Social Media Fueling Camera Sales
A new report by Zion Market Research estimates that the camera market is going to continue growing for some time in the near future, by their analysis it'll expand by at least 6 percent by the year 2021. Included in this group for growth is cameras, as well as imaging software, and processing equipment.
The camera market overall is expected to reach sales totaling about $110 billion within the next 5 years.
That optimistic outlook might come as refreshing news to some who are in the industry, who've heard about a continued decline in sales and about a possible negative outlook for the future of this market. Even the popular wearable action-camera maker GoPro was just recently reported as having to let go of at least 15 percent of its workforce because of a decline in sales.
Is There Time For A Turnaround?
The Zion Market Research (ZMR) group says that we have the growth of social media to thank for the continued interest in cameras, and they think that much of the future growth is going to come from the Asia Pacific region. They expect that those sales will be followed by North America, who is expected to have the 2nd largest impact on the camera market.
Because social media is becoming so popular, it's prompted many to become interested in digital photography and image editing software, etc. But not everyone buying the future is going to be a first-time buyer. Many of those sales that will be coming in the future, from North America and Europe for example, will be coming from people who are replacing lens and broken cameras etc. Digital cameras make it possible for people to try and get professional quality photographs for their various websites and social media accounts etc, and cameras that are used for professional photography are going to help to grow the market, according to the analysis by ZMR.
Most people have a pretty decent camera as it is right on their phone, and so they aren't going to be prompted to spend the extra to get a digital camera. But it isn't over for the camera market just yet, even if the phone cameras do get continually better and provide them stiff competition. There are still many billions left to be made and many avid photographers out there who will be looking to get the perfect camera/lens for their project.
pics:
pixabay
photographylife
sources:
http://www.digitaltrends.com/photography/zion-report-says-camera-market-to-grow/
http://www.mirrorlessrumors.com/2016-january-cipa-report-digital-camera-sales-dropped-by-20/
http://www.reuters.com/article/us-gopro-redundancies-idUSKBN13P1MH
I was an early adopter (1995) of digital cameras and taught Digital Photography for a long time. I always predicted two things, high end DSLR cameras would always be worth having, and regular digital cameras would get very cheap for everyone else. I didn't predict smartphones.
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Hi @doitvolutarily
I can believe this study, as I am already thinking my camera is not good enough for steemit.
Interesting. Contrary to what I thought with the better mobile phone camera nowadays.
I have been looking at the same theme, though from a slightly different angle - I was going to say wide, but that would be fatuous!
There are many people focussing on platforms, apps, etc. - very few on hardware - I shall be putting something together on that interface and what is promised in 2017.
'minnowsunite' - wonderful!
Namaste
Thanks for a great post