Marketing is sharpening its focus on the ‘D’ word whether it is the Digital market or Digital photography market. Just 20 years ago, people were considerably less aware about this market as well as the charming opportunities that it could provide.
The market for digital photography is estimated at USD 82.6 billion by the year 2016, registering a growth of 5.9% annually. The digital photography market with its complementary products like cameras, lenses, printers, storage cards, digital photo frames, and photo editing software, accounts for more than USD 68.5 billion. Hence its complementary products generate more in revenues and provide an opportunity to become huge business.
Digital media has changed the face of digital photography, photo sharing sites, blogging sites and networking sites, thus creating big business for the digital photography market. Internet is affecting daily lives of consumers and becoming a necessary evil; digital photography is one among them.
This market can be broken down into segments such as:
Digital photography products :
Products can include photo processing equipment, interchangeable lenses, camera cell phones and many more.
Digital photography applications:
Applications could include photography software, photo looks, photo processing etc.
There are some factors which support the growth of the digital photography market:
Networking sites are continuously redesigning their photo sharing section to give consumers a rich and exciting visual experience. Rising interest in photography as a hobby could be another leading factor.
There are lots of opportunities by which market revenue in this sector can be optimized:
By providing after sales service, improving technology like mirror less camera etc.
Some major brands which are competing with each other with great and user friendly features are: