PUBLISHER: Allied Market Research | PRODUCT CODE: 1344546
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344546
According to a new report published by Allied Market Research, titled, "Stock images Market," The stock images market was valued at $6.4 billion in 2022, and is estimated to reach $12.2 billion by 2032, growing at a CAGR of 6.8% from 2023 to 2032.
Stock images are licensed photographs used in specific contexts. The publishing and licensing rights to these photographs are purchased from the original photographers and then disseminated to other stock photo users for a fee. Stock photo websites as well as suppliers deliver an environment for the photography artists, enthusiasts, as well as beginners as well as image creators to post their work as well as earn payments on the consumption of their photos, while consumers who need stock photos for their projects can search through a vast collection of pictures and utilize them by means of a subscription program or on an individual image purchase basis.
The rise of online purchasing has forever transformed consumer behavior. Even in countries where online purchasing is already popular, e-commerce is going to continue to develop. Due to a sophisticated payment and delivery infrastructure, online transactions now account for 37% of the total retail transactions in South Korea. Furthermore, e-commerce in the U.S. is expected to expand from 23% of sales presently to 31% of sales by 2026. While the rise in online shopping in 2020, the initial year of COVID-19, is comprehensible, the ongoing growth in 2021 indicates a genuine behavioral shift toward online purchasing. Manufacturers must be recognizable for the purpose of increasing income via the e-commerce channel. To do this, the participants are turning to content advertising, social media marketing, email marketing, pay-per-click advertisements, and a variety of other digital marketing platforms. Companies are using stock image services to establish their goods prominent in the market in order to differentiate them from competitors. As a result, the rise of the e-commerce industry, and the engagement of players to raise the visibility of products to build their consumer base, will fuel demand for stock image market throughout the review period.
Stock images provide creators with ample amounts of options to choose from. However, many of the images on the stock image distribution websites are made specifically with the intent for use in ad campaigns and promotions. Images with simple white backgrounds, overly animated characters, exaggeration of feelings on the images, and many other factors can make the image feel fake and not genuine to the consumers. According to Harvard University, the initial impression of an image can last between 15-30 seconds in the human short-term memory, from which it is either deleted or transferred into the long-term memory for later recollection, and the impression of a negative image can hamper the brands aims as the images are quickly removed from the consumers brains. This leads brands to create their own images for products, which hampers the stock images market.
Support systems for machine learning (ML) and artificial intelligence (AI) are rapidly evolving. They can now manage a broader range of characteristics, which can improve organizational productivity. As a result, the stock image providers offer various AI solutions to improve their AI skills. For example, Shutterstock Inc. introduced an AI image-generation platform in January 2023, which is available to all Shutterstock customers wherever in the site's many languages. Text-to-image technology converts prompts into accurate, licensed images that are larger than life. It is the most recent addition to Shutterstock's extensive arsenal, Creative Flow, which was designed to provide the most seamless creative experience possible. Users will gain the ability to utilize revolutionary, ethical, and easy to use capabilities by incorporating new AI and machine learning elements into stock picture supplier websites, which will increase their level of innovation and efficiency. As a result, technical improvements such as AI-powered features by key competitors will open new opportunities in the global stock image industry.
The stock images market is segmented on the basis of type and region. By type, the stock images market is classified into nature photography, people photography, manmade objects, abstract photography. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, United Arab Emirates, South Africa, and Rest of LAMEA).
Some of the major players analyzed in this report are: Depositphotos, Inc. USA, Adobe Inc., Inmagine Lab Pte., Ltd., Dreamstime, Stocksy United, Canva, Inc, Shutterstock, Inc., The Associated Press, Getty Images Holdings, Inc, and Unsplash.