Photographers and service providers are increasingly exploring opportunities in niche markets to increase market value and customer base. Expertise and specialization in fields of sports, events, landscapes, wildlife, weddings, and street photography, are significantly gaining popularity. Companies and individuals are focusing on aerial photography, babies, pets, fashion, travel, and photo journalism. This trend is also helping companies market their services to targeted audiences, reduce operating costs, helping find appropriate clients, and increase reputation and expertise. Working in niche markets enable photographers to command comparatively high prices for their services and specialization, thereby increasing profitability.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL PHOTOGRAPHIC SERVICES MARKET TO GROW TO $50 BILLION IN 2021
North America was the largest region in the photographic services market in 2017, accounting for almost half of the market share.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, photographic service providers are constantly upgrading services by adopting new technologies of the industry. Many companies are launching light weight cameras with exhaustive features to capture wide range of photographs. For instance, in January 2016, Light Company launched the Light L6 Camera that packs the qualities of a DSLR into a slim mobile-like body by folding optics. It can shoot from 16 different lenses with 13 megapixels each, and an algorithm integrates each image together. Also, the new range of Nikon cameras come with built in Ethernet that enables users to share pictures on the go. The 360 Fly can capture 360 degrees panoramic videos of 4K quality. Such advances in technology are helping photographers click high quality photographs even in difficult situations.
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Lifetouch Inc. was the largest player in the photographic services market in 2017, with revenues of $0.8 billion for the financial year 2016. Lifetouch’s growth strategy is to move its distinct business lines towards digital sharing and digital storage so that consumer can buy, store and archive images. Lifetouch acquired iMemories, a company that transforms old photos, slides, home movies and audio into a modern digital format and stores it in the cloud.
Photographic services include processes for creating durable images by recording light or through an electromagnetic radiation by means of an image sensor or chemically by means of a light sensitive photographic film. It includes editing, processing and presenting pictures as desired by customers. Photographic services include school portraits, wedding photography, special occasions and event photography.
Photographic Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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