photo editing software Market

The photo editing software market was valued at US$ 773.3million in 2019 and is projected to reach US$ 1,267.7million by 2027; it is expected to grow at a CAGR of 6.4% from 2020 to 2027.

Virtual reality is an emerging technology that was initially aimed at gamers; however, the potential of this technology is now being explored in various other applications. For instance, the use of VR images in social media platforms and online content creation is growing at an impressive pace from past few years. The rising demand for immersive content and experiences by customers is the key driver for the adoption of VR (360 degree) images in various industries. 360 VR photography, 360 spherical photography, and 360 panoramic photography are among the common names used for such photography. The demand for equipment and cameras capable of taking 360° images is also growing among prosumer and professional photographers. Real estate, hotels & resorts, businesses, and online content and  social media are among the key markets for VR photos. To enhance the appearance of VR/360° photos, there is a demand for photo editing software capable of editing such photos. At present, there are only a few companies (Adobe and VeeR) offering photo editors for VR photos and VR being an emerging market could provide a suitable opportunity for key players operating in the global photo editing software market. The COVID-19 outbreak is expected to drive the demand of photo editing software solutions positively among end-customers owing to the implementation of stay at home guidelines and increasing adoption of these solutions for creative content creation in fashion industry, media & entertainment, and online media industries. Thus, there is a slight increase in y-o-y growth of photo editing software market in the year 2020, the high growth rate will continue over the forecast period.

Photo editing is being widely used by professionals and commercial users in industries such as fashion, news & media, social media, and entertainment for marketing and advertisement. A photo editing software provide users with various tools to enhance visual excellence of a photo such as facial recognition which is based on Artificial Intelligence technology. Artificial intelligence and its applications have been growing tremendously over the last few years in diverse industry verticals.  AI is being utilized in numerous sectors such as retail, food &beverages, automotive, and consumer electronics. Photo editing software market players are also using AI to offer enhanced capabilities in their software products. For instance, Skylum’s Luminar 4, Photolemur 3, Aurora HDR, Topaz Studio, and Photo.ai are among the AI-based photo editors available for various devices. The integration of AI capabilities in photo editing software shows the huge growth potential in the photo editing software market and it is anticipated to drive the future growth of the market during the forecast period.

Overall size of the photo editing software markethas been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the photo editing software marketwith respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the photo editing software market. ACD Systems International Inc.;Adobe;Corel Corporation;CyberLink Corp;DXO;Inmagine Group;ON1;Phase One A/S;Serif (Europe) Ltd.; and Skylum are among the major players operating in the global photo editing software market.