The photo-sharing market revenue by the end of 2022 was US$ 4.7 Billion. The photo-sharing market is projected to reach US$ 8.6 Bn by 2033, as it is estimated to grow at a CAGR of 5.6% from 2023 to 2033.
Attributes
Details
Estimated Year (2023) Market Value
US$ 4.9 Billion
Projected Year (2033) Market Value
US$ 8.6 Billion
CAGR% (2023 to 2033)
5.6%
Top 5 Vendor Market Share
Around 35%
The photo-sharing market consists of platforms that allow end users to download or purchase photos, videos, images, and GIFs that they could use for their personal and professional purposes. These platforms also act as social media platforms for artists and photographers where they could upload their craft that could be used by the end users for free or at a price.
The photo-sharing market consists of 34.8% of the global digital content market.
2018 to 2022 Photo Sharing Demand Outlook Compared to 2023 to 2033 Forecast
The photo-sharing market is estimated to grow at a CAGR of 5.6% for the forecast period compared to the historic CAGR for the period 2018 to 2022 of 3.5%.
Factors that influence this growth include the growth in online content creators that could use the photos and images as well as videos and GIFs present on these platforms for the content they are producing on social media platforms. Companies are trying to establish an online presence and for this reason, photo-sharing platforms could witness growth in their consumers.
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Brochures, Promos, Videos and Similar Content Requires Photos and Images that Can Be Fetched from Photo Sharing Platforms
Online posters, videos, online commercials, and brochures are important features for any enterprise or an individual who is self-employed to promote their business, products, and services. The use of images can be a highly beneficial action in order for this advertising and marketing content to be appealing to potential customers.
Apart from this, in order for businesses to improve the user experience of their websites, images could be a handy tool. Having a source for contextually appropriate and eye-catching images, photo-sharing platforms could act as a brilliant source, driving the demand for the photo-sharing market.
Regional Analysis
North America was the region estimated to hold the largest market share in 2022 at 22.1% and South Asia and the Pacific are estimated to be the fastest growing region for photo sharing with a CAGR of 6.3% for the forecast period.
North America has numerous enterprises and numerous media and entertainment companies as well. This creates demand for the photo-sharing platform to provide the necessary pictures for purposes like content creation, publishing material, making the websites more attractive, etc. This allows the market to flourish in North America.
South Asia and the Pacific region are witnessing high growth in industrialization and economy. There has also been a boom in online content creators in this region, allowing the market for photo sharing to witness fast growth.
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Country wise insights
A vast and Diverse Population, Presence of Numerous Enterprises, Pushes the Market for Photo Sharing Market in the US
The US has numerous enterprises of various sizes, this country is economically prosperous so the chances of individual users purchasing paid membership services for the photos and images are higher than in several other countries. The country has people of various ethnic backgrounds, due to which certain types of imagery could appeal to certain sections of society.
Due to cultural differences between the west coast, east coast, and rural US, the photos that could be used for business purposes across the country could differ.
Growth in E-Commerce Enterprises in India, Driving the Demand for the Photo-Sharing Market
India is a highly populated country, with a large number of enterprises that are trying to build an online presence, this can be done by uploading videos and images on social media platforms, a certain factor that needs to be considered that can influence the photo sharing market is the difference in cultures and ethnicity across regions could have a strong impact upon what imagery could be used.
Differences in cultures are a facet that could be seen in almost every state of the country, however, a common factor that could be observed among Indian enterprises regarding the photos they use is that they often use photos containing western people in professional settings and attire for their company websites and brochures.
Large-Scale Retail in UAE Drives the Demand for Photo-Sharing Platforms
Industrialization, trade, and commerce are already on a large scale in the UAE, and the use of photos and images for the marketing of their products and services is something that has high potential in this country, creating a high demand for the photo-sharing market in the UAE.
The Arabic and Islamic cultures have a strong influence on this country. Due to this, the imagery used for advertising and marketing is also influenced by the same, especially if there are human models in the images.
Category wise Insights
Why Free Service Membership Has the Higher Market Share by Platforms in the Photo Sharing Market?
Free service membership does not charge the end users any money, hence this is these are the platforms that have the maximum level of attraction from the end users. While the platforms may choose to store the majority of their images and content as their paid service membership. Photos are still an element that companies and individuals would choose not to spend their budget on and would make do with the free content.
For these reasons, free service memberships of photo-sharing platforms have the largest market share.
Why Mobile Devices Have the Larger CAGR by Application for the Photo Sharing Market?
Smartphone penetration has expanded massively over the past few years and with that, so has the use of social media platforms on smartphones. This has raised the demand for the consumption and use of photos and images for smartphone purposes. Enterprises are developing their websites considering the requirement of viewing it on a smartphone, or by creating smartphone applications for the same purpose.
Due to this reason, mobile devices have a higher CAGR of 6.4% for the forecast period.
Why do Enterprises Have the Greater Market Share by End Users in Photo Sharing Market?
Enterprises have greater incentives to spend on photo-sharing platforms for their marketing drives, product launches, websites, and advertising. Even individuals that use photo-sharing platforms use them because they are self-employed, small business owners,s or are doing it for an NGO or volunteering organization.
Recreation purposes are also a reason, but the size of enterprises is much greater than the individuals and several individual purposes of photo sharing, often boil down to the use of an enterprise or organization.
Due to these reasons, enterprises held a greater market share of 53.6% for the photo-sharing market in 2022.
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Competitive Landscape
Companies and platforms that offer photos and images primarily operate online. They often generate their content from the users of the platform, becoming something like social media platforms that attract photographers, and digital artists. The photo-sharing platforms that went on to become big, however, did not stop at just photo sharing and expanded to sharing illustrations, graphics, music tracks, and short videos.
In October 2022, Shutterstock a popular photo-sharing platform announced its partnership with OpenAI, an AI research company to share photos and images developed by Dall•E an AI image generator developed by OpenAI.
In June 2022, DeviantArt announced the launch of the protected protocol, which is an extension of the DeviantArt Protect services, which are a bunch of policies and services that protect the artwork of the artists on the platform from theft, the protocol intends to improve the authentication for NFTs (non-fungible tokens).
Scope of report
Attribute
Details
Market value in 2023
US$ 4.9 Billion
Market CAGR 2023 to 2033
5.6%
Share of top 5 players
Around 35%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
USD Billion for Value
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa
Key Countries Covered
USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa
