The global photo and video app market size is expected to reach USD 33.81 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 11.1% from 2021 to 2028. The market growth is attributed to the rising demand for jam-packed photo editing apps from the consumers of India. Rapidly growing demand for auto-fix videos and perspective correction video apps in China is set to drive the market in the years to come.
Rising demand for professional watermark-enabled apps is bolstering the market growth. Moreover, soaring demand for AI-based speech bubble makers is aiding the market growth. At present, key players are focusing to provide web wireframe editing tools across the globe. Growing demand for photo vignette digital apps is propelling the market growth.
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Key players are focusing to provide resizing features for photo and video apps. The key players are offering photo functions such as the conversion of images to JPEG, PNG, and WEBP formats. Multiple companies are providing the background remover feature with AI-based support. Correction patch, cloning stamp, cutter, and film grain module are the prime features of the photo and video app, which reflects the positive growth during the assessment period.
The Apple iOS Store segment will witness the highest growth over the forecast period. This can be credited to the growing demand for remote trigger video apps from consumers in the U.S. and the U.K. Additional security concerns and seamless HFR video recording features are refueling the market growth. Multitasking features, protimer, and 3D Tiltmeter are reflecting significant market growth during the forecast period.
Asia Pacific captured the largest revenue share of over 45.0% in 2020 due to the rising demand for X-Skew video maker apps from consumers in China and India. The growing trend in India to adopt digital apps with the feature of object transformation and image retouching feature is fueling the regional market growth. The market in China is driven by the rising demand for pre-made filter photo and video apps.
Photo & Video App Market Report Highlights
• Asia Pacific held the largest revenue share of over 45.0% in 2020. This can be credited to the rising demand for graphics apps from the key players in China and India to provide one-click video editing solutions
• Based on marketplace, the Google play store segment held the largest share of over 60.0% in 2020. This can be credited to the rising demand for Google photo assistant features for the photo and video app from consumers in China and the U.S.
• The Apple iOS Store marketplace segment is projected to register the highest CAGR of 14.7% from 2021 to 2028. This can be attributed to the growing demand for anti-piracy enabled editing tools from consumers of developed economies such as the U.S. and Germany
• North America is projected to register the fastest CAGR of 14.1% from 2021 to 2028. Soaring demand for photo enhancement apps in Canada is estimated to escalate the market growth over the forecast period
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