Photofinishing Services Market Size, Share, Growth, and Industry Growth, By Type (Film Developing, Scanning, Photo Prints, Video Services, and Other Services), By Application (online and offline), Forecast From 2023 To 2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global photofinishing services market size was USD 16.71 billion in 2021 and the market is projected to touch USD 23.93 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 5.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with photofinishing services experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The process of development and printing of photos is called photofinishing services. It is widely used in sports as various competitors cross the finishing line at almost the same time and the difference in their finish time is not visible to the naked eye. A video or photo captured at the finish line may be used to gain a close check. The photofinisher makes it easy for the judges to decide the winner as the photofinishing service helps in gaining a close and fair look at the sport finishing. 

The expanding adoption of smartphones' wide sharing of pictures on social media and websites is forecasted to increase market growth. The escalating use of pictures on social media and websites is most likely to gain traction in the global market. Various mobile applications such as Instagram, Facebook, Snapchat, and Pinterest is leading to increasing in photography and photo sharing, which is estimated to boost the adoption of service in the market. 

COVID-19 Impact: Shutdown of Manufacturing Industries Impeded Market Growth

The world was affected by the COVID-19 outbreak and its dissemination. Supply chain disruptions it has had a significant impact on the global industrial sector. The pandemic has had a substantial impact on all image recognition end users. Global demand for image sensors has declined as a result of the decline in smartphone and auto production. Because of this, there is now less production of image sensors, which presents a challenge to the expansion of the photofinishing services market. The pandemic restricted tour and outing spots which hindered population visits, ultimately affecting the photography industry. The lockdown hindered tourism and travel, which restrained the photography industry. 

LATEST TRENDS

"Steady Adoption of E-Commerce Platforms to Boost Service Adoption"

E-commerce is a massive platform that is expanding at an unheard-of rate on a worldwide scale. Regardless of their age, customers favor shopping from numerous e-stores and have a preference for solutions and items that may be personalized. Compared to physical shopping at brick-and-mortar establishments, online purchasing is far more convenient. Additionally, there are numerous websites all around the world that provide photo printing services. Finding anything on an online site that a customer wants to purchase right away has gotten increasingly convenient and easy. On the strength of key present and emerging technologies, the e-commerce business is anticipated to expand at a rate unparalleled in history in the next years. 

Segmentation

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• By Type Analysis

By type, the market is segmented into film developing, scanning, photo prints, video services, and other services.

• By Application Analysis

Based on application, the market is classified into online and offline.

DRIVING FACTORS

"Rising Popularity of Photography on Social Media Platforms to Surge Growth"

Increasing internet penetration coupled with the steady adoption of social media and smart gadgets such as tablets, smartphones, and digital cameras are anticipated to surge the exposure on digital media platforms. One of the majorly used digital media platforms is social media, which is widely used for the digital marketing of services and products. The higher usage of social media is increasing the demand for smart pictures, which is predicted to elevate photofinishing services market growth. Moreover, the booming adoption of smartphones among the general population is increasing the use of social media platforms. The youngsters using social media platforms such as Instagram, Pinterest, Facebook, Snapchat, and others are escalating growth in photofinishing services. 

"Higher Photography Demand from Various Sectors to Foster Service Growth"

The rising need for photography in various industries, including mining, textile, medical, and others, is anticipated to increase demand for the photofinishing services and chemicals used in developing photographic film. The demand for photo filming, scanning, processing, and printing chemicals is increasing as a result of recent advancements in the chemicals used to process photographic film, and this trend is expected to continue during the forecast period. These factors are expected to drive market growth. Moreover, the existence of online photofinishing services is most likely to gain customers in the market as it offers convenient service.

RESTRAINING FACTORS

"Higher Printing Prices and a Limited Internet Connection to Limit Growth"

The price for photofinishing services is higher in the photofinishing servicesmarket, which is estimated to reject growth. Additionally, the limited connection of the internet in some countries coupled with the high investment cost is anticipated to limit growth in the market. 

REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to Rising Demand for Photo Printing"

North America is most likely to hold a dominating part of the photofinishing services market share due to expanding market for photo printing and merchandising. The region is forecasted to hold approximately 37% of the total photofinishing services market share, contributing to its growth.

Europe is anticipated to hold a commendable part of the market share attributable to the higher sales rate of smartphones and portable photo printers for individual usage.  

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Amazon Prints (U.S.)
• CEWE (Germany)
• Fujifilm (Japan)
• Walmart Photo (U.S.)
• Albumprinter(Cimpress) (Netherlands)
• District Photo (U.S.)
• Ifolor (Switzerland)
• Orwo (Germany)
• Office Depot (U.S.)
• Bay Photo Lab (U.S.)
• Allcop (Germany)
• Mpix (U.S.)
• Nations Photo Lab (U.S.)
• CVS Photo (U.S.)
• Xiangshenghang (China)
• China-Hongkong Photo (China)
• Vistek (Canada)
• Pro Lab (Canada)
• Kim Tian Colour (Singapore)

INDUSTRY DEVELOPMENT

• February 2020: Fujifilm launched its new Instax mini 11 models, that is expected to offer easy operability, premium quality, and stylish design photo prints in an instant.

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.

Significant players and their business offices are also covered in the article.