Influencer Marketing Market Size (2023 - 2030)

The influencer marketing market at the global level was worth USD 6.4 billion in 2022 and is estimated to reach 24.5 billion by 2030. The market is projected to grow with a CAGR of 31.9% from 2023 - 2030. Influencer marketing is an efficient way to develop marketing strategies, reach business objectives, and even curb expenses.

Influencer marketing is a procedure by which brands hold familiar figures who have power over their target markets upgrading their markets. Influencers are opinion leaders with a social following base.

Influencer marketing is surging itself quickly. Influencer marketing is the recent form of marketing. Influence marketing plays a critical role in social media and ad fatigue. Influencer marketing allows reaching people which can't be obtained through traditional advertising.

MARKET DRIVERS

The rising interest in video-based content in people is one factor accelerating the influencer marketing market growth worldwide. The demand for big data analytics, the increasing need for creating a brand image, and surging ad-blocking software are the factors accumulating the growth of the market.

Organizations are highly adopting influencer marketing platform to search capable influencers who can develop their brands, augment brand exposure, and create a high-level of customer engagement. The rising use of smartphones and 3G and 4G networks and growing video consumption have increased excellently.

MARKET RESTRAINTS

Factors like low influence on campaigns with the absence of technology-related knowledge, and the unavailability of professionals hamper the influencer marketing market growth globally.

COVID-19 Impact on the global Influencer Marketing Market

The widespread of the novel coronavirus (COVID-19) originated in Wuhan, China in December 2022. The virus has spread to every corner of the world affecting millions of people and many businesses were also affected. Governments have imposed a lockdown to prevent the virus spread. The COVID-19 has created a positive impact on the global influencer marketing market. Diverse sectors upgrade their businesses on a profitable advertisement medium which is a social media platform.

During the COVID1-19 period, 80% and more consumers of the US and UK have consumed more content. Before the emergence of COVID-19, 400 million people already have access to social media in India. But after the start of the pandemic, the number has increased over the last eighteen months with an exceptional shift in consumer behavior elevating the growth. Almost 2/3rd of the Indian population follows an influencer.

Segmentation Analysis

The global Influencer Marketing Market has been segmented and sub-segmented based on component, application, organization size, and end-user.

Influencer Marketing Market - By Component

• Solutions
• Services
  • Consulting
  • Deployment and Integration
  • Support and maintenance

By component, the services segment is believed to have tremendous growth in the influencer marketing market throughout the period.

Influencer Marketing Market - By Application

• Search and discovery
• Campaign management
• Influencer relationship management
• Analytics and reporting
• Compliance management and fraud detection
• Others (workflow automation and time management, and third-party integration)

By application, search, and discovery segment holds a revenue share of 34.5% in the influencer marketing market. The ascending need amid the brands and marketers to combine with the best-fit influencer for a specific campaign. Influencer search and discovery segment allow companies to find the appropriate brand ambassadors using several filters like performance, the effectiveness of content.

For example, HypeAuditor provides search and discovery features for different social media platforms like Tik Tok, YouTube, and Instagram to its clients based upon their needs and demands.

The analytics and reporting segment is anticipated to provide considerable growth opportunities for the influencer marketing market globally. The segment growth credits to the need of the companies to examine vital elements like promotion campaigns like content penetration. Companies like Smartfluence provide prognostic analytic services helping clients soothe potential threats in influencer campaigns providing opportunities for the market to grow further.

Influencer Marketing Market - By Organization Size

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By organization size, the large enterprise's segment accounted for the largest share with 75% in 2022. Large enterprises hold considerable social media following forcing them to create effective business relations with their customers and snowballing employment through influencers.

The small and medium enterprises (SMEs) segment is said to have exponential growth in the influencer marketing market. SMEs combine with micro and nano-influencers help in raising brand awareness and traffic to the company website at a low cost.

Influencer Marketing Market - By End-User

• Fashion and lifestyle
• Agencies and PR
• Retail and consumer goods
• Health and wellness
• Ad-tech
• Banking and finance
• Travel and tourism
• Other end users (gaming and pet care)

By end-user, the fashion and lifestyle segment is dominating the influencer marketing market with 30% of the revenue share and continues to dominate over the upcoming years. The demand for high-end lifestyles and fashion brands where people can be more approachable and can create closer interactions which drives the growing adoption of advertising practices.

Fashion and lifestyle fanatics enable companies to advance novel products through consistent interaction with their audiences and upgrade them by sending videos, picture-perfect, and sponsored photos.

Regional Analysis

By region, North America is dominating the influencer marketing market globally. As the lockdown has made everyone work from home and the growing adoption of social media for upgrading products and services. Digital marketing, platform development, and AI-based analytics are talent pools in the region.

Europe is estimated to experience generous growth over the foreseen period as fashion companies like Chanel, Versace, Christian Dior SE are some of the forebearers in adopting such branding practices. The region is attributed to the growing need to perforate the market more efficiently and capture a more extensive base using micro and nano influencers compared to working with celebrities. The growing use of automated systems in the Nordics helping them find influencers and purchase traffic contributing major growth in the influencer marketing market growth.

Whereas, Asia-Pacific is expected to have the quickest CAGR growth pace throughout the timeframe owing to the growing adoption of advanced technologies. The appearance of certain influencer marketing startups in India and China provides profitable opportunities in the region.

In Latin America, massive marketing agencies are providing social media and content marketing services. Online marketing is becoming more of a global industry.

Brazil is the growing country in the influencer marketing industry. For instance, in Brazil, TikTok is growing rapidly with more 113 million downloads.

Mexico is also experiencing quick growth ranking 5th on the countries and making up the largest spanish-speaking market.

In the Middle East and Africa, the social media and influencer marketing are proven to become an essential part of any market's online strategy.

The GCC market leads the MEA as the largest demand from brands and the top paid influencers.

Key Market Players

1. IZEA Worldwide (US)
2. Quotient Technology Inc. (US)
3. Launchmetrics (US)
4. JuliusWorks Inc. (US)
5. Traackr Inc. (U.S)
6. Upfluence Inc. (US)
7. Klear (US)
8. AspireIQ (US)
9. CreatorIQ (US)
10. Mavrck (US)
11. Impact Tech Inc. (U.S)
12. Brandwatch (UK)
13. Linqia Inc. (U.S)
14. Onalytica (UK)
15. Social Beat Digital Marketing LLP (India)
16. ExpertVoice Inc. (US)
17. Lefty (France)
18. Lumanu Inc. (US)
19. InfluencerDB (Germany)
20. Taggermedia (US)
21. Heepsy (Spain)
22. Fourstarzz Media LLC (US)
23. Juulr B.V. (The Netherlands)
24. Intellifluence (US)
25. Insense Ads, Inc. (the US)
26. Talent Village Ltd. (UK)
27. The Room (UK)
28. Blogmint (India)
29. Zine Ltd. (UK)
30. Captiv8 Inc. (US) and many others.

Recent Market Developments

• On August 31, 2022, IZEA partners with the e-commerce technology provider, Multicart Solution, Inc. The partnership provides clients with sales data from influencer marketing campaigns and advances the consumer path to procurement.

• On October 11, 2022, Quotient joins forces with Hy-Vee and Mondelez International for Path to procure Institute's Retail Media.

• On February 11, 2022, LaunchMetrics and DBA partnered to drive MIV for influencers.

• On May 11, 2022, Julius Works announced the acquisition of HYPR Brands for an unrevealed amount. With this acquisition, Julius merges the superior features of both platforms involving Julius infl