Digital Photography Market: Worldwide Industry Analysis and New Market Opportunities Explored
Digital photography refers to a form of photography that uses devices containing arrays of light sensitive sensors to capture pictures focused by a lens. The captured pictures are in digital format and are stored as a computer file, which can be further processed for color corrections and resizing for viewing, publishing, or printing. Professional photographer apart, digital photography has been adopted by many amateur snapshot photographers in the recent times as it helps them with the convenience of sending images by email or uploading them on the World Wide Web. This extended demand from amateur photographers in the past decade is reflecting on the global digital photography market, which was estimated at US$82.6 bn in 2016, is projected for a healthy growth rate during the forecast period of 2016 to 2024.
The digital photography market includes complimentary products such as cameras, interchangeable lenses, storage cards, printers, photo editing software, camera cell phones, and digital photo frames. Collectively, the market for these complimentary products was valued at US$ 68.5bn, which makes it a highly lucrative opportunities for the players.
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This report on global digital photography market is comprehensive study of the market in its current scenario and based on prominent factors that are expected to influence the growth rate, figurative future has been evaluated. Another key aspect of the report is its section on company profiles which includes data on manufacturing base, capacity, product portfolio, marketing strategies, and other key developments.
Global Digital Photography Market: Trends and Opportunities
In the recent past, digital media has revolutionized the face of digital photography with the emergence of photo sharing sites, networking sites, and blogging sites. This incremented participation of vast populations on the Internet is rated as the primary factor that is extending the demand in the global market for digital photography. Moreover, the key players in this market are constantly innovating and introducing new products to catch the attention of the consumers.
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For example, wireless cameras are expected to witness a surge in demand in the mature markets of the U.S., Japan, Europe, and other emerging economies in Asia Pacific. Digital and video cameras are expected to soon evolve into network devices, which will create new opportunities for the wireless operators and film suppliers. With digital cameras accessing personal computers and the Internet via wireless data connection, new levels of convenience for the consumers.
The report observes that networking sites are constantly innovating their photo sharing section, which gives their consumers a rich and enhanced visual experience. This factor is expected to prompt a surge in demand for digital photography products, especially in the urban population across the globe. Additionally, digital photography finds applications in several industries such as medical, surgeries, automobiles, and manufacturing. Conversely, these digital photography complimentary products are expensive, sophisticated, and requires professional knowledge to operate. This factor is anticipated to hinder the growth rate of the market during the forecast period.
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The global market for digital photography can be segmented on the basis of products, application and geography. By products, the market can be divided into processing equipment, interchangeable lenses, and camera smartphones. By application, the market can be divided into photography software and photo processing.
Global Digital Photography Market: Region-wise Outlook
Geographically, North America and Europe contribute to the maximum demand in the global market, which is a reflection of high purchasing potential of the populations in those region, particularly in the countries of the U.S., the U.K., Canada, France, and Germany. However, with the exponential rise of the social media in the emerging economies in Asia Pacific, which has vastly populated countries such as India and India, are projected for a robust growth rate during the forecast period.
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