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Influencering Market Trends

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

Influencer Marketing Market Overview

The global Influencer Marketing market was valued at USD 33.2 billion in 2022 and is expected to reach USD 198.3 billion by 2032, growing with a CAGR rate of 29.2% during forecasted period (2024 - 2032).

Influencer marketing is a sort 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 because social influencers' followers have a high level of trust in them, and their recommendations act as social proof to your brand's potential customers.

This study on the global Influencer Marketing market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Influencer Marketing market by component, organization size, end-user, and region/country.

Based on component, the Influencer Marketing market has been divided into Solution/Platform and Services. The Solution/Platform segment dominated the market in 2021 and is estimated to remain the same during the review period, whereas the Services segment is expected to register the highest CAGR during the forecast period from 2022 to 2032.

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

Influencer Marketing Market Overview2

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

COVID-19 Analysis of Influencer Marketing Market

The Covid-19 coronavirus pandemic is a global disaster that has affected billions of people. The pandemic had a detrimental impact on the global economy, industry, and organizations as well. The countrywide lockdown in some nations has had an impact on several sectors of the economy, particularly corporations and small businesses. Traditional marketing methods are unable to be applied due to lockdown. Thus, digital marketing should be prioritized. During the pandemic, it is vital to include a social message and link the product's image to overall health. It is also critical that businesses take advantage of the COVID-19 shutdown by using the internet to boost their brand awareness. Improving and maintaining a brand's online exposure puts an organization's products and services in front of potential customers. Companies should also promote their products responsibly and utilize cause-related marketing to help the community. During COVID emergencies, brands should develop acceptable social responsibility programs that might be effective. Brands may preserve their company's image and expand despite the present conditions by evaluating the above facts and responding accordingly.

The novel coronavirus known as COVID-19 has caused significant economic and public health concerns, and it is expected to change how businesses function in the future. This change will affect not just how organizations function but also how they maintain and expand their brand and consumer base. How businesses attract customers and advertise their products and services is at the heart of this topic. Advertising, marketing initiatives, and promotional techniques will all have a role in a company's capacity to succeed in the future. Many organizations are revaluating their marketing and media expenses and have refocused their advertising, marketing, and promotional activities in order to produce a consistent stream of customer attention and spending while retaining adequate media returns. As businesses try to figure out what the future holds, several difficulties emerge.

Influencer Marketing Market Dynamics

Influencer marketing is already huge, and it will continue to grow. New social media platforms, content kinds, and ways for companies to communicate with potential customers emerge every year. The best influencers keep up with the latest trends so they can provide companies with the tools they need to succeed. Because the social media environment is always evolving, influencers must take advantage of the latest influencer marketing trends as soon as possible to establish their authority and expertise, making them more appealing to companies. Growing digital-savvy consumers, increasing use of ad blocking software, and influencers becoming critical to affiliate programs are some major factors driving the market growth of the influencer marketing market. However, the lack of a comprehensive platform, an increasing number of fake accounts and followers, and measuring the impact of influencer marketing on a business are the major restraining factors for the market. On the other hand, the chance to strengthen brand images, the rise of nano and micro-influencers, and the rise of influencer-led social commerce are expected to create a lucrative growth opportunity for the players operating in the global Influencer Marketing Market.

Influencer Marketing Market Drivers

  • Digital-Savvy Consumers

In recent years, digital transformation and the emergence of new technologies have had a major influence on our world. Companies are adjusting their business models to suit a connected era, but it is the consumers who are driving the majority of the change. Customers today want rapid, personalized, and connected experiences that are available on their preferred channels and in a manner that is convenient for them. Businesses must adopt technology that allows them to embrace an agile and dynamic customer experience (CX) strategy to stay up with this new type of customer. Customers have been adopting new digital tactics for shopping, customer service, and other purposes for years. We now live in a different world with the emergence of clever mobile devices, smart speakers, applications, and automation. As a result, a well-informed consumer expects more from a typical business leader. Consumers today are continually connected, aware of technological possibilities, and eager to try new things.

Influencer Marketing Market Opportunity

  • Opportunity For Brands to Strengthen Their Brand Image

A brand's essence is its identity. It is who they are, what they do, and how others characterise their brand based on how they make them feel. Word of mouth is no longer spoken; instead, it is uploaded. Seventy-five percent of buyers confess to using social media as part of their purchasing process; it helps them develop a love for items and promotes brand loyalty over time. Influencer marketing is a strategy based on the premise that a blogger, vlogger, celebrity, journalist, or industry expert's suggestion can increase target audiences' brand engagement. It mixes the conventional concept of celebrity endorsements with new marketing strategies, such as the successful use of social media. The major difference is that influencers are not always celebrities but rather prominent individuals who can help a firm raise awareness of its products and establish a devoted customer base. Influencer marketing is becoming a more important part of any PR plan.

Influencer Marketing Market Segmentation

By Component

On the basis of components market is bifurcated into- Solutions and services. Solution segment is gaining traction. The growth 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 forecast. This growth is driven by organizations seeking appropriate influencers, creating compelling campaigns, and achieving marketing goals through successful collaborations. This is made possible by leveraging the expertise, industry connections, and technology of influencers, highlighting the importance of services in the evolving landscape of influencer marketing.

By Organization Size

On the basis of organization size, the market is divided into large enterprises and SMEs. Large enterprises are ruling the influencer marketing market, due to their substantial financial resources, enabling them to allocate significant budgets for collaborations with high-profile 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.

By Application

On the basis of application, the market is bifurcated into fashion, luxury & cosmetics, retail & e-commerce, consumer goods, advertising & public relation, food & beverages, travel & tourism, automobile, and others. 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 Regional Analysis

Globally, the Influencer Marketing market has been categorized into five different regions—North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America accounted for the largest market share, with a market value of USD 4,213.3 Million in 2021; it is expected to register a CAGR of 23.8% during the forecast period. Europe was the second-largest market in 2020, valued at USD 2,942.6 Million; it is projected to register CAGR of 27.0%. North America dominates the Influencer Marketing market. North America has been further segmented into the US, Canada, and Mexico. North America accounts for one of the largest market shares in the influencer marketing market due to the presence of key players such Juliusworks Inc., Launchmetrics, Traackr, Izea Worldwide Inc., Quotient Technology Inc., Upfluence, Mavrck, Klear, Aspire, Lumanu Inc., The Influential Network Inc. These companies are prominent and continuously making significant investments towards technological advancement. Additionally, the increasing use of AD blocking software and influencers becoming critical to affiliate programs is fueling the growth of the North American market. The growing need for opportunities for brands to strengthen their brand image, the rise of nano and micro-influencers and influencer-led social commerce is expected to drive the demand for this Influencer Marketing Market in the region.

In Europe, micro influencers have a higher level of engagement with their followers than big influencers. Brands are investing more time and money in creating deeper, longer-lasting connections with the influencers they choose to work with. This strategy increases trust between the influencer and their audience, as well as between the company and the influencer, resulting in a higher return on investment. Furthermore, the rise of digitally savvy consumers, the increased usage of ad blocking software, and the importance of influencers to affiliate programmers are all becoming increasingly important, which boosts the growth of the regional market. France and the UK are the highest contributors to the influencer marketing market due to the presence of several companies in this region.



Source: Industry Expert, Secondary Research, and MRFR Analysis

Asia Pacific Region to Bolster the Influencer Marketing Market

The Asia-Pacific influencer marketing market, based on country, has been segmented into China, Japan, India, and the Rest of Asia-Pacific. In Asia-Pacific, brands have sought development in rising platforms, invested in home-based and business-content verticals, and turned back from cause to product marketing as a result of the pandemic. According to a report by AnyMind Group, there has been a change in Asia-Pacific from micro-influencers to macro-influencers, with the number of macro-influencers increasing by almost 66 percent. Top stars make up the smallest percentage of influencers on the influencer marketing platform, but their numbers have nearly doubled (98 percent) in the year 2020. These all factors will contribute to the rise of the need for influencer marketing platforms.

Influencer Marketing Market Competitive Landscape

The global market for Influencer Marketing has witnessed significant growth over the forecast period due to the growing digital content. There are several domestic, regional, and global players operating in the Influencer Marketing market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Influencer Marketing market who have contributed to the Influencer Marketing Market growth. These include 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.

During the study, MRFR has analyzed some of the major players in the global Influencer Marketing market who have contributed to the global Influencer Marketing Market growth.

Influencer Marketing Market Key Players

Recent Developments

February 2024: Meta launched its creator marketplace in eight countries, including India. This technology, which was first tested in the US in 2022, enables brand-creator partnerships. It has developed over time, adding an extensive range of features while attracting thousands of brands and entrepreneurs to its platform.

January 2023: Affluence Hub unveiled two intriguing new improvements to improve its influencer marketing platform. The first is a campaign tracker tool that gives marketers comprehensive information and insights to measure influencer campaign results. With the use of this application, brands may monitor important performance indicators, calculate ROI, and improve the effectiveness of their marketing campaigns. Influencers who fulfill campaign conditions will receive their money instantly due to the second feature, which guarantees a rapid payout. By streamlining the payment process and giving influencers prompt reimbursement for their labor, this seamless payment system seeks to improve influencers' overall experience.

In May 2023: FINTroop, one of the prominent influencer management tools from Dot Media, a creative martech firm, was launched. The main objective of FINTroop is to communicate brand messaging in the most creative and inventive way possible. It aims to achieve the ideal balance between content creators' creative freedom and the fundamental beliefs and ideals of companies in the financial ecosystem.

Report Overview

This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2032. For this analysis, MRFR segmented the global Influencer Marketing Market report based on component, organization size, end-user, and region.

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