LONDON--(BUSINESS WIRE)--The stock images market is expected to grow by USD 1.82 billion, progressing at a CAGR of over 8% during 2020-2024. According to Technavio, the market demand is likely to witness superior growth in the short-term due to the spread of the COVID-19. The imposition of lockdowns increased the average time spent on the internet by users. This has increased the growth opportunities for vendors.
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The stock images market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The stock images market is driven by the use of stock images for digital marketing. Companies are increasing their marketing efforts to stay competitive and gain an edge over their rivals in the market. This has increased the demand for stock images for digital and social media marketing. In addition, other factors such as rising demand for moving images are expected to trigger the stock images market toward witnessing a CAGR of over 8% during the forecast period.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Stock Images Market Participants:
Technavio identifies Adobe Inc., Depositphotos Inc., and Dreamstime.com LLC as dominant players in the market. The report advises vendors to focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
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Stock Images Market 2020-2024: Segmentation
Stock images market is segmented as below:
- North America
- South America
Based on the application, the market saw maximum growth in the editorial segment in 2019. Factors such as the growing number of publishing houses and news publications and rising trends in blogging are driving the segment growth.
Similarly, North America led the market with a 43% share in 2019. The region will continue to offer several growth opportunities for vendors during the forecast period. Factors such as the introduction of innovative service delivery methods and the growing e-commerce market are contributing to stock images market growth in this region.
Get more insights about the global trends impacting the future of the stock images market
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.