Influencer Marketing Market Overview
The influencer marketing market size is expected to grow from USD 10.72 billion in 2021 to USD 91.029 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 26.7% during the forecast period. Influencer marketing refers to the practice of engaging influencers with large follower bases on social media platforms to promote a brand, product or service. The growth in this market is attributed to rising focus on video-based content across over-the-top (OTT) platforms, increasing digital ad spending, and brand preference for influencer marketing over traditional celebrity branding.
Industry Latest News
Some of latest developments related to influencer marketing companies include:
- January 2023 - TikTok launches TikTok Pulse, an influencer marketing API platform to allow brands to discover and connect with creators easily.
- November 2022 – IZEA acquires influencer software platforms Peach and Leapfrog to expand its SaaS capabilities and optimize influencer discovery.
- June 2022 – Fohr announces an influencer campaign management tool on LinkedIn to tap into the professional network’s branded content opportunities.
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Market Opportunities
Key opportunities spurring growth of the influencer marketing market include:
Social Commerce: Influencers driving direct product discovery, recommendations, and purchases through shoppable posts represents a major opportunity for brands.
Micro-Influencers: Higher authenticity and engagement offered by niche micro-influencers provides an impactful, cost-efficient alternative.
Video Content Marketing: Influencer-generated videos, reels and livestreams is an avenue brands are leveraging extensively.
Regional Expansion: Emerging markets like China, India, and Brazil with increasing digital connectivity offer new geographical opportunities.
Influencer Analytics: Data-driven analysis of campaigns to demonstrate clear ROI and optimize future marketing strategies.
Market Segmentation
Based on component, the market is segmented into solution and services. Based on organization size, the segmentation includes SMEs and large enterprises. Key end-use industries are retail, fashion & lifestyle, food & beverages, travel & tourism, and other verticals. The regional analysis covers North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Companies
Some of the major companies in the global influencer marketing market include:
- IZEA Worldwide Inc.
- HYPR (Mogimo Inc.)
- Traackr Inc.
- InfluencerDB (InfluencerDB Tech GmbH & Co. KG)
- Launchmetrics (Fashion Gig SAS)
- Upfluence Inc.
- JuliusWorks Inc.
- Lefty (Modern Agency SAS)
- Lumanu Inc.
- NeoReach
The competitive landscape is fairly fragmented with several niche providers focused on building advanced influencer discovery and campaign analytics capabilities to better demonstrate quantifiable ROIs for marketers from influencer marketing strategies.
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