Still Images: Key market research findings
- Evolution of new development models
- Increase in M&As and consolidation
Technavio has released a new market research report on the global still images market, which is expected to grow at a CAGR of 7% by 2020. Integration of visual content with marketing strategy and communications is on the rise, which is boosting the growth of still images market. Moreover, with the upsurge in online marketing, especially on sites such as Facebook and Twitter, marketing in bulk is beginning to take place, where images have become easier to integrate. North America accounts for 51% of the still images market, owing to the presence of a well-established media sector and the photographer community.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“An upcoming trend in the still images market is the evolution of new business models. Following the decline in demand for still images owing to the falling popularity of the print medium, existing players and new vendors are coming out with new business models such as creator-focused collectors and customer-focused distributors. These models employ different delivery methods, monetization strategies, and content quality,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The still images market is experiencing increasing consolidation. Acquisitions are focused on entering new segments, expanding international presence, serving a new set of customers, and expanding product offerings. Vendors are also making acquisitions outside their domain to extend their tools and services and enhance the experience they provide to customers. For instance, Shutterstock acquired WebDAM, a provider of web-based digital asset management software, to offer a seamless experience to customers.
The leading vendors in the global still images market are Adobe, Corbis, Shutterstock, and Getty Images. The market is witnessing a high demand for premium, high-quality stock photos as professionals such as brand managers and publishers look for images that are unique, culturally-relevant, and provide a fresh perspective. To cater to this demand, existent vendors are vigorously curating and expanding their premium portfolios and new vendors are entering this space owing to its potential, thus leading to robust competition in the market.
A more detailed analysis is available in the Technavio report, Global Still Images Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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