Global Digital Photography Market: Overview
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. 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. 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.
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.
Companies mentioned in the research report
Some of the key players currently operational in the global market for digital photography are Nikon, Sony, Kodak, Konica Minolta, Canon, and Samsung.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.