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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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.
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
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
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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