According to a new report by Zion Market Research, Global Digital Photography Market growth is increased by improved digital technology in smart phone’s cameras and social media.
According to the report, global demand for digital photography market was valued at around USD 77.66 billion in 2015 and is expected to reach approximately USD 110.79 billion in 2021, growing at a CAGR of slightly above 6.1% between 2016 and 2021.
Digital photography is expected to witness rapid growth during the forecast period due to the growth of advanced social networking sites and photo sharing sites such as Instagram, facebook, Pinterest, and tumbler. Applications and services such as photo editor and adobe photoshop are surging the demand of digital photography market because digital images can be easily displayed, printed, stored and edited. Digital photography allows consumers to take professional quality photos themselves.
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Different applications of digital photography are business, science, professional photography, security surveillance, art, recreation, data storage, automotive, machine vision, and photo books. Medical visualization expected to experience significant growth in the digital photography market.
One of the major competitions for digital photography market is improved the quality of smart phone’s cameras. Nonetheless, niche markets such as sports, events, church directory photography are fuelling demand for digital photography across the globe.
Traditional cameras offer several disadvantages compared to digital cameras. There is always the requirement to carry photo film and number of batteries while using traditional cameras. This has been overcome by digital photography as it has a lot of storage capacity without of the need of film. Digital photography is different from conventional photography as digital photography can perform automatic registrations of images without developing the film. Technological advancement in cameras such as Wi-Fi enabled camera and GPS for automatic registration of the location of the photograph are stimulating demand of digital photography worldwide.
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Geographically, Asia Pacific gain majority share in the digital photography market due to improving spending capacity of consumers in India and China. Japanese corporation is spending heavily in R&D section to enhance novelties in digital cameras.
Some of the major industry participants are Nikon, Sony, Canon, Kodak, Panasonic, and Samsung Electronics. Other prominent vendors include Casio Computer, Sigma, Fujifilm, Hewlett-Packard, Toshiba, Leica Camera, Ricoh, Seiko, Olympus, Epson, and others. Canon Inc. and Nikon are leading the digital photography market with significant share. The 3D cameras are found in a limited number of camera models like Panasonic, Olympus, and Sony.
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