A new report from Global Industry Analysts, Inc. in San Jose, CA projects that the global market for commercial photography will reach $10.7 billion by the year 2015. The report, entitled Commercial Photography: A Global Strategic Business Report, contends that commercial photography is indispensable to many types of marketing and ad campaigns, such as promotions for high-rise buildings, realtors, schools, golf courses, hotels and restaurants, wineries, public events, government organizations, and conservation. GIA believes an increasing number of individuals and corporations see commercial photography as a requisite tool for effective business development and social networking.
They note that the commercial photography industry differs dramatically around the globe, with the shift to digital photography throwing up a rich mixture of challenges and opportunities to market participants. While the US market is robust enough to support niches such as aerial and glamour photography, commercial photography is still considered a nascent industry in many developing nations. The researchers believe the potential for lucrative growth will exist in those nations that experience faster levels of economic growth and tourism development.
The report’s authors acknowledge that the present economic slowdown has resulted in shrinking discretionary spending in tourism photography and the amount of corporate money spent on ad campaigns. Plus, many industry pundits have become cynical about the future of print publishing.
GIA believes that once market conditions start showing some recovery, ad spending will be disproportionately skewed toward web, mobile, and product placements. Plus, a sizable portion of ad campaign costs that were once pocketed by photographers will be allocated to 3-D modelers, videographers, and graphic designers.
However, during the post-recession period, there will be an increasing need for niche photography products, and in some segments of the market, the old-fashioned print publications will still remain popular. Advertisers will continue to use print publications, as well as media such as bus shelters, billboards, brochures, and other promotional materials. The report’s authors believe opportunities for print-based commercial photography will still exist in the years ahead, but will be restricted by a smaller customer base.
Global Industry Analysts, www.StrategyR.com, was founded in 1987 and is one of the world’s largest publishers of market research.