Photographic Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

(MENAFN- GlobeNewsWire - Nasdaq) New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Photographic Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
92 billion in 2020 to $36.42 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $44.07 billion in 2025 at a CAGR of 5%.
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. The photographic services market is segmented into portrait studios services and commercial studios.
North America was the largest region in the global photographic services market, accounting for 41% of the market in 2020. Asia Pacific was the second largest region accounting for 29% of the global photographic services market. Africa was the smallest region in the global photographic services market.
Photographers and service providers are increasingly exploring opportunities in niche markets to increase market value and customer base. Expertise and specialization in fields of sports, events, landscapes, wildlife and street photography, are significantly gaining popularity. Companies and individuals are focusing on aerial photography, babies, pets, fashion, travel, and photo journalism. This trend is also helping companies market their services to targeted audiences and reducing operating costs. Working in niche markets enable photographers to command comparatively high prices for their services and specialization, thereby increasing profitability.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the photographic services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down' and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the photographic services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Widespread sharing of pictures on websites and social networking platforms is expected to contribute to the growth of the photographic services market during the forecast period. Websites and mobile applications such as Facebook, Instagram, Snapchat, and Pinterest have led to increasing trend of sharing images on these platforms to gain social acceptance and popularity among peers. While most images shared on social media are amateur private photographs, professional agencies such as Shutterstock and Getty offer professional images for sale, which can then be used by individuals or companies for advertising in social media. Photographers are expected to benefit from this trend as individuals and organizations are increasingly demanding professionally clicked photographs for media communication, public relation and other professional services. Increased internet penetration in many developed and developing countries, especially among urban and younger population, is further driving the demand of professional photographic services.
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