According to a new report available with Million Insights, the global photo and video apps industry is expected to be driven by the growing demand for auto-correcting videos and perspective-correcting video apps in China during the forecast period. Additionally, the rising demand for watermark-enabled business applications is further bolstering the growth of the market.
The Global photo and video applications market the size is expected to reach $33.81 billion by 2028, according to a new report from Million Insights. It is expected to grow at a CAGR of 11.1% from 2021 to 2028. The growth of the market is attributed to the rising demand for photo-editing apps from Indian consumers. Growing demand for self-correcting videos and perspective correction video applications in China is expected to drive the market in the coming years.
Rising demand for watermark-enabled business applications is bolstering the growth of the market. Additionally, the growing demand for AI-based speech bubble manufacturers is contributing to the growth of the market. At present, the major players are focusing on providing web wireframe editing tools across the globe. Rising demand for digital photo sticker applications propels the growth of the market.
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The major players are focused on providing resizing functionality for photo and video applications. The main players offer photo functions such as converting images to JPEG, PNG and WEBP formats. Several companies provide the background removal feature with AI-based support. Correction patch, clone stamp, cutter and film grain module are the main features of the photo and video application, which reflects the positive growth during the evaluation period.
The Apple iOS Store segment will witness the highest growth during the forecast period. This can be attributed to the growing demand for remotely triggered video apps from consumers in the US and UK. Additional security concerns and seamless HFR video recording features are fueling the market growth. Multitasking, protimer and 3D Tiltmeter features reflect significant market growth over the forecast period.
Asia-Pacific captured the largest revenue share of over 45.0% in 2020 due to growing demand for X-Skew video creation apps from consumers in China and India. The growing trend in India to adopt digital applications with the functionality of object transformation and image editing is fueling the growth of the regional market. The Chinese market is driven by growing demand for pre-made photo and video applications.
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Photo and Video Application Market Report Highlights
• Asia-Pacific held the largest revenue share of over 45.0% in 2020. This can be attributed to the growing demand for graphics applications from major players in China and India to provide solutions one-click video editing
• Based on the market, the Google Play Store segment held the largest share of over 60.0% in 2020. the share of consumers in China and the United States.
• Apple iOS Store market segment is expected to register the highest CAGR of 14.7% from 2021 to 2028. This can be attributed to the growing demand for anti-piracy editing tools from consumers in developed economies such as the United States and Germany.
• North America is expected to register fastest CAGR of 14.1% from 2021 to 2028. Growing demand for photo enhancement applications in Canada is expected to accelerate market growth over the forecast period
Segmentation of the photo and video applications market
Million Insights has segmented the global photo and video application market based on market and region:
- Photo & Video Application Market Outlook (Revenue, USD Million, 2017-2028)
- Google Play Store
- Apple iOS Store
- Photo & Video Application Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Central and South America
- Rest of Central and South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East and Africa
- North America
List of Key Photo and Video Application Market Players
- Google LLC.
- Apple Inc.
- Day1 Technology
- Wise apps
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