This can be accredited to factors like excessive competition from digital devices, stagnant demand in the developed regions and emergence of rental system.

Digital camera refers to a multimedia device which stores a photograph in the digital format. It comprises of an inbuilt or attached view-finder screen which helps in displaying the image or video captured. In addition to this, images saved in the digital camera can be viewed again and deleted as and when the need arises. Apart from this, a digital camera offers a variety of features like auto-focus, best-shot selector, altering ISO and AWB, burst shots, shutter speed, digital zoom, etc. Some of the digital cameras also provide the facility of a motion detector which assists in avoiding blurred photography. However, at present, the emergence of high-resolution camera in smartphones is hampering the demand for digital camera. A new research report by IMARC Group, titled “Digital Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the digital camera market was worth US$ 19 Billion in 2017. The report further expects the market to reach a value of nearly US$ 9 Billion by 2023, declining at a projected CAGR of -11.5% over the forecast period.

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Global Digital Camera Market Drivers/Constraints:

The digital camera market is constantly facing a strong competition from numerous digital devices such as mobile phones, laptops and tablets, on account of their innovative and powerful in-built cameras. As these devices with internet connectivity enable the users to upload the pictures on social networking sites on-the-go, they have become a basic necessity for global populace and are gradually replacing a digital camera.
Moreover, consumers are no longer keen to invest in new models of digital camera. This can be accredited to the lack of technological innovations by manufacturers and the emergence of rental system in the market which helps in providing digital camera and accessories at a relatively cheap rate.
However, factors such as reducing prices, user-friendly interface, easy availability, boosting tourism sector and increasing expenditure on advertising by the manufacturers have supported the global digital camera market.
Source: https://www.imarcgroup.com/global-digital-camera-market