Photo Booth Market size worth over $1 Bn by 2027
Published Date: February 12, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Photo Booth Market size is set to exceed USD 1 billion by 2027, according to a new research report by Global Market Insights, Inc.
Growing demand for interactive photo-sharing machines in corporate events will drive the industry growth. To increase brand awareness and gain more exposure, organizations are adopting branded photo booths at their product launches, trade shows, and corporate parties. Owing to the growing social media culture among the young demographic, corporate organizations across various regions are deploying photo cubicles as their experiential marketing strategy. With the help of green screens and augmented reality, these machines are witnessing increasing deployment to run a successful marketing campaign. These machines are helping businesses in creating and sharing fascinating visual content for effective advertising & marketing.
The increasing adoption of photo booths in wedding parties will drive the photo booth market revenue. There are around 2.5 million weddings every year in the U.S. with average spending on weddings around USD 34,000 in 2019. The installation of a customizable photo machine helps in making the event more memorable and engaging for guests. Market players provide various kinds of theme-based setups for weddings with attractive backdrops and a wide range of props. Magical Mirror Photo Booth offers a wedding package that includes up to three hours of runtime during the reception with unlimited print delivery, custom print templates to match the theme of the wedding, and a large selection of creative props.
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The ongoing COVID-19 pandemic has negatively impacted the photo booth market growth in 2020 due to stringent lockdown imposed by several government authorities globally. The pandemic resulted in a significant impact on the market growth owing to the closure of entertainment facilities and a decline in international tourism. The overall spending on wedding events has also declined as marriage ceremonies have been canceled or postponed in the wake of the pandemic. In India, around 70% - 80% of all weddings were postponed or canceled in 2020. However, with relaxation on travel ban, the market is estimated to witness a gradual increase in 2021.
Rise in data security concerns associated with photo booth software is resulting in increased requirement of maintenance & support services
The rise in demand for maintenance & support services to optimize and maintain photo booth software will fuel the photo booth market revenue. The software needs to be reliable, efficient, and secure for running machine at maximum efficiency and optimal performance. The payment gateway integrated in photo booth are highly prone to malware and ransomware attacks, that scrapes customers’ credit and debit card information. Photo booth software requires to be updated and kept free of bugs and errors to keep it operating without any delays. Real-time maintenance& support services protect the software from potential bugs and viruses that results in downtime and temporary shutdown of the machine.
Browse key industry insights spread across 300 pages with 291 market data tables and 27 figures & charts from the report, “Photo Booth Market Size By Component (Solution, Service), By Type (Open, Enclosed), By Application (Document Photo, Entertainment [Amusement Parks, Shopping Centers, Retail Outlets, Events]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Benefit of privacy & easy installation augment the enclosed segment demand
The global enclosed photo booth market is anticipated to expand at more than 15% CAGR through 2027. Enclosed machines either include curtains, walls, panels, or a combination to ensure privacy when users capture photos. These enclosed booths have a built-in background and can fit around two to six individuals. They are completely collapsible and portable, allowing customers to easily set them up in almost any location. Several companies are offering enclosed photo booths with attractive features such as choice of backdrop, red carpet entry, touchscreen, text to phone feature, unlimited customized prints, fun themed props, and capability to fit up to 10 guests.
Adoption of photo booths in entertainment facilities to provide a fun and engaging experience to customers
The entertainment application segment is likely to grow at significant rate during 2021 to 2027. Amusement parks are increasingly deploying photo booths to provide a memorable and engaging experience to customers. For instance, Imagicaa Amusement Theme Park in India has installed a 360° photo booth that captures photo from multiple angles and displays in frames using customized software. Photo booth market players are offering innovative products ideal for amusement parks, festivals, zoos, and other outdoor locations. For instance, Face Place offers the Face Place Smile 2.0 photo booth for theme parks, allowing customers to add custom backgrounds & creative borders and include their favorite exhibits in the photo frame.
Flourishing tourism industry in Southeast Asian countries will drive the APAC market statistics
Asia Pacific photo booth market revenue is poised to achieve 20% growth rate till 2027 on account of the rising development of the travel & tourism sector. Southeast Asian countries including Malaysia, the Philippines, Singapore, Thailand, and Vietnam are the major economies that are witnessing high growth in the tourism sector. According to the Tourism Authority of Thailand (TAT), there were 39.8 million visitors in Thailand in 2019.
The expanding tourism sector has resulted in the development of new restaurants, shopping centers, and entertainment facilities. The adoption of photo machines in tourist places allows tourists to capture professional photos that enhance their vacation experience, encourage them to share, and bring more people to the tourist spots.
Investment in research & development for introducing innovative products to enhance product portfolio is a key strategy among market players
Key players operating in the photo booth market include EZ Photobooths, Photo-Me International PLC, Photobooth Supply Co., The Incredible Booth, RBA Photobooths, The SnapBar LLC, Face Place, Digital Centre, Kingdom Photo Booth LLC, and Your City Photo Booth.
Companies are investing highly in R&D activities for new product launches, to attract a large customer base, and expand business operations. For instance, in March 2019, SMPL Inc. launched the Simple Booth iPhone app to provide customers with a more connected experience with photo booths. The app allows customers to create, share, and capture memories in their Simple Booth account.