Industry Analysis & Industry Trends
The industry offers professional photography services, including video recording, to private and business consumers, and is comprised of many small enterprises. Despite industry revenue falling at the start of the five years through 2016-17, industry revenue increased over the five-year period. Rebounding economic conditions improved business confidence and real incomes. These improving conditions and increasing advertising activity boosted industry demand. However, the marriage rate in the United Kingdom remained at historically low levels, which constrained demand. Furthermore, technological developments and the rapidly declining cost of photography equipment enabled consumers to take their own high-quality photographs... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The industry is in the decline stage of its life cycle, primarily due to the technological changes that have taken place since the early 2000s. Industry value added, which measures the industry’s contribution to the economy, is expected to rise at a compound annual rate of 0.2% over the 10 years through 2021-22. Meanwhile, the UK economy is forecast to grow at a compound annual rate of 2.3% over the same period. This indicates that the industry will account for declining share of the overall economy, and confirms that the industry is declining.
Technological developments have made it easier for people to take high quality photographs on their own. It has also caused a surge in amateur and hobby photographers. The.. purchase to read more