According to the statistics obtained from the Camera and Imaging Product Association, 2016 is the worst year for camera sales in over 15 years.
Surprisingly, a report from a particular research group sees a change of direction in camera sales in the future. A report from Zion Market Research estimates that the camera industry will grow by about six percent by 2021. The report from the research group includes cameras, imaging software and processing equipment and expects the overall camera industry to hit about $110.79 billion in about five years.
The research group attributes a huge chunk of the six percent expected growth to markets in the Asia Pacific region. In the region, growth of income coupled with an increased interest of citizen in photography will help drive the camera market forward. Zion Market Research also reports that North America will have the second biggest impact. However, Zion thinks that both the market in North America and Europe will largely grow as consumers are replacing dated fixed lens cameras with updated interchangeable lens options.
Of particular interest in Zion’s report is the biggest driving factors in the proposed growth of the camera market, the growth of social media. The increasing growth and widespread acceptance of several picture and photography platforms like Instagram, Facebook, and Pinterest is attributed to the increasing demand for digital photography, Zion suggests. Alongside social media platforms, access to image editing software like Photoshop is also contributing to the growth.
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“Along with the fact that digital cameras are making it possible for “consumers to take professional quality photos themselves, the widening range of applications for digital cameras is also playing a role. Cameras used in business, science, security, recreation, data storage, automotive and machine vision, as well as art and professional photography will contribute to the market growth”, the report says.
Conclusively, while the study acknowledges the improving quality of smartphone cameras as a major competitor and hindrance to the camera market, niche markets like sports and events will help develop the camera industry’s growth, the report says.
But asides Zion Market Research’s report, several other reports have opined that social media has indeed helped make the photography industry a more popular niche than ever before.
Is Zion’s report holding any future prospect? I guess we have to wait till 2021 to find out. But you could tell us what you think in the comment box though.