The global influencer marketing market witnesses rapid revenue growth. The rising demand for Influencer Marketing from increasing numbers of enterprises worldwide escalates the market sales. Besides, vast befits that influencer marketing platform offers, propel the growth of the market. Social media has transformed marketing and promotional approaches for businesses.
Easier access to advanced technologies and vast adoption of influencer marketing by start-ups, SMEs, and top-notch companies to drive growth, create substantial market opportunities. Rising users of smartphones and social media due to increasingly improving internet connectivity foster the market size, enabling creating innovative content without any investments.
With technical upgrades and the launch of various social media apps, the market is projected to witness rising sales in the years to come. In this regard, Market Research Future (MRFR) asserts that the global influencer marketing market is poised to garner significant accruals by 2027, growing at an impressive CAGR during the review period (2020-2027).
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Influencer Marketing Market - Segments
The report is segmented into components, organization size, end-users, and regions. The component segment is sub-segmented into solution/platform and services. Among these, the solution/platform segment grows at a higher CAGR, witnessing vast deployments by major brands to manage and organize influencer marketing internally.
The services segment is further divided into professional services that cover integration and consulting and managed services that comprise third-party providers offering a range of influencer marketing services.
The organization size segment is sub-segmented into small- and medium-sized enterprises (SMEs) and large enterprises. Among these, the SME segment accounts for the largest market share due to the growing needs of brands to effectively compete in their respective industries.
The vertical segment is sub-segmented into fashion, luxury & cosmetics, retail & e-commerce, consumer goods, advertising & public relations, food & beverages, travel & tourism, automobile, and others. Of these, the retail & e-commerce segment grows at the highest CAGR.
Influencer Marketing Market - Regional Analysis
North America dominates the global influencer marketing market due to many active users of social media and connected devices. Moreover, the presence of a number of influencer marketing companies offering comprehensive testing solutions to the enterprises drives the market growth. Besides, substantial investments by large and small organizations in influencer marketing platforms to enhance their business boost the market size.
Europe stands second in the global influencer marketing market. The presence of various notable technology providers and large deployments of influencer marketing platforms define the growing market landscape. Additionally, the growing numbers of medium and large enterprises with sizable investments act as significant tailwinds for the market growth in the region.
Asia Pacific influencer marketing market is growing rapidly. Factors bolstering the market growth include the increasing adoption of social media platforms for marketing and large developments in AI technology to enhance operational performance boost the regional market growth. Furthermore, the growing population in various developing countries, increasing numbers of active social media users and increasing smartphone ownership due to improving internet connectivity substantiate the region’s influencer marketing market share.
Influencer Marketing Market - Competitive Analysis
Highly competitive, the influencer marketing market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
Major Players:
Players leading the influencer marketing market include ScrunchSocial Beat Digital Marketing LLP, Buzzoole, ONALYTICA, Launchmetrics, HYPR, IZEA, Traackr, JuliusWorks, Inc., Klear, AspireIQ, Upfluence, Mavrck, and Lumanu Inc., among others.
Industry/Innovation/Related News:
June 01, 2021 ---- QYOU Media Inc. (Canada), a leading media firm, announced the acquisition of Chatterbox Technologies Private Limited (India), an influencer marketing company. QYOU Media will initially purchase a majority stake in Chtrbox, with a three-year earn-out plan.
The acquisition would lead to an expansion of QYOU’s influencer marketing business in India, delivering QYOU’s immediate capabilities to India broadcast operations through acceleration of the company’s content, advertising and e-commerce initiatives.
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