| Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, June 16, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Influencer Marketing Market Analysis by Component, By Service, By Organization Size, By End-user (Fashion, Luxury & Cosmetics, Retail & E-Commerce, Consumer Goods, Advertising & Public Relation, Food & Beverage, Automobile, Others) By Region – Forecast till 2027” valuation is poised to reach USD 2.85 Billion by 2025, registering an 8% CAGR throughout the forecast period (2020–2025).
Influencer Marketing Market Overview
Influencer marketing is a marketing approach to build and promote a brand’s image and its products & services. Brands collaborate with various online influencers to market their products or services. It works on bringing together brands and influencers on a single platform to achieve steady revenue growth. These marketing collaborations are less tangible than working with influencers to improve brand recognition.
Influencer Marketing Market Report Scope:
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Over the past few years, social media platforms have been deep-rooted in marketing and advertising spaces. Social media influencers have a great impact on brand promotions and marketing campaigns. Currently, influencers are involved in boosting purchases in e-commerce, gaming, OTT platforms, and more.
With the rising social media users, brands are heavily relying on this marketing approach to boost their brand image, products, and, thus, sales. Consumers are exploiting these platforms for other use cases like keeping up with the latest news, getting product reviews, or gaining an inside view of celebrities and influencers.
According to a recent survey, around 78% of consumers and 50% of millennials follow influencers on social media to discover a new brand or product. However, it is not easy for an influencer to rise to the position of influencing the audience. A lot of hard work, money, and effort goes into building a platform for oneself.
Influencer Marketing Market Segments
The report is segmented into components, organization size, end-users, and regions. The component segment is sub-segmented into solution/platform and services. Among these, the solution/platform segment grows at a higher CAGR, witnessing vast deployments by major brands to manage and organize influencer marketing internally.
The services segment is further divided into professional services covering integration and consulting and managed services that comprise third-party providers offering a range of influencer marketing services.
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The organization size segment is sub-segmented into small- and medium-sized enterprises (SMEs) and large enterprises. Among these, the SME segment accounts for the largest market share due to the growing needs of brands to effectively compete in their respective industries.
The vertical segment is sub-segmented into fashion, luxury & cosmetics, retail & e-commerce, consumer goods, advertising & public relations, food & beverages, travel & tourism, automobile, and others. Of these, the retail & e-commerce segment grows at the highest CAGR.
Influencer Marketing Market Regional Analysis
North America leads the global influencer marketing market due to many active social media users and connected devices. Moreover, the presence of a number of influencer marketing companies offering comprehensive testing solutions to the enterprises drives the market growth. Besides, substantial investments by large and small organizations in influencer marketing platforms to enhance their business boost the market size.
Europe stands second in the global influencer marketing market. The presence of various notable technology providers and large deployments of influencer marketing platforms define the growing market landscape. Additionally, the growing numbers of medium and large enterprises with sizable investments act as significant tailwinds for the market growth in the region.
Asia Pacific influencer marketing market is growing rapidly. Factors bolstering the market growth include the increasing adoption of social media platforms for marketing and large developments in AI technology to enhance operational performance and boost the regional market growth. Furthermore, the growing population in various developing countries, increasing numbers of active social media users and increasing smartphone ownership due to improving internet connectivity substantiate the region’s influencer marketing market share.
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The vast befits that influencer marketing platforms offer, propel the growth of the market. Social media has transformed marketing and promotional approaches for businesses. Easier access to advanced technologies and vast adoption of influencer marketing by start-ups, SMEs, and top-notch companies to drive growth and create substantial market opportunities.
Rising users of smartphones and social media due to increasingly improving internet connectivity foster the market size, enabling innovative content creation without any investments. With technical upgrades and the launch of various social media apps, the market is projected to witness rising sales in the years to come. In this regard.
Influencer Marketing Market Competitive Analysis
Dominant Key Players on Influencer Marketing Market Covered are:
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Highly competitive, the influencer marketing market appears fragmented due to the presence of several well-established players. Influencer marketing agencies allow brands and influencers to collaborate easily and regularly so that there is hand-in-hand growth. They provide brand collaborations and other services to influencers and brands required in the field of marketing.
They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products. Mergers & acquisitions, collaborations, innovation, and brand reinforcement remain common trends for the leading players as these strategies support their growth and expansion plans.
For instance, on June 14, 2022, Acceleration Community of Companies (ACC) announced the acquisition of an influencer marketing agency – Pixly, to enter the influencer marketing space. ACC’s agency group includes MKG, Stripe Theory, Pink Sparrow, and ACC Advisory, the group’s in-house consultancy. ACC has been eyeing the influencer marketing segment for several years, and it was intrigued by Pixly’s tech offering and its client-focused service model. Before Pixly, it acquired Stripe Theory, a strategic marketing agency with data expertise.
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