Instagram Dominates Global Influencer Marketing Industry, North America Leads Market Growth

LOS ANGELES - March 6, 2023 - PRLog -- In recent years, the influencer marketing industry has experienced significant growth, with brands recognizing the potential of leveraging the reach and influence of popular social media users to promote their products or services. This growth has been driven by various factors, including the impact of the COVID-19 pandemic, advancements in data collection and analysis, and the rising popularity of short-form video content on social media platforms.

Current Market Performance: Tremendous Growth
Global influencer marketing market size has grown from USD 2.95B in 2017 to USD 14.74B in 2021. Short-form videos on platforms like TikTok, Instagram Reels, and YouTube Shorts have provided new opportunities for influencers to engage with audiences creatively, contributing to the industry's growth.

Regional Contribution: North America Leads the Market
North America leads the market, primarily due to the increased use of social media and OTT platforms among Americans, especially during the pandemic. Additionally, the availability of a talented workforce working in platform development, digital marketing, and AI-based analytics is helping the industry expand.

Instagram Leads the Industry: Dominant Platform
Instagram dominates the global influencer marketing industry with a revenue share of over 70% in 2021. On average, 500,000 influencers were active on Instagram in 2019, representing 39% of all Instagram users who had 15,000 or more followers at the time.

Increase of In-House Influencer Programs: Long-Term Relationships
As more brands understand the value of working with influencers, they are looking for novel ways to establish long-term relationships. Brands realize that stronger marketing requires a more profound relationship with influencers.

Virtual Events will Continue to Bolster Marketing
Virtual events became a lifeline for many brands in 2020 as many in-person events were postponed or cancelled.

Influencer Marketing – An Alternative in Times of Rising Inflation
In times of economic uncertainty or rising inflation, influencer marketing can be a cost-effective and flexible option for brands looking to reach their target audience. By working with influencers to create authentic and engaging content, brands can build relationships with their target audience and drive long-term growth for their business.

Makreo research has published study on Influencer Marketing Industry titled, "Influencer Marketing Industry Report: Global Outlook on Emerging Trends and Opportunities (2018-2028)". The study evaluates market using both top-down approach and bottom-up approach. Market assessment has been carried out using qualitative and quantitative methods and have combined the impact of macro-economic and micro economic scenario of the geographies assessed.

Find out more:- Influencer Marketing Industry Report: Global Outlook on Emerging Trends and Opportunities (2018-2028) (https://www.makreo.com/report/influencer-marketing-indust...)

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