Photography marketing

Study finds commercial photography market strong and growing

Market research has concluded that the commercial photography business is growing, thanks in large part to a booming e-commerce industry.

Fact.MR, a market research firm, has estimated that the global commercial photography market is estimated to be worth $5.2 billion in 2022 and is expected to grow another 2.2% over the next decade. until 2032.

The Dublin-based company attributes these impressive figures to the e-commerce boom which is driving demand for commercial photography, and more specifically product photography.

“It plays a vital role for product sales and is expected to grow in popularity as smartphone and internet penetration increase,” the company writes.

Highlights

In 2021, the global commercial photography market size accounted for approximately 31% of the total photography services market. It has grown at a compound annual growth rate (CAGR) of 1.7% since 2017.

“Since it is a modern tool that enhances corporate image and allows businesses to stand out differently from their competitors, commercial photography is here to stay,” Fact.MR written.

The global commercial photography market is expected to grow at a moderate CAGR of 2.2% and reach $6.5 billion by 2032.

Product photography is the dominant discipline in the commercial photography space with a 45% market share.

In 2021, North America held 41% of the global market, but researchers expect the industry to grow further in Europe and East Asia in the coming years.

“Product photography will become an opportunistic factor for the demand for commercial photography,” says an analyst from Fact.MR.

The American market

The US commercial photography market is estimated to grow at a CAGR of 1.9% during the forecast period (2022-2032).

The US commercial photography market is expected to grow with increasing demand for professionally clicked photographs for media communications, public relations, and other professional services.

Another major factor attributed to the growth of the market is the growing popularity of e-commerce among businesses to expand their online business. To sell products or services online, businesses need value-added content and high-quality images to attract more consumers’ attention.

Why is product photography in high demand?

Product photography is important for advertising a product or service. With the rise of online shopping and food delivery culture, product photography has gained popularity to attract more customer attention and build brand reputation.

According to Justuno, an advertising agency, approximately 93% of consumers consider visual content to be a decisive factor in their purchasing decision. While around 78% of online shoppers want high quality product photos displayed in stores.

On social media, photos and images are among the most effective and widely used types of content to improve audience engagement. About 70% of businesses invest in content marketing, including visual marketing tactics, which require professional product photography.


Picture credits: Header photo licensed via Depositphotos.