The influencer market is estimated to grow US$ 6.0 Bn by 2021, at a CAGR of more than 20% during the assessment period 2021-2031. Influencer marketing is a discipline of digital marketing which involves endorsements and product mentions from social media influencers, to build high trust in the brand’s potential customers.
In the medium term, demand for influencer marketing will expand steadily, with a positive long-term prognosis. Shortly, being unable to quantify campaign performance will restrict potential; nevertheless, growth in the number of users of social media platforms will offer impetus to the influencer marketing method.
What is Driving Demand for Influencer Marketing?
Influencer marketing will become more popular as the number of people using OTT platforms and social media grows. The use of smartphones, tablets, and laptops has expanded dramatically in the previous 4-5 years. Influencer marketing will also benefit from technological advancements such as 3G, 4G, and 5G.
Because of the emergence of social media platforms such as Facebook, Twitter, and YouTube, there has been a decrease in television watching in recent years. OTT platforms such as Netflix, Amazon Prime, Disney Hotstar, and others are also becoming increasingly popular. As a result, the increased usage of social media platforms has become one of the key driving forces behind influencer marketing.
US and Canada Influencer Marketing Outlook
The United States is one of the most important marketplaces for influencer marketing in the world. Continuous adoption of influencer marketing platform solutions and services across all key industries such as media and entertainment, retail, healthcare, travel and hospitality, and others will drive demand for influencer marketing in the United States and Canada.
In comparison to 2019, the number of monthly active social media users in the United States increased by 2% in 2020 for Facebook, LinkedIn, and Instagram. Furthermore, according to the most recent figures, about 80% of the US population has a social media account. In addition, between 2019 and 2020, the number of people using social media in North America increased by about 7%.
Who are the Key Influencer Marketing Vendors?
Some of the leading vendors of Influencer marketing include
- IZEA Worldwide
- Quotient Technology Inc.
- JuliusWorks, Inc.
- Traackr, Inc.
- Upfluence Inc.