The digital photography market, including cameras, software and processing equipment, is expected to grow to $110.79 billion by the year 2021, according to a new report from Zion Market Research. The research firm valued the digital photography market at $77.66B USD in 2015, and anticipates a 6.1-percent growth rate between 2016 and 2021. Asia Pacific is expected to represent the greatest regional market growth during this time frame.
According to the report, Asia Pacific is estimated to hold a ‘significant’ share of the digital photography market due to growing economies, with North America coming in second. The research firm anticipates an increased demand for replacement devices among consumers in Europe and North America, while Asia Pacific countries have seen digital photography market growth due to, among other things, ‘steady income’ in select countries. Also contributing to expected market growth in coming years is ‘strong product penetration’ throughout Latin America.
Social networks including Instagram, Facebook, and Tumblr are helping drive digital photography market growth, as well as software including Photoshop and other photo editors. ‘Digital photography allows consumers to take professional quality photos themselves,’ the study notes as one driving force, as well as digital photography’s suitability for a variety of industries beyond the scope of traditional photography, including surveillance, science, machine vision, and more.