The photo editing software market is poised to grow by USD 394.39 million between 2020-2024, progressing at a CAGR of about 8% during the forecast period.
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To enhance user experience and render web pages on all platforms including personal computers, laptops, smartphones, and tablets, dynamic and interactive websites are required. The responsive website design is used to achieve this goal. Website developers widely use photo editing software to edit stock photos, convert photo format type, standardize images as per size and style, provide text information onto photos, and size photos as per web page speed and performance. The development of images according to mobile-based user experience, social media platforms, and e-commerce can be achieved with the help of photo editing software, which provides a unified web experience for viewers. Therefore, the growth in web designing services is a key growth driver for the photo editing software market.
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36% of the market’s growth will originate from North America during the forecast period. The US is a key market for photo editing software in North America. Market growth in this region will be faster than the growth of the market in MEA and South America. The photo editing software market growth in North America can be attributed to the rise in social media advertising.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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The photo editing software market is segmented by end-user (commercial and personal) and geography (APAC, Europe, MEA, North America, and South America).
Commercial end-users account for the largest photo editing software market share in the end-user segment. Enterprises, professional photographers, social media marketing agencies, e-commerce websites, and fashion houses are the commercial users of photo editing software. Enterprises and advertising agencies are investing heavily in social media marketing strategies due to the growing use of various social media platforms by people around the world. Images are developed and optimized to make them more engaging by social media marketing agencies because major activities on social media are viewing, posting, and sharing visual images. These factors boost the adoption of photo editing software. However, the photo editing software market share growth by the commercial segment will be slower than the personal segment.
Key Market Dynamics:
Market Drivers
- Increasing smartphone penetration
- Growth in web designing services
- Growing investments and partnerships
Market Challenges
- Availability of free photo editing software
- Increasing piracy of photo editing software
- High costs of commercial photo editing software
Future Trends
- Increasing applications of AI in photo editing process
- Use of AR in photo editing
- Rise in adoption of cloud-based photo editing software
Companies Mentioned
- ACD Systems International Inc.
- Adobe Inc.
- Alphabet Inc.
- Apple Inc.
- Corel Corp.
- CyberLink Corp.
- DxO Labs
- Inmagine Group
- Lightricks Ltd.
- Samsung Electronics Co. Ltd.
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by End-user
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
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