertising & media industry in India is a major factor contributing to the demand for commercial photography services.

• As per the Indian Brand Equity Foundation, more than 50% of marketers in India are willing to spend on social media marketing.
• Similarly, ad spend growth in India will be more than 10% by the end of 2022.

In the advertising & media industry, high-quality product photography will be an effective solution that can drive brand awareness and secure wider consumer attention. Also, elite photography of infrastructure, environment, and products will inspire the purchase decisions of customers, thereby stimulating the demand for commercial photography in the country.

Category-wise Insights

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 in emerging economies, 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.

Also, across social 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.

How Will the Media & Entertainment Industry Be a Contributor to Revenue Generation?

In the media industry, photography is a conversational component of articles written by media personnel. Photography is found to be an effective way to convey messages quickly to audiences without going through a lot of text. Also, the rising trend of social media as a news platform has stimulated the demand for amateur photographers, which is likely to drive market growth over the coming years.

Event photography and headshots are projected to be high in demand in the entertainment industry to frame attractive posters of movies.

Competitive Landscape

Prominent commercial photography service providers are Myers Video Production LLC, Hawke Commercial Filmmaking, Wren Photo & Film, Pixel3 Video Productions, Movie Mogul Productions, Szentpaly LLC, Vignette Creative, PhotoWEB, Splento, Arcanum design solutions limited, haikai photo, 5 Pound Media, FS MEDIA | FOOD STEEZ, Super Crispy, and MHF creative.

The global commercial photography market is expected to be highly competitive with the adoption of various strategic initiatives such as partnerships and acquisitions by market players.

For instance :

• In February 2021, a campaign was launched by NatWest and Getty Images to improve the way female entrepreneurs and business leaders are represented in media and advertising. As a result of the collaboration, a new photo gallery on gettyimages.com was created, featuring 15 female company owners and showcasing a variety of women-owned companies in the U.K.
• In 2018, Shutterfly Inc., an online retailer and manufacturer of personalized products and services, announced the acquisition of Lifetouch, a school photography leader.

Fact.MR has provided detailed information about the service providers of commercial photography positioned across regions, sales growth, and service offering expansion, in the recently published report.

Segmentation of Commercial Photography Industry Survey

• By Type :

  • Product Photography
  • Architectural photography
  • Event Photography
  • Environmental Photography
  • Headshots

• By End-use Industry :

  • BFSI
  • Education
  • Healthcare
  • Manufacturing
  • Retails & Consumer Goods
  • Energy & Utility
  • Media & Entertainment
  • Hospitality
  • Others (Not Classified Elsewhere)

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA