New York, US, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Influencer Marketing Market information by Service, by Components, by Organization Size and Region – Forecast to 2027” market is expected to expand at a CAGR of 8.2% during the forecast period, to reach 2.85 billion by 2025.
Market Scope:
The growing need for brands and agencies to cultivate deeper connections with customers is contributing to this development, and influencer marketing has enabled organizations to maximize their impact beyond legacy marketing practices. Social media enables companies to participate in content-driven publicity by partnering with the most appropriate personality to build a digital identity for audiences, allowing for greater and more intimate interaction.
Dominant Key Players on Influencer Marketing Market Covered Are:
- Buzzoole
- ScrunchSocial Beat Digital Marketing LLP
- ONALYTICA
- HYPR
- Launchmetrics
- Traackr
- IZEA
- JuliusWorks Inc.
- Upfluence
- Mavrck
- Klear
- AspireIQ
- Lumanu Inc.
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Market USP Exclusively Encompassed:
Influencer Marketing Market Drivers
Nowadays consumers spend a significant amount of time on various social networking sites. In today's world, social media has become necessary for staying connected, from checking Facebook to uploading photos on Instagram. These social media platforms have created numerous opportunities for digital marketers and service providers to expand. Platforms such as Instagram, OTT, Facebook, and Twitter have emerged as important sources of advertisement and promotion. Various industry verticals, such as fashion and cosmetics, automobile, and travel and tourism, are heavily reliant on digital platforms to meet their target audiences.
Social media has become an integral part of people's lives, allowing them to remain connected and informed about current events. This trend has facilitated the rise of social media influencers. Influencers create and share relevant content on social media. These posts assist them in gaining followers. Major companies collaborate with them to promote and market their products due to their success on social media platforms. Brands also found that working with social media influencers will help them market their products and services to a wider audience. Influencer marketing is a type of marketing practice in which brands work with influencers to promote and advertise their products through them. When it comes to influencer marketing, brands face a variety of obstacles. Among these difficulties are monetizing advertising campaigns, targeting the right audience, and working with the right people. Influencer marketing solutions provided by solution vendors assist brands in effectively solving these challenges. Influencer marketing solution providers assist brands in locating social media influencers, providing insights into campaign effectiveness, and tracking campaign progress. Various business activities are operating in the industry. Some businesses provide software platforms that link brands with a large number of influencers. These channels also aid in providing in-depth insights into different campaigns. AspireIQ, for example, is a leading influencer marketing tool that provides end-to-end influencer analytics. Scrunch, on the other hand, is a marketing tool that assists brands in identifying and engaging with influencers. Other companies provide managed services for influencer marketing. For example, Social Beat Digital Marketing LLP and IMA Agency provide services that aid in the successful execution of end-to-end influencer marketing activities.
As per Social Beat Digital Marketing LLP, 23% of marketers believe that influencer marketing is a stronger alternative for conventional marketing, and 90% of brands believe that influencer marketing has a greater ability to attract and engage the targeted consumer. When shopping in a supermarket, 60% of consumers are affected by social media posts or blogs. These statistical patterns indicate that influencer marketing is an efficient way for vendors to reach out to potential buyers, and as a result, businesses are searching for such software to efficiently manage their marketing strategies, which is increasing their market adoption.
Browse In-depth Market Research Report (141 Pages) on Influencer Marketing Industry:
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Segmentation of Market covered in the research:
The global influencer marketing industry has been segmented based on component, organization size, and end-user.
Based on the component, the global influencer marketing market has been segmented into solutions/platforms and services. In the overall influencer marketing market, the solution/platform segment is expected to grow at the fastest CAGR during the forecast period. Such platforms are being used by brands to handle and coordinate influencer marketing internally. Professional services, which include integration and consulting services, and managed services, which include third-party providers providing a variety of influencer marketing services to their clients, are included in the services segment.
Based on organization size, the global influencer marketing market has been divided into small- and medium-sized enterprises and large enterprises. A large number of mid-size enterprises, especially start-ups, are active end users of influencer marketing solutions due to the increasing need to be establish itself as a brand to effectively compete in their respective industries.
Based on vertical, the global influencer marketing market has been segmented into fashion, luxury & cosmetics, retail & e-commerce, consumer goods, advertising & public relations, food & beverages, travel & tourism, automobile, and others. The retail & e-commerce segment is projected to grow at the highest CAGR during the forecast period.
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Regional Analysis
Geographically, the global Influencer marketing market has been segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
North America has dominated the industry in terms of influencer marketing strategy market share. Some of the factors driving market growth include a rising number of connected devices, a growing population, and a large number of active social media users. Furthermore, due to the presence of a large number of influencer marketing firms in North America providing extensive research solutions to businesses, the North American market has the largest share.
Asia Pacific is projected to have the highest CAGR during the forecast period due to rising populations in various developing countries, increased smartphone ownership, increased internet access, and an increase in the number of active social media users.
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COVID-19 Impact on the Global Influencer Marketing Market
The COVID-19 pandemic has taken many industry leaders by surprise. Many companies are struggling to survive and are using various marketing campaigns to recover their losses. According to the Global Web Index report, more than 80% of consumers in the United States and the United Kingdom consumed more content during COVID-19. This has created an excellent opportunity for brands and influencers to reach their followers with powerful messaging. During the COVID-19 crisis, the relevance of influencer marketing as a key marketing strategy has increased. Companies continue to rely on influencers to serve as reliable spokespersons and carry out their messages trustworthy and humanely. TikTok has been described as one of the most common video content consumption mediums, so brands and influencers must look for ways to increase their presence in this relatively new avenue. Influencers will continue to form the post-lockdown world's discussions through their perspectives and the encouragement of their followers. COVID-19's consequences would be long-lasting, and as a result, marketing strategies must be updated to suit the new world in which smaller and larger businesses are currently surviving.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
