Influencer Marketing Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.80 Billion |
| Market Size (2029) | USD 51.19 Billion |
| CAGR (2024 - 2029) | 31.95 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Influencer Marketing Market Analysis
The Influencer Marketing Market size is estimated at USD 13.80 billion in 2024, and is expected to reach USD 51.19 billion by 2029, growing at a CAGR of 31.95% during the forecast period (2024-2029).
- The growing use of the Internet for advertising has reshaped the business models of numerous companies, offering marketers innovative avenues to connect with their target audiences. These promotional strategies enable marketers to deliver personalized advertisements, enriching the customer experience. Social media giants like Instagram, Meta (formerly Facebook), Pinterest, and YouTube have emerged as dominant players in the marketing arena. Given these trends, the outlook for the influencer marketing platform market is poised for growth in the coming years.
- Influencer Marketing Hub has observed a swift emergence of innovative solutions in the influencer marketing landscape. For instance, IZEA's introduction of IZZY, a groundbreaking AI assistant, underscores the industry's rapid technological evolution. Additionally, in June 2024, TikTok unveiled its pioneering Symphony feature, a comprehensive suite of AI tools set to transform ad creation on the platform. A recent article from the New York Times highlighted that TikTok is piloting tools enabling brands to craft ads with AI-generated avatars that closely mimic real individuals. These avatars offer customization to mirror specific creators, can be positioned in diverse environments, and are equipped with a new dubbing tool for multilingual speech.
- Live shopping is reshaping the landscape of influencer marketing. As one of the major trends in social media, it leverages the immediacy and interactivity of live streaming, enabling influencers to showcase products in real time. This dynamic format allows influencers to promote products, engage directly with their audience, field questions, and adapt their sales pitches based on real-time feedback. Such interactivity personalizes and enriches the shopping experience, fostering transparency and trust between influencers and followers. Consequently, live shopping swiftly redefines online retail and influencer dynamics, ushering in a more genuine and interactive shopping atmosphere.
- The rise in small and medium enterprises (SMEs) has led to intense competition. Businesses are embracing various marketing strategies to reach their target audiences. They opt for influencer marketing as the fastest way to communicate with their customers. Digital marketing helps SMEs create brand awareness and thus encourages customer loyalty and sales growth. Start-ups are investing significantly in digital marketing to build consumer awareness regarding products and services. Hence, the rapid rise in the number of start-ups in developing countries and increasing investments in digital marketing are anticipated to drive the segment growth.
- On the contrary, moderate regulatory scrutiny surrounds the influencer marketing platform market, especially regarding transparency, advertising standards, and consumer protection. Regulatory bodies worldwide are intensifying efforts to ensure clear disclosure of influencer partnerships and sponsored content to audiences. This oversight seeks to uphold ethical standards, deter misleading practices, and foster trust among influencers, brands, and consumers. As the industry evolves, we anticipate regulatory frameworks will adapt to tackle new challenges and protect the interests of all stakeholders.
Influencer Marketing Market Trends
Fashion and Lifestyle is Expected to Hold Significant Share
- Fashion and lifestyle are poised to command a substantial market share. This trend is mainly due to the growing reliance on influencer marketing, enabling high-end lifestyle and fashion brands to resonate more closely with their audience. Numerous fashion brands enlist influencers to showcase their latest apparel and accessories, ensuring the public remains attuned to current fashion trends. Furthermore, brands are tapping into these platforms to forge deeper connections with local audiences due to targeted influencer collaborations emphasizing authenticity and engagement. In addition, advanced platform features, such as analytics and campaign management tools, address the varied requirements of brands aiming for impactful consumer outreach.
- Influencers can collaborate with fashion brands to promote exclusive discount codes for their followers or host giveaways. This approach boosts sales and fosters customer engagement and loyalty. For instance, an influencer might kick off a giveaway for a trendy fashion item, encouraging followers to interact with the brand's social media, thus amplifying the brand's visibility. Another tactic involves influencers temporarily taking over a brand's social media account, typically for a day, sharing content from their unique perspective. This strategy injects a fresh and captivating angle into the brand's social media, allowing followers to experience the brand through the lens of their preferred influencer.
- Furthermore, Marks and Spencer (M&S), a renowned clothing brand, maintains a vibrant presence on Instagram. Frequently, the brand partners with fashion influencers to showcase its offerings. M&S enhances user experience by prominently displaying product prices in its posts. Targeting an urban demographic, M&S engages its audience with fashion tips presented in a carousel format. Beyond apparel, the brand is also spotlighting its skincare and bath range. To further boost audience interaction, M&S organizes online contests.
- Similarly, AJIO, a fashion-centric e-commerce platform, teamed up with Aashna Shroff, a well-known influencer in the fashion and lifestyle domain. Aashna created engaging videos, including try-on hauls, styling challenges, and fashion tips, all showcasing AJIO's clothing line. Through relatable and entertaining content, Aashna successfully boosted AJIO's visibility, engaged her audience, and encouraged them to make purchases on the platform.
- According to Launch metrics, in 2023, the media category dominated the fashion industry's media impact value (MIV), accounting for 48.2%. Following closely, the influencer category secured 24.6% of the total MIV. As this technology gains prominence, businesses increasingly see the value in adopting a systematic and strategic approach to influencer relationships. Influencer management streamlines the process and drives growth in the influencer marketing platform market by offering solutions for identifying, engaging, and sustaining collaborations.
North America is Expected to Hold Significant Share
- The influencer marketing platform market in North America has captured a notable share, propelled by rising digital penetration and heightened consumer engagement across various markets. Brands are tapping into these platforms to effectively reach their target audiences, harnessing influencers to magnify brand messages and boost sales. The sector's growth is bolstered by advancements in analytics, enabling accurate audience targeting and measurement of campaign effectiveness. With surging demand for genuine and relatable content, influencer marketing in the region is solidifying its role as a crucial strategy for brands aiming to bolster their market presence and deepen consumer connections.
- Brands in the region are likely to pivot towards establishing long-term partnerships with influencers, moving away from sporadic campaigns. Such sustained collaborations foster deeper relationships and trust with audiences. Moreover, these long-term alliances yield consistent content that resonates with the brand's image, ensuring a cohesive message across various campaigns and platforms. In addition, influencers, through their ongoing interactions, can offer brands invaluable feedback. Brands can leverage this insight to fine-tune their marketing strategies, ensuring they resonate more effectively with their target demographic.
- Various firms in the country provide multiple solutions to cater to the market needs. For instance, Brandwatch is an influencer marketing solution crafted for brands aiming to streamline their influencer campaigns' identification, management, and measurement. With its suite of advanced features, Brandwatch has cemented its role as a vital asset in the dynamic landscape of influencer marketing, particularly on platforms such as YouTube, Instagram, and TikTok. At the core of Brandwatch's prowess is its extensive influencer database, which showcases a vast array of over 30 million creators from around the globe. This rich repository empowers brands to seamlessly align with influencers who echo their messaging and cater to their target audience.
- According to Affable.ai, as of June 2023, there were 177 thousand influencers in the United States with 10 to 50 thousand followers on Instagram. Additionally, over five thousand influencers on the popular photo and video-sharing app had over one million followers on the app in the examined period. Such a huge number of influencers in the region would create an opportunity for the studied market to grow.
- As customers progressively look for improved experiences and choose brands that align with their standards, a growth-at-all-costs attitude becomes unmaintainable. Companies in the region are redefining the current progress and changing it in the context of genuineness of purpose and long-term value. Companies are projected to be required to boost the invention of their marketing practices; with the help of influencer marketing, the companies in the region can shape the upcoming customer involvement in the company’s processes.
Influencer Marketing Industry Overview
The influencer marketing market is semi-consolidated due to the presence of many players. Some of the major players in the market are Upfluence, Aspire, Mavrck, Neoreach, Traackr Inc., and many more. The players are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain a competitive advantage.
Influencer Marketing Market Leaders
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Upfluence
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Aspire
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Mavrck
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Neoreach
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Traackr, Inc.
*Disclaimer: Major Players sorted in no particular order
Influencer Marketing Market News
- August 2024: The Tourism Authority of Thailand (TAT) has unveiled its new influencer marketing platform, 'TAT Connex', marking a significant step in its digital transformation strategy for promoting and developing tourism. 'TAT Connex' invites a diverse range of participants, including local and international Key Opinion Leaders (KOLs), influencers, bloggers, media personalities, and celebrities. They can connect with ten distinct categories of tourism-related businesses. These categories encompass dining establishments, hotels and homestays, transportation services, recreational activities and attractions, travel agencies, health and beauty services, shopping centers, entertainment venues, and souvenir shops.
- July 2024: Collective Artists Network, a new media entity focused on pop culture, is venturing into AI by acquiring Galleri5. Galleri5 is an AI-driven platform specializing in influencer marketing analytics and content management, catering to brands and influencers. Its offerings encompass AI-generated visual content, creator intelligence, campaign oversight, and trend prediction. By acquiring Galleri5, the firm is making a significant stride in weaving deep tech and AI into the fabric, bolstering its capacity to deliver state-of-the-art solutions to talents, content platforms, and brands.
- July 2024: Publicis Groupe has agreed to acquire Influential, the leading global influencer marketing platform. Influential specializes in authentically linking brands to their audiences through creating, deploying, and optimizing digital campaigns driven by creators. As the world's largest influencer marketing firm by revenue, Influential boasts a proprietary AI-driven technology platform that analyzes over 100 billion data points. Its expansive network includes over 3.5 million creators, granting access to data on 90% of global influencers with over 1 million followers. Currently, Influential provides its services to more than 300 brands worldwide.
- June 2024: Qoruz, an influencer marketing platform based in India, has partnered with Dabur, a brand celebrated for its natural and Ayurvedic products. This collaboration enhances Dabur's influencer marketing strategy, fostering more authentic and impactful connections with its audience. Leveraging Qoruz's sophisticated analytics and influencer management tools, Dabur aims to pinpoint influencers that resonate with the brand's fundamental values. Through Qoruz’s platform, Dabur gains data-driven insights into influencer performance and audience engagement, enabling them to craft campaigns that effectively resonate with their target demographic.
Influencer Marketing Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Firms Increasing Necessity to Utilize Influencer Marketing Platforms for Enhanced Consumer Engagement
5.1.2 Increasing Penetration of Social Media Platforms
5.2 Market Restrains
5.2.1 Lack of Credibiity and Authencity
5.3 Key Use Cases and Case Studies
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Software
6.1.2 Services
6.2 By Organization Size
6.2.1 Small and Medium Enterprise
6.2.2 Large Enterprise
6.3 By Application
6.3.1 Campaign Management
6.3.2 Search and Discovery
6.3.3 Analytics and Reporting
6.3.4 Product Seeding
6.3.5 Others
6.4 By End User
6.4.1 Retail and E-commerce
6.4.2 Fashion and Lifestyle
6.4.3 Travel and Hospitality
6.4.4 Food and Beverage
6.4.5 Others
6.5 By Geography***
6.5.1 North America
6.5.1.1 United States
6.5.1.2 Canada
6.5.2 Europe
6.5.2.1 Germany
6.5.2.2 United Kingdom
6.5.2.3 France
6.5.3 Asia
6.5.3.1 China
6.5.3.2 India
6.5.3.3 Japan
6.5.4 Australia and New Zealand
6.5.5 Latin America
6.5.5.1 Brazil
6.5.5.2 Mexico
6.5.6 Middle East and Africa
6.5.6.1 Saudi Arabia
6.5.6.2 UAE
6.5.6.3 South Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Upfluence
7.1.2 Aspire
7.1.3 Mavrck
7.1.4 Neoreach
7.1.5 Traackr, Inc.
7.1.6 Webfluential.com
7.1.7 Hypetap
7.1.8 IZEA
7.1.9 Meltwater
7.1.10 Creatoriq
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OUTLOOK AND FUTURE
Influencer Marketing Industry Segmentation
An influencer marketing platform enables enterprise businesses to identify suitable creators, craft goal-oriented campaigns, and effortlessly monitor performance metrics.
Component, organization size, application end user, and geography segment the Influencer market. By component, the market is segmented into (software services). By organization size, the market is segmented into (small and medium enterprises and large enterprises). By application, the market is segmented into (campaign management, search and discovery, analytics and reporting, product seeding, and others) by end users (retail and e-commerce, fashion and lifestyle, travel and hospitality, food and beverage, and others). By geography, the market is segmented into (North America[United States, Canada], Europe [Germany, United Kingdom, France, Rest of Europe], Asia Pacific [China, India, Japan, Rest of Asia Pacific], Latin America [Brazil, Mexico, Rest of Latin America], Middle East and Africa [Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa]). The report offers the market size and forecasts in value (USD) for all the above segments.
| By Component | |
| Software | |
| Services |
| By Organization Size | |
| Small and Medium Enterprise | |
| Large Enterprise |
| By Application | |
| Campaign Management | |
| Search and Discovery | |
| Analytics and Reporting | |
| Product Seeding | |
| Others |
| By End User | |
| Retail and E-commerce | |
| Fashion and Lifestyle | |
| Travel and Hospitality | |
| Food and Beverage | |
| Others |
| By Geography*** | |||||
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| Australia and New Zealand | |||||
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Influencer Marketing Market Research FAQs
How big is the Influencer Marketing Market?
The Influencer Marketing Market size is expected to reach USD 13.80 billion in 2024 and grow at a CAGR of 31.95% to reach USD 51.19 billion by 2029.
What is the current Influencer Marketing Market size?
In 2024, the Influencer Marketing Market size is expected to reach USD 13.80 billion.
Who are the key players in Influencer Marketing Market?
Upfluence, Aspire, Mavrck, Neoreach and Traackr, Inc. are the major companies operating in the Influencer Marketing Market.
Which is the fastest growing region in Influencer Marketing Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Influencer Marketing Market?
In 2024, the North America accounts for the largest market share in Influencer Marketing Market.
What years does this Influencer Marketing Market cover, and what was the market size in 2023?
In 2023, the Influencer Marketing Market size was estimated at USD 9.39 billion. The report covers the Influencer Marketing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Influencer Marketing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Influencer Marketing Industry Report
Statistics for the 2024 Influencer ing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Influencer ing analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
