[February 10, 2016] |
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Increased Demand for Visual Content to Boost the Global Still Images Market 2016-2020, says Technavio
Technavio
analysts expect the global
still images market to exceed USD 4 billion by 2020, growing at
a CAGR of over 7% according to their latest report.
Still images refer to static images and photographs that occupy a major
part of visual content available for consumers. The global still images
market deals with the supply and licensing of pre-produced images for
various types of media, such as newspapers, magazines, websites, and
blogs.
The global still images market is expected to grow rapidly during the
forecast period owing to the proliferation of the Internet, which has
significantly boosted the growth of visual media. Marketers are
employing visual content to communicate messages and themes effectively.
Still images allow organizations to enhance user engagement, increase
brand awareness, and generate leads.
Technavio's market research analysts for new
research areas have identified the following four factors that
will drive the growth of the global still images market:
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Opportunities to boost engagement
-
Evolution of new business models
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Strategic partnerships
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Growth of microstock images
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Opportunities to boost engagement
End-users are increasingly integrating visual content with their
marketing strategy and communications. Visual content enables a brand to
engage better with the target audience as against plain text.
"In addition, the upsurge in online marketing on sites such as Facebook (News - Alert)
and Twitter, becomes easier and more effective with images. Visual
content has led to a significant increase in site traffic, inbound
customer acquisition, and visitor conversion rates," says Abhay Sinha, a
lead research analyst at Technavio.
Evolution of new business moels
Originally, vendors procured images from professional photographers and
sold them at high prices. However, the declining demand for still images
due to the falling popularity of the print medium is encouraging
existing players and new vendors to adopt new business models.
These models consist of creator-focused collectors and customer-focused
distributors. These business models employ different delivery methods,
monetization strategies, and content quality.
Another business model operates through the periodic supply of free
photos to subscribers largely through e-mails, eliminating the need for
distributors.
Strategic partnerships
Stock agencies are increasingly partnering with online image platforms
and businesses to drive sales and provide seamless access to customers.
Partnerships are taking place at different points of the supply chain.
Platform integration is one such case, where end-users can choose photos
from an agency's collection of images without having to leave the
platform.
Partnerships make it convenient to find, test, and license stock images.
They enable stock agencies to strengthen their international presence by
providing an extensive distribution network and encourage the use of
still images. For instance, Facebook and Shutterstock announced a
partnership to provide Facebook advertisers access to over 25 million
stock photos.
Growth of microstock images
In recent years, stock agencies have created or acquired microstock
divisions. In microstock, content sourced from photographers is sold at
lower prices than traditional stock photography agencies. Microstock
also enables the use of stock images for replacing free images and
hand-drawn sketches.
"With the tremendous increase in number of stock images, low-priced
stock images are available over the Internet. This has made stock images
affordable for smaller businesses, resulting in the expansion of the
imagery market," says Abhay.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210005055/en/
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