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A07914 | Pages: 386 | Charts: 55 | Tables: 158 |
The global influencer marketing market size was valued at $16.5 billion in 2022, and is projected to reach $199.6 billion by 2032, growing at a CAGR of 28.6% from 2023 to 2032.
Surge in legitimate engagement, digital transformation and cost-effective marketing are the major factors that is striking the market growth during the forecast period. However, regulatory and compliance barriers and concerns with authenticity and saturation is primarily restraining the market growth. Moreover, targeted niche markets is expected to create a lucrative opportunity for the influencer marketing market growth during the forecast period.
The market for influencer marketing refers to the sector and ecosystem that are oriented on the practice of brands working with influential people, sometimes referred to as influencers, to sell their goods or services to a target audience. Influencer marketing includes utilizing influencer’s followings, authority, and reach across a variety of social media sites, including blogs, YouTube, Instagram, and TikTok. These influencers have a loyal fan base and the power to influence the audience's purchasing choices. Brands, agencies, influencers, and digital platforms that enable influencer partnerships are some of the many stakeholders in the business. It involves tasks including finding influencers, planning and executing campaigns, creating content, managing influencers, measuring results, and tracking performance. Thus, the influencer marketing market has seen substantial growth in recent years due to the growth of social media.
Moreover, influencer marketing is gaining significant value by brands as a crucial tool for reaching target audiences, enhancing brand recognition, rising engagement, and boosting revenue. As a result, there are many players offering a variety of services and solutions to satisfy the demands of brands and influencers within the influencer marketing ecosystem, which has led to a highly competitive market and influencer marketing industry.
The influencer marketing market is segmented into Component, Enterprise size, Application and Vertical. The market is segmented on the basis of component, enterprise size, application, vertical and region. On the basis of component, it is categorized into solution and services. On the basis of enterprise size, it is bifurcated into large enterprises and small and medium-sized enterprises (SMEs). On the basis of application, it is divided into campaign management, influencer relationship management, analytics and reporting, compliance management, and others.
On the basis of vertical, it is fragmented into BFSI, fashion and lifestyle, healthcare and wellness, ad-tech, retail and e-commerce goods, travel and tourism, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report focuses on growth prospects, restraints, and analysis of the global influencer marketing market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the global influencer marketing market share.
[COMPONENTGRAPH]
On the basis of component, solution segment dominated the influencer marketing market in 2022 and is expected to maintain its dominance in the upcoming years owing to offers finding influencer and management of platforms that aid brands in meeting and working with the appropriate influencers for their campaigns, campaign tracking and evaluating the success of influencer partnerships, content creation and distribution services to guarantee the creation and distribution of high-quality and engaging content propels the market growth significantly.
However, the service segment is expected to witness the highest growth during the influencer marketing market forecast, owing to organizations in finding the appropriate influencers, creating compelling campaigns, and achieving their marketing goals through successful influencer collaborations by utilizing their knowledge, industry connections, and technology.
[ENTERPRISESIZEGRAPH]
On the basis of enterprise size, large enterprise segment dominated the influencer marketing market in 2022 and is expected to maintain its dominance in the upcoming years owing to promote their goods and services, produce sincere content, and gain access to the influencers' loyal and attentive fan bases. Influencer marketing presents opportunity for brands to interact more meaningfully and relatable with their target market, boosting brand loyalty and, eventually propels the influencer marketing market growth significantly.
However, the small and medium-size enterprise segment is expected to witness the highest growth, owing to enable small and medium-sized firms to work with influencers at various price ranges, avoiding traditional advertising channels in order to demand a substantial budget.
Key influencer marketing company include NeoReach, Mavrck, Aspire, Traackr, Inc., HireInfluence Inc, SocialEdge, Inc., Hypetap, Upfluence, Klear, and IZEA Worldwide, Inc. Furthermore, it highlights the strategies of the key players to improve the influencer marketing market share and sustain competition.
A key factor propelling the influencer marketing industry is authentic engagement. Conventional advertising strategies frequently fail to engage today's cynical and tech-savvy consumers. Influencers provide a distinct viewpoint by being real and relatable. With their followers, they have already established credibility and trust, which makes their recommendations more sincere and powerful. When it comes to connecting with their target audience, marketers use this authenticity as a potent tool. Influencers produce material that appeals to their audience and skillfully integrate goods and services into their everyday routines.
Moreover, an audience perceives an influencer's sincere support of a brand as a personal endorsement. Higher engagement rates result from this degree of connection and trust, whether they come through shares, likes, or comments. Improved brand identification, expanded reach, and elevated conversion rates are the results of this interaction for brands. Furthermore, authenticity is also crucial for a brand's reputation. Collaborating with influencers who actually have faith in the brand's offerings guarantees that the brand's integrity and transparency are maintained. Influencer marketing is a major success factor in the modern marketing environment, where consumers seek authenticity.
Another significant driver propelling the influencer marketing industry is the digitalization of marketing and advertising. Traditional advertising techniques, including print and television, have lost some of their effectiveness as consumers spend more time online. Social media, blogs, YouTube, and other digital spaces are where consumers interact, consume material, and make judgments about what to buy.
Influencer marketing takes advantage of this change by utilizing interactive features of digital platforms and vast online audiences. Brands understand that content creators on YouTube or Instagram have a greater opportunity of influencing customers than traditional advertising. These platforms offer influencers the ideal platform to authentically and naturally present things. Advanced targeting capabilities brought about by the digital transformation enable marketers to access certain audiences through influencers whose followers match the demographics of their target customers. As a result, highly targeted and successful marketing strategies that increase ROI and conversions are created.
On June 2022, Mavrck, the leading influencer marketing platform for enterprise consumer brands, collaborated with TikTok and was named an Official TikTok Marketing Partner. Mavrck is directly integrated with the TikTok Creator Marketplace, empowering marketers to easily find and activate TikTok creators at scale, track their performance, and integrate them into their holistic influencer marketing program.
On September 2021, Traackr, the leading influencer marketing platform, launched the addition of new social commerce capabilities that empower brand marketers to better attribute sales from influencer partnerships and measure the impact of influencer programs on revenue. Traackr’s social commerce capabilities deliver an end-to-end workflow to increase traffic from social media to a brand’s e-commerce site, drive sales, streamline commission payments to influencers, and provide transparent metrics to measure their impact.
On August 2021, IZEA Worldwide, Inc. partnered with leading data and technology provider PlaceIQ, to bring real-world attribution to influencer marketing campaigns. PlaceIQ, the technology company using location data insights to craft a new model of consumer behavior and IZEA, the premier provider of influencer marketing technology, data, and services for leading brands, are working together to bridge the online/offline gap in media attribution.
On January 2022, CreatorIQ, the customer intelligence cloud that serves clients like HandM, Disney, and CVS, partnered with TikTok marketing partner. This gave brands that use the platform access to creator and content metrics from the TikTok Creator Marketplace within the CreatorIQ dashboard. This will provide insights not only into demographics and trends but also help select the best creators to work with. '
Key Market Segments
Key Market Players