Market Research Future Insights
According to MRFR analysis, the influencer marketing marketplace is expected to register a CAGR of 29.2% from 2022 to 2032 and hold a value of over USD 198.3 billion by 2032.
Influencer marketing is essentially a mixture of old and novel marketing tools, which includes a brand collaborating with an online influencer to endorse its products and services. By the usage of influencer marketing, organizations can reach out to more people as likened to traditional marketing practices. Moreover, influencer marketing platforms also allow organizations to work with influencers and connect with their audience, which consequences in better connections, higher engagement, and ultimately achieve more sales. The growing interest in video-based content among the population is the essential driving factor of influencer marketing platforms. Video consumption augmented tremendously in the last few years owing to growing 3G, 4G, and 5G smartphones, and is a boost to be a growth factor of the global influencer marketing platform market. The COVID-19 epidemic has had a positive effect on influencer marketing platforms and has resulted in a significant upsurge in the adoption of these platforms. In a lockdown, several sectors promote their businesses on a cost-effective advertisement medium which is a social media platform. Hence, an upsurge in the adoption of such platforms for marketing strategies enlarges the growth of the global influencer marketing platform market.
Regional Analysis
North America dominated the influencer marketing market by capturing a revenue share of more than 31% in 2021. This can be mainly attributed to the augmented consumer engagement in social media and OTT platforms in the U.S., especially during the epidemic, as people practiced social isolation. This, in turn, offered the corporations an occasion to use influencer marketing to encourage their products and services. Besides, the existence of a skilled workforce involved in platform development, digital marketing, and AI-based analytics in the region is also preferred the market growth.
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Europe is expected to observe a growth rate of nearly 33.0% through 2030 with the augmented adoption of branding practices by prominent fashion brands such as Chanel, and Christian Dior SE, in the region. These brands are focusing on growing their market penetration and capturing an extensive customer base through micro-and nano-influencers. Moreover, the continuing deployment of automated systems in the Nordic countries, serving them to find influencers and buy traffic, is causative to the market growth.
Impact of COVID-19:
The COVID-19 pandemic has had a significant impact on various industries, and influencer marketing is no exception. As lockdowns and social distancing measures were implemented worldwide, brands had to reevaluate their marketing strategies. However, influencer marketing quickly adapted to the new normal, with influencers creating engaging content from their homes and connecting with their followers on a more personal level.
Market Segmentation
The global Influencer Marketing Market has been segmented into vehicle component, organization size, and end-user
Based on the Component, the global Influencer Marketing Market has been segmented into Solution and Services
By Organization Size, the global Influencer Marketing Market has been segmented into Small & Medium Enterprises and Large Enterprises.
Based on End-User, 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.
Latest Industry News:
The influencer marketing industry is continually evolving, and staying up-to-date with the latest news is vital. Some recent developments include:
The Rise of Micro-Influencers: Brands are increasingly turning to micro-influencers, who have smaller but highly engaged audiences. These influencers offer a more cost-effective option for brands and often have a more authentic connection with their followers.
Regulations and Guidelines: As influencer marketing gains prominence, regulatory bodies are implementing guidelines to ensure transparency and protect consumers from misleading endorsements. Influencers and brands must adhere to these regulations to maintain trust and credibility.
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