The photo editing software market was valued at US$ 773. 3 million in 2019 and is projected to reach US$ 1,267. 7million by 2027; it is expected to grow at a CAGR of 6.4% from 2020 to 2027. Virtual reality is an emerging technology that was initially aimed at gamers; however, the potential of this technology is now being explored in various other applications. Source
Photo editing is being widely used by professionals and commercial users in industries such as fashion, news & media, social media, and entertainment for marketing and advertisement. A photo editing software provide users with various tools to enhance visual excellence of a photo such as facial recognition which is based on Artificial Intelligence technology.
Artificial intelligence and its applications have been growing tremendously over the last few years in diverse industry verticals. AI is being utilized in numerous sectors such as retail, food &beverages, automotive, and consumer electronics.
Photo editing software market players are also using AI to offer enhanced capabilities in their software products. For instance, Skylum’s Luminar 4, Photolemur 3, Aurora HDR, Topaz Studio, and Photo.ai are among the AI-based photo editors available for various devices. The integration of AI capabilities in photo editing software shows the huge growth potential in the photo editing software market and it is anticipated to drive the future growth of the market during the forecast period.