A digital camera produces digital images that can be stored in a computer or displayed on a screen. Unlike film camera, digital camera use charged coupled device (CCD) to capture images, which are stored in digital electronic format in a memory card. These cameras eliminate film processing, i.e., there is no need to develop the film-roll in the dark room. Additionally, they offer massive storage capacity and have a live preview feature which allows the display screen to be used as a viewfinder. However, with the advent of high-end smartphones, the digital camera market has experienced a slow growth over the past few years. According to the latest report by IMARC Group, titled “Digital camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global digital camera market reached a value of around US$ 16.6 Billion in 2018.
The global digital camera market is negatively influenced by the availability of superior camera functions on smartphones. With the launch of every smartphone, the camera functions are consistently getting better, side-lining the need to own digital cameras. Moreover, consumers are investing more upon smartphones than a digital camera as it is equipped with additional functions such as messages, emails, video calls, social networking applications, etc. Besides, the rental system in the camera market has also led to a decline in the sales of digital cameras for professional purposes. Further, minimal customer engagement by the camera manufacturers and complex specifications have diminished the growth prospects of the market. Owing to these restraints, the market is anticipated to decline at a CAGR of 11.7% during 2019-2024, reaching a value of US$ 7.9 Billion by 2024.
This report provides a deep insight into the global digital camera market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the digital camera market in any manner.
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