Currently worth $16.4 billion, the influencer marketing market size has been growing steadily over the past few years. The increasing amount of money brands are investing in this marketing strategy is proof of its effectiveness for business growth. 

If engaging with influencers is something you’re considering, one of the most important things you need to know is what the top influencer marketing platforms are.

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Top influencer platforms brands use

Recent research shows that Instagram currently sits comfortably in first place on the list of the top influencer marketing platforms US brands use. As many as 76.7% of marketers are expected to use it for influencer marketing campaigns in 2023, a 4.1 percentage point annual increase.

Instagram has been the most popular influencer marketing platform in recent years, and this is expected to continue through to at least 2024. By then, analysts expect 80.8% of US marketers to be using the platform for influencer marketing activities.

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Instagram is followed by social media giant Facebook, another Meta-owned entity used by just over half (58%) of marketers. 

TikTok is next, with 50%. The high usage of TikTok as an influencer marketing platform is impressive, especially considering the platform was only launched in 2016, much later than the other top influencer marketing platforms on this list. Marketers’ use of TikTok has surged over the past few years. Just three years ago, it was used by 36% of marketers and was the fourth-most popular influencer marketing platform. 

Analysts expect TikTok’s popularity to continue rising and predict that it will be used by 54% of marketers in 2024. Its quick adoption should come as no surprise, as the platform boasts an average influencer engagement rate that’s much higher than that of its competitors, YouTube and Instagram.

Video-sharing channel YouTube and micro-blogging site Twitter rank next on the list of the top influencer marketing platforms. They are expected to be used by 44.2% and 25.5% of brands, respectively. Snapchat, a popular photo-sharing and messaging app, is set to round out the list of the top influencer marketing platforms in 2023. It is forecast to be used by 18.5% of US businesses.

As popular and effective as influencer marketing may be, there are obstacles to be aware of. Brands rank measuring results, finding influencers, and managing contracts and deadlines as some of the top influencer marketing challenges they currently face.

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