The global digital photography market has perceived widespread acclaim primarily due to the advent of social networking sites such as Facebook, Instagram, Tumblr, and Pinterest. Increasing popularity of social networking and the custom of sharing images over various platforms has led to the evolution of the digital photography market. Applications and services such as picture editors including Adobe Photoshop have also aided in surging demand for digital photography.
While photographers benefit from the variations by increasing their efficiency and convenience, consumers are now able to take professional-quality images without the need for an expert. The photography industry has experienced several changes as post-production technologies and digital cameras have gradually affected the operatives. Fanatics focus on niche markets, such as sports, events, and church directory photography, to withstand demand of the sector thereby surging market growth.
Digital media has revolutionized the field of photography, networking sites, photo sharing sites, and blogging sites, thereby creating immense business for the concerned market. Internet is expected to emerge as a compulsory addiction among the youngsters thus serving as a major driving force for the market. Rising interest in photography as a hobby along with networking sites delivering rich quality imageries are expected to drive the market over the next seven years. Increasing smartphone penetration is expected to emerge as another driver for the market growth
Surging applications of photography in numerous fields such as manufacturing (photolithography), business, science, security surveillance, art, recreation, data storage, professional photography, photo books, automotive, machine vision, and medical visualization are expected to heave immense growth opportunities in photography market over the forecast period. Growing number of sensor manufacturers, augmented performance delivery owing to dynamic technological shift towards CMOS sensors, and mounting manufacturing facilities in Asia Pacific region are foreseen to portray as aspects deriving the growth of the digital photography market.
The infamous High ISO image noise, aliasing characteristics of the digital photographs, elongated product substitution cycle limiting the proceeds from novel patrons and heaving rental and used paraphernalia market are foreseen hamper the growth of the market. In order to overcome these restraints customer has to spend significant amount of money to buy sophisticated cameras. Consequently, high initial cost to acquire the camera and the need for sound technical skills to operate it is anticipated to ring-fence the market growth.
For many customers, the benefits of digital photography overshadow the disadvantages. Some proficient photographers still favor film cameras. Post-processing and editing of raw archives can take longer than 35mm film, shooting in remote sites requires the photographer to carry a number of batteries, while all cameras may fail, some film camera problems can be worked around, downloading a large number of images to a computer can be laborious. It is expected that more professional photographers will switch to digital photography over the forecast period.
The digital photography market can be segmented on the basis of application into photo processing, photography software, and photo looks. Based on digital photography products, the market can be segregated into camera cell phones, photo processing equipment, and interchangeable lenses.
The photography market, particularly digital photography is expected to spectacle phenomenal growth in developing markets such as India and China due to upsurge in earnings capacity of people living in these countries. Japanese corporations are expected to spend comprehensively on research and development of high-end camera products to bring on new novelties in the digital photography field.
Leading purveyors foreseen to derive digital photography growth through variant media devices include PENTAX, Sony Corp., Panasonic Corp., Nikon Corp., Canon Inc., Fujifilm Holdings Corp., Samsung Electronics Co. Ltd, Olympus, Leica, Kodak Co., and Toshiba Corporation.
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Media consumption is expected to witness a substantial increase as a direct consequence of lockdowns enforced in several countries across the globe to combat the spread of the deadly coronavirus. Since consumers are forced to stay at home, they are turning to popular OTT service providers such as Netflix, Amazon Prime, etc. or renewing/enhancing their existing Pay TV packages, procuring IPTV subscriptions, etc. to satiate their entertainment needs. eSports is also another sector which is expected to be favorably impacted by more and more people confined to their homes. The report will account for Covid19 as a key market contributor.