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Market Research Future Insights
According to MRFR analysis, the global Influencer Marketing Market is expected to register a CAGR of 26.7% from 2022 to 2030 and hold a value of over USD 91.029 billion by 2030.
Influencer marketing is essentially a mixture of old and novel marketing tools, which includes a brand collaborating with an online influencer to endorse its products and services. By the usage of influencer marketing, organizations can reach out to more people as likened to traditional marketing practices. Moreover, influencer marketing platforms also allow organizations to work with influencers and connect with their audience, which consequences in better connections, higher engagement, and ultimately achieve more sales.
The growing interest in video-based content among the population is the essential driving factor of influencer marketing platforms. Video consumption augmented tremendously in the last few years owing to growing 3G, 4G, and 5G smartphones, and is a boost to be a growth factor of the global influencer marketing platform market. The COVID-19 epidemic has had a positive effect on influencer marketing platforms and has resulted in a significant upsurge in the adoption of these platforms. In a lockdown, several sectors promote their businesses on a cost-effective advertisement medium which is a social media platform. Hence, an upsurge in the adoption of such platforms for marketing strategies enlarges the growth of the global influencer marketing platform market.
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Regional Analysis
North America dominated the influencer marketing market by capturing a revenue share of more than 31% in 2021. This can be mainly attributed to the augmented consumer engagement in social media and OTT platforms in the U.S., especially during the epidemic, as people practiced social isolation. This, in turn, offered the corporations an occasion to use influencer marketing to encourage their products and services. Besides, the existence of a skilled workforce involved in platform development, digital marketing, and AI-based analytics in the region is also preferred the market growth.
Europe is expected to observe a growth rate of nearly 33.0% through 2030 with the augmented adoption of branding practices by prominent fashion brands such as Chanel, and Christian Dior SE, in the region. These brands are focusing on growing their market penetration and capturing an extensive customer base through micro-and nano-influencers. Moreover, the continuing deployment of automated systems in the Nordic countries, serving them to find influencers and buy traffic, is causative to the market growth.
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Market Segmentation
The global Influencer Marketing Market has been segmented into vehicle component, organization size, and end-user
Based on the Component, the global Influencer Marketing Market has been segmented into Solution and Services
By Organization Size, the global Influencer Marketing Market has been segmented into Small & Medium Enterprises and Large Enterprises.
Based on End-User, the global Influencer Marketing Market has been segmented into Fashion, Luxury & Cosmetics, Retail & E-Commerce, Consumer Goods, Advertising & Public Relations, Food & Beverages, Travel & Tourism, Automobile, and Others.
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Key Players
Some of the key market players are JuliusWorks Inc., Upfluence, Mavrck, Klear, ScrunchSocial Beat Digital Marketing LLP, ANALYTICA, HYPR, Launchmetrics, AspireIQ, and Lumanu Inc.
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