The photo sharing market generated $4.7 billion in revenue by the end of 2022. The market for photo sharing is anticipated to reach US$ 8.6 Bn by 2033 and is expected to expand at a CAGR of 5.6% from 2023 to 2033.
The transfer or publication of digital photos online is known as photo or image sharing. The emergence of various photo sharing websites offering one-of-a-kind services such as sharing, managing, hosting, and uploading images privately or publicly is expected to boost the photo sharing market share.
Desktop or PC picture management software frequently has an integration capability for uploading images from many websites. The introduction of a few desktop programmes whose primary function is to share images via peer-to-peer networking is expected to boost market expansion.
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Photo sharing is no longer limited to personal computers or the internet in today’s technologically evolved society. However, photos from portable devices, such as smartphones, can be transferred and shared via MMS or directly through social media. The emergence of innovative cameras equipped with wireless networking and similar sharing capabilities is expected to drive the market.
What are some of the key drivers driving the growth of the photo sharing market?
The growing popularity of social media platforms around the world is expected to boost demand for photo sharing websites and applications. Because they are free, several new messaging and photo sharing services, such as Snapchat and Instagram, are projected to develop enormous popularity globally.
The quick development of additional platforms equipped with diverse features, such as expert level photo editing software and high efficiency to enhance users’ photographs, is also expected to drive market expansion. For example, Google stated in February 2022 that its Google Messaging app will soon be connected with Google Photos for sending films and images instantly over MMS.
Similarly, Sunghoon Park, the founder of Pidgeon, a photo sharing app, announced in February 2022 that the app will soon run on a freemium model and will not host advertisements, which frequently impede its functionality. It has a chat room feature instead of a comment box, and photos are automatically uploaded for user views and opinions. The development of similar new platforms by both start-up and established businesses is expected to expand the global market.
What are the Photo Sharing Industry’s Challenges?
With the growing popularity of numerous photo sharing apps, providers are constantly working to develop new features. The ability to tag a specific location in photos is one such feature that is useful for travel influencers and businesses. The location tag feature, however, can attract predators and those with bad intentions if used by children or young people.
Furthermore, sharing photographs online can result in them being altered without the users’ permission. Sharing personal images might also increase the risk of them being used without authorization on adverts by commercial businesses. Images may appear in online search results even if they were uploaded to obscure apps. The demand for photo sharing apps and websites may be hampered in the near future as a result of the aforementioned shortcomings.
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Why is North America emerging as a market for opportunistic photo sharing?
During the evaluation period, North America is expected to lead the photo sharing industry. This increase can be attributed to the growing popularity of social media among the younger generation, particularly in the United States and Canada.
The rising popularity of several innovative trends, such as Do-It-Yourself (DIY) creativity and cooking, which surged rapidly with the implementation of stringent lockdown norms back in 2020 due to the COVID-19 pandemic, is expected to drive photo sharing app sales in North America. Another important factor driving growth in this region is the growing number of fashion influencers showcasing unique products on photo sharing apps like Instagram and Snapchat.
What role does Europe play in the growth of the photo-sharing market?
The ongoing development of various photo sharing apps in the United Kingdom, the Netherlands, and other developed countries is expected to bode well for the Europe market during the evaluation period. Glass, a subscription-based photo sharing app based in the Netherlands, launched Glass 2.0 in February 2022, which is available on iPads. Users can get a two-week free trial pack from the company. The development of similar other applications in the country is expected to propel the European market.
Market Competition
Some of the key participants present in the global photo sharing market are Yahoo Inc., Cooliris Path Inc., Photobucket Corporation, Phonezoo Communications Inc., Trover, Facebook Inc., Bump Technologies LLC., and Hewlett Packard.
Leading players in the global market are aiming to develop state-of-the-art websites and software solutions to encourage people to safely share their photos with each other. Meanwhile, some of the other companies are engaging in partnerships and acquisitions with local players to co-create novel systems by integrating advanced technologies.
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Key Segments Profiled in the Photo Sharing Industry Survey
Platform:
- Free Services Membership
- Paid Service Membership
Application:
- Mobile Devices
- Personal Computer
End User:
- Individual
- Enterprises
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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