The Global Influencer Marketing Market is expected to reach USD 2.85 Billion by 2025, registering a CAGR of 8.2% during the forecast period 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and dynamics to offer a better glimpse of the market in the coming years.
The growing number of tech-savvy consumers and increasing use of ad-blocking software are the key factors driving the growth of the influencer marketing market. In recent years, there has been a significant increase in social media users. People now spend a large amount of time on various social media platforms. This has paved the way for a number of brands endorsing their products and services through influencers in order to reach their target audience. These brands also collaborate with influencers to promote or run a campaign for their brands. Influencer marketing, therefore, helps brands to engage with the targeted customer and communicate their brand details effectively.
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Established brands across various industry verticals in the field of consumer goods, automotive, e-commerce, and retail have been using influencer marketing strategies to promote and advertise their products. For instance, Fiji Water, a brand of bottled water used a social media influencer, to promote its brand. Similarly, Leesa, an online store that sells mattresses and bedding accessories, was struggling to gain revenue due to the lack of brick and mortar stores, therefore, it shifted to influencer marketing for word-of-mouth publicity of its brand. These case studies show that brands around the world are budgeting for influencer marketing; it has now become a big part of digital marketing and brands are extensively focusing on the same.
In order to effectively manage and organize various influencer marketing campaigns, brands are looking to adopt various software platforms or turning towards dedicated third-party providers who are exclusively managing the entire influencer marketing for that brand. Due to the growing use of influencer marketing among major brands, the demand for influencer marketing platforms and services has increased significantly.
The global influencer marketing market has been segmented based on component, organization size, end-user, and region.
By component, the influencer marketing market has been segmented into solution/platform and services. The solution/platform is expected to have the higher share during the forecast period. A large number of brands are deploying the software platforms which in turn is driving the overall market for platform/solution segment.
Based on organization size, the influencer marketing market has been divided into small- & medium-sized enterprises and large enterprises. The large enterprises segment accounted for the larger market share in 2018, and it is expected to register substantial growth during the forecast period. The SMEs segment is projected to register the higher CAGR during the forecast period. With growth in the number of startups and small e-commerce firms, the competition is increasing and therefore the need for influencer marketing is gaining traction which in turn is driving the overall Influencer Marketing Market Size.
Based on vertical, the 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. Retail and e-commerce are expected to register the highest CAGR during the forecast period. The reason for the same is significant growth in retail and e-commerce industries, globally.
The prominent players operating in the Influencer Marketing market are Buzzoole, ScrunchSocial Beat Digital Marketing LLP, ONALYTICA, HYPR, Launchmetrics, Traackr, IZEA, JuliusWorks, Inc., Upfluence, Mavrck, Klear, AspireIQ, and Lumanu Inc.
The regional analysis for the global influencer marketing has been conducted for North America, Europe, Asia Pacific (APAC), and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register strong growth during the forecast period. The key driving factors for the growth of the influencer marketing market in the region include the growing use of influencer marketing strategies among brands for advertising and largely in countries like the US, Canada, and Mexico.
The market in Asia-Pacific is expected to grow with the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the growing number of e-commerce firms and social media users in the region.
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