BCC Research has released an extensive report on the global digital photography market which is defined as the market for products that enable digital photography. This market generated $65.6 billion in revenue in 2010 and $68.4 billion in 2011. The market is expected to grow at a 3.8% compounded annual rate and reach $82.5 billion by 2016.
Cameras and lenses account for the bulk of the photography market and represent 55% of global sales or about $37.6 billion in 2011. Equipment sales are expected to grow to $49.8 billion in 2016. The photo print industry is struggled to maintain growth and was about $25 billion in 2011. It is expected to decline to $24.7 billion in 2016.
The other $5.8 billion in revenue in 2011 was for complementary products such as digital photo frames, photo editing software and storage products.
These figures do not include photography services such as stock or assignment photography, but the report estimates that photography services account for several hundred billion in additional revenues annually. It is important for still photographers to recognize that many of these other “digital photography services” are in fields not normally associated with publication or supplying information on the Internet. Among these additional services are: machine vision technologies, remote sensing, digital image sensing, mobile phones, nanotechnology, forensic technology and extensive use in medical and dental fields.
The stock photography business worldwide is estimated to generate a paltry $1.5 billion in revenue annually. It is unclear how much revenue might be generated by self-employed photographers working on assignment, or photographers working for corporations. However, it is clear from these numbers how insignificant professional photographers are to the equipment manufacturers. Their revenue comes from the amateurs, not professionals.
For more information about the full report that is priced at $4,850 check
here.