Global influencer marketing industry to reach $24 billion in 2025, report
The world's influencer marketing platform industry is projected to grow from $6,015 million in 2020 to $24,076 million by 2025, at a Compounded annual growth rate of 32 per cent during the forecast period.
A decade ago, the influencer marketing arena was limited only to celebrities and a few dedicated bloggers. Now, the trend of social media influencers has increased.
Influencer marketing is now an established form of online marketing. It has been a buzzword for a while now, and the mainstream media regularly refers to it. Influencer marketing is an amalgamation of old and new marketing tools.
It refers to the idea of celebrity endorsement, and this idea places it into a modern-day content-driven marketing campaign. The main differentiator in the case of influencer marketing is that the campaign results are collaborations between brands and influencers.
Various factors such as the customers' shift toward video-based content across the OTT space and an increase in the adoption of ad-blocking software are expected to drive the adoption of the influencer marketing platform market. The objective of the report is to define, describe, and forecast the influencer marketing platform market size based on component, organization size, application, end-user, and region.
Many businesses are fighting to survive and are using different marketing strategies to recover the loss. This has posed a good opportunity for brands and influencers to engage with their audiences with impactful messaging. The importance of influencer marketing as a core marketing strategy has grown during the COVID-19 crisis.
Through the personal views and support of followers, influencers will continue to shape the conversations occurring in the post-lockdown world. The effects of COVID-19 will be long-term, and as a result, marketing strategies must be revised to suit the new environment in which smaller and larger companies are surviving currently.
Areas of discretionary spending and especially those heavily affected by COVID-19, such as the adoption of travel-related products, have decreased notably. This includes luggage, cameras, clothing, and footwear.
With this in mind, influencers that have had stopped or decreased their campaigns in these areas may benefit from looking for opportunities in packaged foods or self-improvement at-home products, such as weight training and exercise at home-related products.
Considering the scenario of COVID-19, brands are now shifting their focus to be more sensitive to the present situation by leveraging digital influencers to spread the message of safety and health.
The services segment is estimated to grow at a higher CAGR during the forecast period
The influencer marketing platform market is segmented on the basis of components, such as solution and services.
The services segment is expected to grow at a rapid pace during the forecast period as the demand for services, such as support and maintenance, deployment and integration, and consulting, is rising with the tailor-made features for influencer marketing platform solution during the COVID-19 outbreak.
Among regions, North America is expected to account for the largest market size during the forecast period
North America is expected to have at the largest market size during the forecast period. The continuous adoption of influencer marketing platform solution and services across all the major end users is expected to drive the market growth in North America.
The governments in North America are focusing and investing substantially in AI and ML technologies, while they are also reaping the benefits of influencer marketing platforms in the US and Canada.