Influencer Marketing Market Research Report - Global Forecast till 2027

Global Influencer Marketing Market Research Report: By Component (Solution/Platform, Services), By Service (Professional, Managed), By Organization Size (Large Enterprises, Small & Medium Enterprises), By End-user (Fashion, Luxury & Cosmetics, Retail & E-Commerce, Consumer Goods, Advertising & Public Relation, Food & Beverage, Automobile, Others) By Region - Forecast till 2027

ID: MRFR/ICT/6936-HCR | February 2021 | Region: Global | 141 pages

Influencer Marketing Market

The Influencer Marketing Market is expected to expand at a CAGR of 8% during the forecast period, to reach 2.85 billion by 2027

Segmentation

Based on Offerings Solution Service
Based on Application Search & Discovery Campaign Management Influencer Relationship Management Analytics & Reporting Others
Based on Organization Size Small & Medium Enterprise Large Enterprise

Key Players

  • Buzzoole
  • ScrunchSocial Beat Digital Marketing LLP
  • ONALYTICA
  • HYPR
  • Launchmetrics
  • Traackr
  • IZEA
  • JuliusWorks Inc.
  • Upfluence
  • Mavrck
  • Klear
  • AspireIQ
  • Lumanu Inc.

Drivers

  • Increasing number of connected devices
  • A Growing population
  • Large number of active social media users
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Influencer Marketing Market Analysis:


Influencer marketing is completely reliant on social media and its proliferation. The marketing strategies are adopting new forms in recent years, and have increasingly adopted the Influencer marketing technique to promote the products and services. The Influencer Marketing Market is expected to expand at a CAGR of 8% during the forecast period, to reach 2.85 billion by 2025.


The Potential Benefits of Influencer marketing such as the establishment of deeper connections with the consumers, continuous tracking of the customer's behavior, and analyzing the location of the customers and preferences provides the organizations to retain the consumers effectively. Social media helps the companies to participate in a different digital questionnaire, thereby creating publicity for the product in the vast audience. Digital marketing also creates digital identity and brand value for the organization efficiently than the traditional methods. Such factors are propelling organizations to adopt Influencer marketing.


COVID 19 Analysis:


The COVID 19 pandemic has created a huge impact on marketing companies. The economic declination has propelled the organizations to reduce their marketing plans. However, the increasing number of social media viewers during the lockdown has increased; this has helped the social media influencers to keep their potential subscribers engaged. Such factors have fuelled the overall growth of the Influencer marketing market throughout the pandemic.


A recent report states that organizations have increased their hiring process regarding influencer marketing during the lockdown which accounted for over 33%. 


Influencer Marketing Market Dynamics:



  • Market Drivers:


The statistics conducted by Wyzowl’s has declared that the number of television viewers has reduced significantly in recent years, over 50%, and the video-based marketing rate has been increasing since 2017 and has reached over 81% in the year 2018 and has been witnessing growth year over year. A large population has shifted from television to social media users in recent years. This is considered the major driver of the Influencer marketing market.


The capability of customizing the product and services based on the customer preferences and inclination with the help of advanced technologies such as AI and machine learning are promoting the overall growth of the Influencer marketing market. 



  • Market Opportunities:


There are several challenges for the marketing sectors, such as monetizing the advertisement campaigns, reaching the potential audiences, right collaboration, and so on. However, the advent of influencer marketing has addressed these challenges and significant others effectively at affordable costs. Therefore these potential benefits of Influencer marketing are expected to propel the overall growth of the Influencer marketing market.


The advent of novel technologies such as AI-driven influencer marketing platforms is aiding the growth of an automated environment in collaborations and analysis. The insights in the marketing strategies are extremely important and key technologies such as Natural Language Processing; Artificial Neural Networks provide deeper insights into the marketing strategies and increase the overall workflow. Such factors are expected to boost the overall growth of the Influencer marketing market during the forecast period.



  • Market Restraints:


Although the measuring campaign helps in customer retention and engagement, the campaign effectiveness and planning are required to carry out this type of marketing strategy. Planning is considered the key in digital marketing. Lack of planning regarding the end goals, geographic areas, and influencers’ type might lead to the failure of campaigns.


Measuring the effectiveness of the campaigns is considered a complex procedure, if the customer decides to purchase the product because of the influencer, however chooses the private accounts or personal emails. Such factors might lead to difficulties to conclude the effectiveness of investing in the social influencer.



  • Market Challenges:


The presence of several social media influencers has presented the challenge of reaching out to the potential social media influencer for the organizations. The increasing number of fraudulent activities in social media that use fake followers using the bots are considered as the primary challenge for the overall growth of the Influencer marketing market.


The requirement of auditing tools to determine the fake followers, and other significant tools to analyze the history of the social media influencer is considered as the major challenge for the organizations.



  • Cumulative Growth Analysis:


The Influencer marketing market is rapidly rising in recent times, owing to the increasing prevalence of smartphones, growing urbanization across the globe. Among other end-user industries, the fashion and lifestyle segment is expected to witness a higher Influencer Marketing Market share during the forecast period. Fashion influencers are playing important role in promoting the brand. The vast audience in the social media platforms and the dominating virtual space are turning the viewers into consumers. Moreover, the availability of information about the products before the purchase helps the consumers have a better idea regarding the purchase and the quality of the product. The influencer marketing industry is expected to surpass the market value of over USD 2.85 billion by the year 2025 while registering a CAGR of 8% during the forecast period. The advancing technologies in Influencer marketing analytics effectively shift the communication budgets to the media and marketing budgets. Such factors are propelling the overall growth of the Influencer marketing market growth in recent times. 



  • Value Chain Analysis:


The Influencer marketing market growth is highly influenced by the potential brands and an increasing number of influencer marketing solution providers, these providers help the brands in finding the potential social media influencers that are capable of conducting campaigns and continuously monitoring the progress. For instance, one of the leading market players, Aspire IQ that is known for being the efficient influencer marketing platform provider that offers end-to-end influencer analytics to the advertiser. The efficient tracking helps the organization to identify the areas that require improvement.


On the other hand, several developed countries are raising the funding to support the Influencer marketing market growth. Boksi.com which is based in European countries is considered the fastest-growing influencer marketing platform that has announced recently about their investment of USD 1 million in the Influencer marketing market. As social media is booming in recent years, influencer marketing is presenting an opportunity for the brand and businesses sector to connect with the potential consumers and vast audiences, and the capability of sensing the attitude of the consumers; the customer retention rates are higher through the influencer marketing solutions. Such factors are fuelling the overall growth of the Influencer marketing market. 


Segment Overview:


Based on Offerings:



  • Solution

  • Service


Based on Application:



  • Search & Discovery

  • Campaign Management

  • Influencer Relationship Management

  • Analytics & Reporting

  • Others


Based on Organization Size:



  • Small & Medium Enterprise

  • Large Enterprise


Based on End-user:



  • Fashion & Lifestyle

  • Marketing Agencies

  • Advertising and public relations

  • Food and beverages

  • Travel and Tourism

  • Automobile

  • Retail & Consumer Goods

  • Travel & Hospitality

  • Others


Based on Component:



  • Solution

  • Services


Regional Analysis:


Among other regions, North America is currently dominating the Influencer marketing market share over other regions. Some of the key factors include the increasing number of smart devices, increasing the number of social media users, and growing population across the region are considered as the key market drivers of the Influencer marketing market. The support from the government organizations and the reaping benefits from the online platforms that are influencer marketing platforms are expected to boost the overall growth of the Influencer Marketing market during the forecast period. 


On the other hand, the Asia-pacific region is also expecting to project higher Influencer Marketing Market growth due to the increasing consumer base for smart devices and increasing penetration of internet connectivity, and an increasing number of social media users across the region. Countries such as China and Taiwan are considered as the major manufacturing hub of consumer electronics, they are considered as one of the primary suppliers of consumer electronics. Such factors are presenting lucrative opportunities for the overall growth of the Influencer market. Moreover, the Asia-pacific region is rapidly developing in terms of infrastructure and witnessing favorable economic conditions across the region. 


Competitive Landscape:



  • Buzzoole

  • ScrunchSocial Beat Digital Marketing LLP

  • ONALYTICA

  • HYPR

  • Launchmetrics

  • Traackr

  • IZEA

  • JuliusWorks, Inc.

  • Upfluence

  • Maverick

  • Klear

  • AspireIQ

  • Lumanu Inc.


Recent Developments:


In the year 2020, one of the leading Influencer Marketing Market players, IZEA has introduced Brandgraph into the market which is a social intelligence platform that is capable of processing over 400 million contents on the internet which are present across 4.5 million social media influencers. This tool helps the organization to decide on picking the potential influencers.


In the year 2020, one of the leading market players, Ahalogy has introduced a tool to predict the trend in advance, which is named as a Rising keyword. The analysis of the trend across the internet is highly essential to determine the preference of the large population. Such factors help the organization to change the design and techniques based on the preferences. 


Report Overview:


This Report Has Covered:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 2.85 Billion
  CAGR   8%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, By Organization Size, By Service
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Buzzoole, ScrunchSocial Beat Digital Marketing LLP, ONALYTICA, HYPR, Launchmetrics, Traackr, IZEA, JuliusWorks, Inc., Upfluence, Mavrck, Klear, AspireIQ, and Lumanu Inc.
  Key Market Opportunities

  • From checking Facebook to posting photos on Instagram, social media has become a necessity to stay connected in today’s world. \r\n
  • These social media platforms have paved the way for several growth opportunities for digital marketers and service providers.
  •   Key Market Drivers   Some of the factors that are responsible for the growth of the market include increasing number of connected devices, growing population, and large number of active social media users.


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    Frequently Asked Questions (FAQ) :

    A CAGR of 8% is foreseen to progress the market’s reach to USD 2.85 billion in revenues by the close of the forecast period.

    The stimulus of social media influencers is likely to drive the evolution of the market in the forecast period.

    The distinguished firms in the global market are ScrunchSocial Beat Digital Marketing LLP, ONALYTICA, Buzzoole, HYPR, Traackr, IZEA, JuliusWorks, Inc., Mavrck, Launchmetrics, Klear, AspireIQ, Upfluence, and Lumanu Inc.

    The APAC and North American regions are projected to unlock the development latent of the market in the imminent years.

    Social media has become an important aspect of people’s lives which they use to stay connected and up-to-date with current affairs. This trend has given rise to a new community, the social media influencers. Brands have realized that collaborating with social media influencers can help them conduct effective marketing of their products and services to a larger set of audience. This kind of marketing activity is known as influencer marketing where brands collaborate with influencers to promote and advertise their products through them. The influencer marketing solution providers help brands to find social media influencers, provide insights on the effectiveness of campaigns and track their progress.