The digital camera market is valued at $8.04 billion in 2023 and is projected to reach $12.45 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.06% from 2024 to 2032 according to a report by Strategy and Stats Insider.
Key growth drivers identified by the report include advancements in AI, high resolution sensors, low-light performance, and computational photography.
Key industries are also pushing the growth including professional photography, vlogging, and content creation.
The report adds, “The market is also gaining from the growing adoption of mirrorless cameras, which provide better image quality and convenience. Also, the combination of digital cameras with smartphones and cloud storage has increased their use, appealing to professionals and amateurs alike.”
The next area of growth and opportunity will come as a result of AI-enabled cameras, improved computational photography, and increased applications in surveillance and security.
“For the market, the need for thin and light high-performance cameras with better battery life and 8K video capture is projected to drive the market. By Lens, Built-in Segment Dominates with Highest Revenue Share in the Digital Camera Market, Interchangeable Segment Expected to Grow at Fastest CAGR.”
Referencing the built-in segment of the digital camera market in 2023, the report said the area led the market, capturing 65% of the total revenue, driven by rising demand for affordability and convenience.
“Found in smartphones, compact digital cameras, and action cameras, these models attract casual users due to their portability, built-in features, and cost-effectiveness, making them widely adopted. Their ease of use and mobility continue to drive strong market penetration and sustained demand.”
Interchangeable lenses and compact cameras are predicted to be leading areas of growth, with the fastest CAGRs of 6.10% and 7.15% respectively. Content creators have had a big impact on the interchangeable lens market, while compact cameras are back in fashion due to demand for portable, user-friendly imaging solutions.
“These cameras appeal to casual users seeking quality photography without complexity. With advancements in sensor technology, they now offer better low-light performance and higher resolution, making them a preferred choice for travelers, young users, and everyday photography enthusiasts.”
Take a look at our guides to the best compact cameras, the best cameras for beginners, and the best professional cameras.
