Influencer Marketing Market to Reach $199.6 Billion, Globally, by 2032 at 28.6% CAGR: Allied Market Research

 Legitimate engagement drives the growth of the global Influencer marketing market.

NEW CASTLE, Del., Nov. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Influencer Marketing Market by Component (Solution and Services), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprises (SMEs)),  Application (Campaign Management, Influencer Relationship Management, Analytics and Reporting, Compliance Management, And Others),  and Vertical (BFSI, Fashion and Lifestyle, Healthcare And Wellness, Ad-Tech, Retail and E-commerce Goods, Travel and Tourism, And Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the influencer marketing market generated $16.5 billion in 2022 and is estimated to reach $199.6 billion by 2032, exhibiting a CAGR of 28.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

Surge in legitimate engagement and digital transformation drive the market growth. In addition, cost-effective marketing drives the growth of the market. However, regulatory and compliance barriers and concerns with authenticity and saturation in influencer marketing concerns are expected to hamper the growth of the market. Furthermore, targeted niche markets are expected to create lucrative growth opportunities for the market.

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The solution segment is projected to dominate the market

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.

The large enterprise segment is projected to maintain its dominance during the forecast period

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. 

The Analytics and Reporting segment to dominate by 2032

By application, the search and discovery segment accounted for nearly one-third of the global influencer marketing market share in 2022 and is expected to remain dominant by 2032, owing to help organizations find influencers who align with their brand, target audience, and marketing goals based on factors such as niche, location, follower count, engagement rate, and content type. The analytics and reporting segment is projected to also display the fastest CAGR of 33.9% throughout the forecast period, owing to capabilities including tracking campaigns, audience insights, engagement analytics, tracking conversions, and ROI reports

The Travel and Tourism segment to dominate by 2032

By vertical, the fashion and lifestyle segment accounted for nearly one-sixth of the global influencer marketing market share in 2022 and is expected to remain dominant by 2032, owing to brands increasingly forming long-term partnerships with influencers as it helps to create more stable and authentic relationships instead of one-off campaigns. The travel and tourism segment is projected to display the fastest CAGR of 32.8% throughout the forecast period, owing to social media influencers promoting destinations, travel products, and services.

Asia-Pacific garnered the major share in 2032

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.

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Leading Market Players

• Upfluence
• Aspire
• Neoreach
• Mavrck
• Izea Worldwide, Inc.
• Traackr, Inc
• Klear
• Socialedge, Inc.
• Hireinfluence Inc
• Hypetap

The report analyzes the key players in the global influencer marketing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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SOURCE Allied Market Research