Market Research Future Insights
According to MRFR analysis, the Influencer Marketing Market is expected to register a CAGR of 29.2% from 2024 to 2032 and hold a value of over USD 198.3 Billion by 2032.
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 more sales. The growing interest in video-based content among the population is the essential driving factor of influencer marketing platforms. Video consumption has increased 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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Market Segmentation
The Influencer Marketing Market is classified into different segments based on component, service, organization size, and end-users. In the component type, the market is categorized into solution/platform and services. Between these, the solution/platform segment is considered to register the highest CAGR in the future days. The service segment even includes professional services like cover integration and consulting services, and managed services. The Influencer Marketing Industry is divided into small and medium-sized enterprises and large enterprises based on the organization size. Medium-size enterprises, for example, startups, are active users of influencer marketing. In the vertical segment, the market is subcategorized into various types such as fashion, luxury cosmetics, retail e-commerce, consumer goods, advertising public relations, food beverages, travel tourism, automobile, and others. Among all these segments, the retail e-commerce segment reaches the highest CAGR during the assessment period.
Regional Analysis
According to the geographical states, the Influencer Marketing Market is distributed into Asia Pacific, North America, Europe, the Middle East Africa, and South America. The North American region is the dominant region among the above regions due to increased connected devices, the growing population, and many social media users. The Asia Pacific region is projected to reach the highest CAGR due to the growing population in developing countries.
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.
Industry News
In February 2024, Meta launched its creator marketplace in eight countries, including India. This technology was initially tested in the US in 2022 and enables brand-creator partnerships. Over time, it has developed and added an extensive range of features, attracting thousands of brands and entrepreneurs to its platform.
Micro-influencer Rise: The Social Shepherd, a social media marketing agency, published influencer marketing statistics in February 2024, revealing a significant trend.
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