Influencer Marketing Market Forecast, Trend Analysis & Opportunity Assessment 2031

The influencer market refers to the market for individuals who have built a large following on social media platforms and use that following to promote products, services, and ideas to their followers. Brands and companies use influencer marketing as a way to reach their target audience through people they trust and follow, increasing the likelihood of engagement and conversions.

The influencer market is growing rapidly as social media usage continues to rise and more businesses recognize the value of influencer marketing. The market size is estimated to be worth billions of dollars globally, with a significant portion of spending going towards micro-influencers (individuals with a smaller, but highly engaged following) as well as celebrities who have a large following on social media.

According to estimates, the influencer marketing industry would reach US$ 6.0 billion by 2021, expanding at a CAGR of more than 20% from 2021 to 2031. The goal of influencer marketing is to increase the potential customers’ trust in a business by using product recommendations and endorsements from social media influencers.

Short-term increase in demand for influencer marketing will be steady, while long-term growth prospects are promising. Limited prospects in the near future will result from the campaign’s inability to be evaluated for effectiveness, but the rising popularity of social media will provide the influencer marketing strategy more traction.

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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 OutlookUS 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.

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Key Segments of Influencer Marketing Market

By Component:

• Influencer Marketing Platform
• Services
  • Digital Marketing Consulting
  • Deployment and Integration
  • Support and maintenance

By Application:

• Campaign management
• Influencer relationship management
• Analytics and reporting
• Compliance management
• Others

By Enterprise Size:

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

By Vertical:

• Fashion and lifestyle
• Retail and consumer goods
• Health and wellness
• Banking and finance
• Travel and tourism
• Other

By Region:

• North America
  • US
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • BENELUX
  • Russia
  • Rest of Europe
• East Asia
  • China
  • Japan
  • South Korea
• South Asia & Pacific
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Australia & New Zealand
  • Rest of South Asia & Pacific
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East and Africa

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