According to a new report from Simply Measured, 71 percent of the world’s largest brands have adopted Instagram — making it the fastest growing social network worldwide.

The report, which included brand hashtag monitoring, multi-account monitoring, competitive monitoring, and a complete social media snapshot, tracked brands across all social channels.

Adoption wasn’t the only metric to see a boost; brand engagement has grown by 350 percent year over year, likely due, in part, to a 70 percent increase in brands using the network.

“Instagram is a channel we’ve been tracking for sometime,” explained Nate Smitha, a marketing analyst with Simply Measured. “It’s an excellent channel for brands to repurpose their marketing content. Brand adoption has increased significantly, which has made it a great place for consumers to connect with those brands.”

According to the study, the top brand using Instagram is Mercedes-Benz, which gains the most engagement through photos, rather than videos. Mercedes-Benz, BMW, and Audi make up three of the top five most engaging brands. In all, the Top 10 brands receive 83 percent of all Instagram engagement.

Video adoption is slowly increasing, but photos are still receiving more comment and likes. Currently videos account for only six percent of total posts while photos continue to lead the way, driving 26 percent more engagement than video. Video is still relatively new, so it’s likely this metric will increase in the coming months.

This study also found that as activity increases, so do followers. Fifty-seven percent of top brand marketers are now averaging at least one post per week. As a result, more than one-third of top brands have 10,000 followers and 19 percent see audiences that exceed 100,000 followers.

The report couldn’t have come at a better time — the first Instagram ad was met with mixed reviews, but this data shows that brands are well-received on Instagram. To echo what we said in our earlier post, don’t let consumer feedback rattle your confidence or scare you away from uploading branded content to the service. Brands are performing very well on Instagram, and will likely continue to do as long as content is shared smartly.

[Via: Inside Facebook, Image credit: Autoviva]