Did you know that the global digital photography market is expected to progress to $110.79bn by 2021? Read this article and discover everything you need to know about digital photography market and its modest growth!
Besides the huge popularity of smartphones and other devices, which have significantly increased the sale of digital cameras, the digital photography market is expected to see progress as well.
On BBC Research informs that the growing state of technology is motivating manufacturers to continually launch new solutions and products that will stimulate the demand for more advanced products and the market will move forward.
The incredible innovation in technologies for making photographs and videos together with their processing, storage, viewing, and sharing continues to increase the scope for the global digital photography industry. Improvements in technology dominant cameras, new lenses, and processing software should expand the market.
For instance, the innovative sensors like CCD or charged couple devices and CMOS or complementary metal-oxide-semiconductor are making product demand as a dominant market driver.
The biggest market in terms of revenue in 2015 – Asia- Pacific, is expected to take over the market share through 2021 because of the escalating purchasing power. Europe and North America are going to experience below average progress due to market saturation. The high growth expectations in Asia-Pacific are expected to block progress in both European and North American markets.
The ascending income has incited big demand for digital cameras. As a matter of fact, this trend is expected to grow over the forecast period. The reason for this is the huge popularity of digital cameras among the youth population for different uses in social networking. The increasing demand for additional equipment is likely to promote market progress as well.
One of the BBC Research analysts, Harilal Agnani said that the comeback of commercial photography will play a crucial role in increasing market growth. The innovation of digital technology and the opportunity to get attractive new products at an affordable price is expected to only provoke the demand in the global digital photography market!
The report also explores the industry structure with key strategies included and the market share of the major companies. The global market trends and drivers, with information from 2015, conclusions for 2016 and projections of CAGRs through 2021 are also included.
We hope this article was helpful to you and you manage to discover more information about the digital photography market!
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