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Influencer Marketing Market Research Report Information by Component (Solution/Platform and Services), Organization Size (Small & Medium Enterprise (SME) and Large Enterprise), End-User (Fashion, Luxury & Cosmetics, Retail & E-Commerce, Consumer Goods, Advertising & Public Relation, Food & Beverages, Travel & Tourism, Automobile, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)ÔÇöForecast Till 2032

ID: MRFR/ICT/6936-CR | 110 Pages | Author: Shubham Munde| November 2022

Influencer Marketing Market Overview

The global influencer marketing market is estimated to reach a valuation of USD 198.3 billion by the year 2032, at a CAGR of 29.2% during the forecast period that ends in the year 2032.

Influencer marketing is a type of social media marketing that relies on endorsements and product mentions from influencers or people with a large social following who are thought to be experts in their field. Influencer marketing works perfectly for businesses as the followers of such influencers have a high level of trust in them, and their recommendations act as social proof to your brand's potential customers. Consequently, it is logical to have a dedicated individual for content marketing, and it is also logical to have a dedicated individual for influencer marketing.

The applications of influencer marketing include campaign management, search and discovery, analytics and reporting, and influencer management. End-users of influencer marketing include industries such as Food & Entertainment, Sports & Fitness, Travel & Holiday, and Fashion & Lifestyle.

Figure 1: Influencer Marketing Market Size, 2022-2032 (USD Billion)

Influencer Marketing Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Influencer Marketing Market Trends Insights

The advent of artificial intelligence and data analytics is a growing trend in the said market. 

An essential development in the industry is the incorporation of data analytics and AI-driven insights to improve the effectiveness and measurement of marketing and social media campaigns. Digital marketing influencers are utilizing such platforms and are using complex analytics tools to offer brands a detailed data analysis on campaign performance, audience demographics, and engagement metrics. The utilization of data in this strategy empowers organizations to make well-informed judgments regarding their influencer connections and enhance their plans for achieving the best possible outcomes. For example, the platforms may utilize AI algorithms to examine past campaign data and forecast which influencers are probable to generate the greatest level of interaction for particular demographic groups.

This trend not only enables marketers to target their audience more effectively but also assists influencers in customizing their material for optimal impact. The outcome is a methodical and data-oriented approach to influencer marketing, guaranteeing that campaigns are not only captivating but also provide quantifiable and significant outcomes for brand perception. 

Influencer Marketing Market Segment Insights 

The global influencer marketing market is primarily segmented based on component, organization, and application. 

Based on components, the influencer marketing market is further segmented into solutions and services. Out of which, the solutions segment dominates the market share. The growth of this segment is attributed to the convenience it offers in finding suitable influencers, managing platforms, and aiding brands in effective influencer collaborations. These solutions assist brands in identifying and partnering with the right influencers for their campaigns, tracking campaign progress, evaluating the success of partnerships, and ensuring the creation and distribution of high-quality, engaging content. Despite this dominance, the service segment is poised for significant growth in the influencer marketing market during the said forecast period, and the growth is driven by organizations seeking appropriate influencers, creating compelling campaigns, and achieving marketing goals through successful collaborations. 

Based on the organization, the said market segment is sub-segmented into large-scale enterprises and small-scale enterprises. Large-scale organizations category dominates the market share, owing to their substantial financial resources, which enables them to have a significant budget for their marketing campaigns and collaboration with high-profile social media influencers. These enterprises leveraged their brand recognition and credibility to form strategic partnerships with diverse influencers, reaching a wide range of target audiences. Their ability to invest in professional content production and data analytics facilitated the creation of compelling campaigns, driving higher viewer engagement.

Based on applications, the said market segment is divided into fashion, luxury & cosmetics, retail & e-commerce, consumer goods, advertising and public relations, industries, etc. Out of these, the fashion segment dominates the market share. Influencer marketing in fashion reached new heights as influencers seamlessly integrated products into their lifestyle, showcasing trends and fostering brand loyalty. Further, in the cosmetics sector, influencers played a pivotal role by providing authentic product reviews and engaging tutorials. Audiences were drawn to influencers who demonstrated makeup techniques and showcased skincare routines, fostering a sense of credibility. Beauty influencers became trendsetters, shaping consumer preferences and driving sales through personalized recommendations.

Influencer Marketing Market Region Insights 

The global influencer marketing market is primarily studied across four major regions, namely North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the North American region owes the major market share. The influencer marketing environment in North America has undergone significant growth, driven by various crucial variables. The incorporation of artificial intelligence (AI) technologies has completely transformed the industry by facilitating accurate audience segmentation, content refinement, and analysis of campaign effectiveness. Concurrently, the region has widely embraced social media, creating a favorable environment for influencer collaboration.

Platforms like Instagram, TikTok, and YouTube have become essential conduits for promoting brands. Furthermore, North America acts as the headquarters for several significant players in the market, which promotes innovation and competitiveness. The combination of technological progress, widespread use of social media, and dominant market position in North America highlights the crucial role played by the region in shaping the development of influencer marketing platforms.

Followed by North America, the Asia Pacific market is projected to have substantial growth throughout the forecast period, driven by the region's expansive digital infrastructure and varied consumer markets. These platforms are essential for connecting marketers with influencers who align with specific interests and local audiences. With the ongoing success of e-commerce in the region, these platforms offer crucial tools for optimizing campaigns and analyzing performance. Moreover, because of the cultural diversity in the region, these platforms must provide a wide range of influencers, allowing companies to genuinely connect with the entire region. 

Furthermore, the European market owes a substantial market share due to the crucial role these platforms play in enabling sophisticated partnerships between businesses and influencers in the region. These platforms offer a wide range of influential individuals, enabling firms to customize their marketing campaigns to target specific demographic groups and cultural situations. Moreover, these sophisticated tools designed for managing campaigns, targeting specific audiences, and analyzing success are specifically tailored to meet the needs of the tech-savvy consumer base in the region.

Influencer Marketing Market Key Players & Competitive Insights 

Companies such as NeoReach, Mavrck, Aspire, Traackr, Inc., HireInfluence, Inc., SocialEdge, Inc., Hypetap, Upfluence, Klear, and IZEA Worldwide, Inc. are among the most important among those that engage in influencer marketing. In addition to this, it sheds light on the techniques that the predominant firms are using in order to increase their market share in influencer marketing and maintain competition.

Influencer Marketing Market Key Companies Insights

  • Buzzoole

  • Scrunch

  • Social Beat Digital Marketing LLP

  • Onalytica

  • Hypr Brands

  • Launchmetrics

  • Traackr

  • Izea Worldwide Inc

  • Quotient Technology Inc.

  • Upfluence

  • Mavrck

  • Klear

  • Aspire

  • Lumanu Inc. 

  • The Influential Network, Inc

Recent Developments 

February 2024 - 

In February 2024, Meta launched its creator marketplace in eight major countries to attract thousands of brands and companies to its platform.

October 2023 - 

In October 2023, IZEA signed an acquisition deal with Zubercane, an advocate marketing software platform to enrich its eco-system.

Market Segmentation

By Component

  • Solution/Platform

  • Services

By Organization Size

  • Small & Medium Enterprise (SME)

  • Large Enterprise

By End-User

  • Fashion

  • Luxury & Cosmetics

  • Retail & E-Commerce

  • Consumer Goods

  • Advertising & Public Relations

  • Food & Beverages

  • Travel & Tourism

  • Automobile

  • Others

By Region

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 33.2 billion
Market Size 2032 USD 198.3 billion
Compound Annual Growth Rate (CAGR) 29.2% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019 - 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered By Component (Solution/Platform and Services), by Organization Size (Small & Medium Enterprise (SME) and Large Enterprise), by End-User (Fashion, Luxury & Cosmetics, Retail & E-Commerce, Consumer Goods, Advertising & Public Relation, Food & Beverages, Travel & Tourism, Automobile, and Others)
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Buzzoole, Scrunch, Social Beat Digital Marketing LLP, Onalytica, Hypr Brands, Launchmetrics, Traackr, Izea Worldwide Inc, Quotient Technology Inc., Upfluence, Mavrck, Klear, Aspire, Lumanu Inc., The Influential Network, Inc
Key Market Opportunities Opportunity for Brands to Strengthen their Brand Image.
Key Market Drivers 1) Digital Savvy Consumers. 2) Increasing Ese of AD Blocking Software. 3) Influencers Becoming Critical to Affiliate Programs.

Frequently Asked Questions (FAQ) :

At 29.2% CAGR is expected to transform the market.

The North America regional market is projected to be the major driver of the market.

The segments in the market are component, organization size, and end-user

The key contenders in the market are Buzzoole, Scrunch, Social Beat Digital Marketing LLP, Onalytica, Hypr Brands, Launchmetrics, Traackr, Izea Worldwide Inc, Quotient Technology Inc., Upfluence, Mavrck, Klear, Aspire, Lumanu Inc., and The Influential Network, Inc.

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