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The Middle East influencer marketing market is predicted to reach a staggering valuation of $1.3 billion by 2023 while highlighting supporting technologies and trends, according to a recent research report by YAAP.
This is in light of brands shifting their marketing budgets from TV, print, and outdoor to influencer marketing.
According to Statista, Since 2019, the size of the worldwide influencer marketing market has more than doubled. As of Q1 2023, the market has been valued at a record 21.1 billion dollars.
The study methodology used by YAAP included obtaining sector-wide insights from CMOs, marketing directors, and digital marketers at top regional businesses. The findings confirmed the UAE’s advantage in influencer marketing and the use of enabling technology on a worldwide scale.
What Marketers Had To Say
The overwhelming majority of marketers—76.9%—said that influencer marketing is their brand’s second-highest priority behind social media, demonstrating the growing popularity of “influencing” in the branding and advertising sectors. While the overall budgets for influencer marketing have increased significantly in 2023, a fascinating insight into the future of the field is that 76.5% of marketers have directed their TV, print, and outdoor advertising spending toward influencers.
The Rise of Mid-Tier Influencers
The research also revealed that 79.3% of respondents felt that mid-tier influencers are most crucial for spreading their brand message. The need for technology was shown by the fact that 71.8% of marketers said they track the effectiveness of their influencer marketing activities.
What this means for mid-tier influencers is that brands will see most demand and value in collaborating with them.
Mid-size influencers’ are classified as those with 100,000 to 300,000 followers. This segment is favored by marketers to how socially conscious and relevant they are, along with their proximity of social class with targeted consumers.Â
Overall, the research suggested that virtual influencers are set to become more prevalent in 2023 and that AI would play a larger part in influencer marketing.
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