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The global influencer market was estimated to reach a valuation of US$ 10.4 billion in the year 2022. With an astronomical CAGR of 33.5% from 2023 to 2033, this market is anticipated to reach US$ 13.88 billion by 2023 and US$ 249.65 billion by 2033.
Data Points |
Key Statistics |
Expected Market value in 2023 |
US$ 13.88 billion |
Expected Market value in 2033 |
US$ 249.65 billion |
Growth Rate (2023 to 2033) |
CAGR of 33.5% |
The primary drivers of this market are:
The increased use of the internet for advertising has considerably changed the business strategies of numerous businesses and given advertisers new ways to connect with their target markets. The client experience is improved by these promotional activities that enable marketers to deliver personalized ads. For these business reasons, social media sites like Instagram, Pinterest, Meta (Facebook), and YouTube have seen tremendous growth. In the coming years, it is anticipated that these novel branding and marketing strategies will improve the prognosis for the influencer market.
Owing to the pervasive use of cell phones, there has been a significant increase in video consumption in recent years. As a result, companies are creating advertising plans for video material that is streamed through numerous digital platforms. Additionally, because of a decentralized consumer base, businesses are unable to target their prospective consumers using conventional marketing strategies. Influencer marketing increases client involvement throughout a campaign and successfully targets consumers.
They are therefore using content creator marketing to market to prospective clients. A study by Twitter found that 40% of Twitter users use tweets to influence their buying choices. However, due to inadequate planning, it is unable to assess campaign effectiveness. Typically, businesses conduct campaigns without taking into account crucial elements like end objectives, locations, and the kinds of content creators. Lack of preparation leads to unsuccessful or ineffective initiatives. Such factors have been propelling the growth of the influencer market for the last few years.
Due to more frequent partnerships between brands and advocates for a given campaign, the search and discovery sector had a revenue share of about 36% in 2022. Utilizing audience data, performance, and content efficacy, search and finding solutions assist businesses in identifying the ideal brand advocates. For instance, HypeAuditor offers to search and finding tools for a variety of social media sites, including YouTube, Instagram, and TikTok.
As a result of the rising demand for efficient and economical marketing strategies, the large-scale company segment held a revenue share of more than 71% in 2022. Several sizable organizations had curtailed their commercial operations throughout the epidemic. Due to the following reduction in their advertising funding, newer promotion tools were in high demand, and the internet became their main marketing outlet. Additionally, these businesses have a sizable social media following that can be used to boost interaction through advocates and forge fruitful business relationships.
North America led the influencer market, which can be credited to the rise in social media as well as OTT platform usage among American consumers, particularly during the pandemic when people practiced social isolation. In turn, this gave the businesses a chance to use influencer marketing to advertise their goods and services. Additionally, the region's availability of a qualified population working in digital marketing, platform development, and AI-based analytics is helping the market expand.
Several significant participants in the influencer industry are concentrating on diversifying and improving their services. This has aided businesses in giving customers and marketers more in-depth views into product sales, enabling them to make data-driven choices. For instance, to improve influencer finding, marketing, and campaign monitoring for their worldwide campaign, Marriott International, Inc. integrated the services of Upfluence Inc. in June 2021.
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The influencer marketing market is estimated to grow US$ 6.0 billion by 2021, at a CAGR of more than 20% during the assessment period 2023 to 2033. Influencer marketing is a discipline of digital marketing which involves endorsements and product mentions from the social media influencers, to build high trust in the brand’s potential customers.
Demand for influencer marketing will witness steady growth in short-term, with optimistic growth outlook in the long-run. Unable to measure effectiveness of the campaign will mean limited opportunities in near future, however, increase in number of users of social media platform will provide momentum, in the influencer marketing approach.
Rise in OTT platform and social media consumptions will increase the demand of influencer marketing. Since last 4-5 years the consumption of smartphones, tablets, and laptops has increased drastically. Also the evolution of technology like 3G, 4G, and 5G will assist the growth of influencer marketing.
Decrease in television viewership is noted in recent years because of evolution of social media platform like Facebook, Twitter, You Tube etc. Also the use of OTT platforms like Netflix, Amazon Prime, Disney Hotstar and many more has increased day by day. Thus increase in use of social media platform becomes a major driving factors of influencer marketing.
Influencer marketing around the globe have been impacted by COVID-19 positively. Consumers are, therefore, looking to find credible people, thereby making micro influencers more relevant than ever. This has created new opportunities for the brands to engage with their audience with the help of new ways of digital marketing, such as influencer marketing.
According to a recent survey by influencer marketing platform Zefmo, nearly 92% marketers turned to influencer marketing campaigns in the year 2020.
As a result of COVID-19, most of the countries have undergone lockdown as precautionary step towards COVID-19 pandemic. So people spending more time at home has resulted into increase in the use of social media platforms. The traffic on the social media channels has increased tremendously, which ultimately has driven the demand of social media influencers.
USA is one of the largest markets for Influencer marketing, globally. The demand for Influencer marketing in USA and Canada will be led by continuous adoption of influencer marketing platform solution and services across all the major industries such as media and entertainment, retail, healthcare, travel and hospitality and others.
During 2020, USA monthly active social media user went up by 2% for Facebook, LinkedIn and Instagram, as compared to 2019. Moreover, as per the latest statistics, almost 80% of USA population have social media accounts. Also, the social media user growth in North America was nearly 7% during the period 2019 to 2020.
Hence, with the growth of social media users in the US region, the opportunity for social media influencer marketing would grow to new heights.
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The influencer marketing in Europe is largely driven by the Western European counties, which contributes to the major share in the overall European digital marketing spend. The digital marketing spending in Western Europe in 2021 is projected to be nearly $72 Bn, with major driver being the COVID-19 pandemic resulting in rise in digital media usage and audience.
Moreover, as on January 2021, Russia accounted for nearly 99 million monthly active mobile social media users, the highest in any European countries, followed by Germany- 66 million, and the UK-53 million mobile social media users. Hence, there is immense opportunities in Europe for influencer marketing, in the coming years.
Some of the leading vendors of Influencer marketing include
These vendors are adopting various key strategies, to increase their customer base locally and globally. They are also spending millions of dollars into building digital marketing strategies, to fulfill the unmet needs of their customers for influencer marketing.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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