Influencer Marketing to Grow Significantly by More than 20% CAGR
The influencer marketing market is estimated to grow US$ 6.0 Bn by 2021, at a CAGR of more than 20% during the assessment period 2021-2031. 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.
What is Driving Demand for Influencer marketing?
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.
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Rise of Influencer Marketers to Promote Branding
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.
US and Canada Influencer marketing Outlook
US is one of the largest markets for Influencer marketing, globally. The demand for Influencer marketing in US 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, US 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 US population have social media accounts. Also, the social media user growth in North America was nearly 7% during the period 2019-2020. Hence, with the growth of social media users in the US region, the opportunity for social media influencer marketing would growth to new heights.
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Europe Demand Outlook for Influencer marketing
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.
Who are the Key Influencer marketing vendors?
Some of the leading vendors of Influencer marketing include IZEA Worldwide, Quotient Technology Inc., Launchmetrics, JuliusWorks, Inc., Traackr, Inc., Upfluence Inc., Klear, AspireIQ, CreatorIQ, Mavrck, Impact Tech, Inc., Brandwatch, Linqia, Inc., Onalytica, Social Beat Digital Marketing LLP, ExpertVoice Inc., Lefty, Lumanu Inc., InfluencerDB, Taggermedia, Heepsy, Fourstarzz Media LLC, Juulr B.V., Intellifluence, Insense Ads, Inc., Talent Village Ltd., and others.
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
An Adaptive Approach to Modern-day Research Needs
Influencer Marketing Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Influencer Marketing Platform
- Digital Marketing Consulting
- Deployment and Integration
- Support and maintenance
- Campaign management
- Influencer relationship management
- Analytics and reporting
- Compliance management
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Fashion and lifestyle
- Retail and consumer goods
- Health and wellness
- Banking and finance
- Travel and tourism
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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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