Influencer Marketing Market Research & Global Industry Analysis till 2031

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.

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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 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.

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.

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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
• Others.