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Photographic Services Market Insights, Forecast, Growth, Trends 2023-2032 | Shutterfly, Inc., Studio Alice Co., Ltd., Getty Images Inc., Lifetouch Inc., Studio Alice Co., Ltd

The Photographic Services Global Market Report 2023 by The Business Research Company, provides photographic services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/photographic-services-global-market-report

The global photographic services market size grew from $41.71 billion in 2022 to $43.54 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global photographic services market is expected to grow from $49.54 billion in 2027 at a CAGR of 3.3%.

Widespread sharing of pictures on websites and social networking platforms is expected to contribute to the growth of the photographic services market during the forecast period. Websites and mobile applications such as Facebook, Instagram, Snapchat, and Pinterest have led to an increasing trend of sharing images on these platforms to gain social acceptance and popularity among peers. While most images shared on social media are amateur private photographs, professional agencies such as Shutterstock and Getty offer professional images for sale, which can then be used by individuals or companies for advertising on social media. Photographers are expected to benefit from this trend as individuals and organizations are increasingly demanding professionally clicked photographs for media communication, public relations, and other professional services. Increased internet penetration in many developed and developing countries, especially among urban and younger populations, is further driving the demand for professional photographic services.

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The photographic services market is segmented:

1) By Type: Portrait Studios Services, Commercial Studios

2) By Application: Children, Youth, Adult

3) By Service Provider: Large Enterprise, Small and Medium Enterprise

The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the photographic services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of “lock down.” The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the photographic services market will recover from the shock over the forecast period as it is a “black swan” event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The photographic services market report table of contents includes: