Influencer Marketing Market Size Reach USD 199.6 Billion by 2032 at 28.6% CAGR, Key Factors Behind Market’s Growth
Surge in legitimate engagement, digital transformation and cost-effective marketing are the major factors driving the market growth
PORTLAND, PORTLAND, OR, UNITED STATE, April 23, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, The Influencer Marketing Market Size Reach USD 199.6 Billion by 2032 at 28.6% CAGR, Key Factors Behind Market’s Growth. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The global influencer marketing market was valued at USD 16.5 billion in 2022, and is projected to reach USD 199.6 billion by 2032, growing at a CAGR of 28.6% from 2023 to 2032.
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Surge in legitimate engagement and digital transformation drive the market growth. In addition, cost-effective marketing drives the growth of the market. Targeted niche markets are expected to create lucrative growth opportunities for the market.
The influencer marketing market is segmented into Component, Enterprise size, Application and Vertical. The market is segmented on the basis of component, enterprise size, application, vertical and region. On the basis of component, it is categorized into solution and services. On the basis of enterprise size, it is bifurcated into large enterprises and small and medium-sized enterprises (SMEs). On the basis of application, it is divided into campaign management, influencer relationship management, analytics and reporting, compliance management, and others. On the basis of vertical, it is fragmented into BFSI, fashion and lifestyle, healthcare and wellness, ad-tech, retail and e-commerce goods, travel and tourism, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings of the Study
● By component, the solution segment accounted for the influencer marketing market share in 2022.
● On the basis of enterprise size, the large enterprise segment generated the highest revenue in 2022.
● On the basis of application, the search and discovery segment generated the highest revenue in 2022.
● On the basis of end user, fashion and lifestyle segment generated the highest revenue in 2022.
● Region-wise, North America generated the highest revenue in 2022.
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By component, the solution segment held the major share in 2022, garnering nearly half of the global influencer marketing market revenue, owing to offers to find influencers and management of platforms that aid brands in meeting and working with the appropriate influencers for their campaigns, campaign tracking, and evaluating the success of influencer partnerships, content creation, and distribution services to guarantee the creation and distribution of high-quality and engaging content. The services segment is expected to also showcase the fastest CAGR of 31.6% during the forecast period, owing to organizations finding the appropriate influencers, creating compelling campaigns, and achieving their marketing goals through successful influencer collaborations by utilizing their knowledge, industry connections, and technology.
By enterprise size, the large enterprise segment accounted for nearly half of the global influencer marketing market share in 2022 and is expected to maintain its dominance by 2032, owing to promoting their goods and services, producing sincere content, and gaining access to the influencers’ loyal and attentive fan bases. Influencer marketing presents an opportunity for brands to interact more meaningfully and relatable with their target market, boosting brand loyalty. The small and medium-sized enterprise segment is expected to also display the fastest CAGR of 30.9% throughout the forecast period, owing to performing some predefined functions/tasks and being designed according to the needs of that particular task.
By region, North America garnered the highest share accounting for nearly one-third of the global influencer marketing market revenue in 2022, and is projected to retain its dominance by 2032, owing to factors such as the increase in use of smartphones and enhanced internet connectivity aiding the growth of the influencer marketing market. The Asia-Pacific region is projected to witness the fastest CAGR of 22.6% during the forecast period, owing to increase in availability of high-speed mobile data, as more people in Asia-Pacific have access to the internet, which is expected to fuel the market growth in Asia-Pacific.
The key players profiled in the influencer marketing market analysis are as NeoReach, Mavrck, Aspire, Traackr, Inc., HireInfluence Inc, SocialEdge, Inc., Hypetap, Upfluence, Klear, and IZEA Worldwide, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the influencer marketing industry.
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