Global Industry Analysts, Inc. released “Digital Cameras: A Global Strategic Business Report,” a research report that concludes there will be 155 million digital cameras throughout the world by 2017.

With digital cameras penetrating approximately 95% of all North American and European households today, most of the future growth of digital camera purchases will come from developing countries in the Asia-Pacific, Eastern Europe, Latin America and Middle East regions. The report states that the Asia-Pacific region will be the fastest growing digital camera market among these others.

GIA bases its projection on ever-new photography technologies, more consumers buying DSLR cameras and lower-cost products due to a reduction in chip prices.