Photo Editing Software Market Size to Grow by USD 274 Million, at 6% CAGR during 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Jun 25, 2019--
According to Technavio Research Report " Photo Editing Software Marketby end-user (commercial and personal) and geography (North America, Europe, APAC, South America, and MEA) is witnessed to grow USD 274 million, at a CAGR of 6% from 2019 to 2023”.
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Technavio has published a new market research report on the global photo editing software market from 2019-2023. (Graphic: Business Wire)
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Commercial end-user segment will account for the highest market share
The importance of visuals and photographs across end-user segment is accelerating the demand for photo editing software among professionals. With photography becoming a hobby and also being pursued at a professional level, the need for photo editing software has been rising simultaneously. Some of the other significant reasons for the growing demand for photo editing software include the increasing use of social media platforms, growth of the e-commerce and fashion industries, and others. With such widespread usage of photo-editing software, the commercial end-user segment is expected to maintain its dominance over the global market during the forecast period.
“Social media marketing and increasing use of photo editing software by fashion houses are the major commercial end-users that are contributing largely to the growth of the global market. Currently, social media marketing agencies are adopting photo editing software for developing and optimizing images to make them more engaging, while, fashion houses primarily rely on photo editing software for post-processing of their photographs. Such usage by both social media marketing agencies and fashion houses are expected to boost the share of the commercial end-user segment over the next few years,” says a senior research analyst at Technavio.
Use of AR in photo editing
The increasing demand for artistic photography is driving innovations, such as the implementation of AR in the photo editing process. Photo editing software adds special creative effects to the captured photos by changing ordinary photos to AR artwork. The evolution of depth-sensing cameras in smartphones is also enabling the use of AR in the photo editing process. This is creating opportunities in the photography sector. AR is also used for a variety of realistic effects in photo processing, such as image filters, advanced image changes, and green screen effects to add 3D characters. Furthermore, photo editing software can be used to separate the photo from the background, providing a crisp, accurate, and realistic view that matches the real-time view. Therefore, with such advantages, the global photo editing software market is anticipated to witness continuous growth over the next few years.
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Photo editing software to witness the fastest adoption in the APAC region
APAC is likely to see the fastest growth in the photo editing software market during the forecast period. The photo editing software market in APAC is growing due to the increasing web designing projects and the growth of wedding photography businesses. The region is also experiencing a high growth rate due to rising smartphone and social media platform users. Currently, the use of social marketing by enterprises is driving the demand for adoption of photo editing software. Also, the trend of pre-wedding and post-wedding shoots in APAC, primarily in China and India, is expected to have a significant impact on the growth of the market.
Few Major Players for the Photo Editing Software Market are:
- ACD Systems International Inc.
- Adobe Inc.
- Corel Corp.
- CyberLink Corp.
- Phase One AS
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SOURCE: Technavio Research
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PUB: 06/25/2019 09:30 AM/DISC: 06/25/2019 09:30 AM