The Global Influencer Marketing Platform Market Size accounted for USD 9.2 Billion in 2021 and is predicted to be worth USD 104.1 Billion by 2030, with a CAGR of 31.4% during the forthcoming period from 2022 to 2030.
The global influencer marketing platform market size is projected to grow significantly over the forecast period. This is owing to the increasing popularity of social media platforms and the rising prevalence among users, which is boosting the demand for the influencer marketing platform industry. Furthermore, significant changes in customer demand for video-based content throughout the OTT-based platform, as well as a growth in the deployment of the ad-blocking solution, are projected to accelerate the growth of the influencer marketing platform market value.
An influencer marketing platform is an innovative software-based system that businesses and agencies use to handle and manage their influencer marketing campaigns and engagements. Influencer marketing is one of the most effective methods for swiftly building influencer advertising strategies and increasing awareness among the intended audience. According to Forbes, influencer marketing is expanding faster than digital advertising, with a focus on utilizing an industry leader's followers to fuel growth in their own firm. Indeed, influencer marketing should be used actively in social media advertising to improve brand awareness, bring the content in front of new eyes, and produce new leads for the sales funnel. Moreover, influencer platforms' features have recently grown to encompass campaign management, relationship management, influencer markets, third-party analytics, as well as influencer content amplification.
Global Influencer Marketing Platform Market Analysis
Influencer Marketing Platform Market Report Coverage:
|Influencer Marketing Platform Market
|Influencer Marketing Platform Market Size 2021
|USD 9.2 Billion
|Influencer Marketing Platform Market Forecast 2030
|USD 104.1 Billion
|Influencer Marketing Platform Market CAGR During 2022 - 2030
|Influencer Marketing Platform Market Analysis Period
|2018 - 2030
|Influencer Marketing Platform Market Base Year
|Influencer Marketing Platform Market Forecast Data
|2022 - 2030
|By Component, By Application, By Organization Size, By End-user, And By Geography
|Influencer Marketing Platform Market Regional Scope
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|ExpertVoice Inc., Traackr, Inc., Quotient Technology Inc., JuliusWorks, Inc., CreatorIQ, Impact Tech, Inc., Linqia, Inc., Social Beat Digital Marketing LLP, Lumanu Inc., Launchmetrics, InfluencerDB, Onalytica, IZEA Worldwide, Brandwatch, and Taggermedia.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
The increased adoption of marketing platforms by various influencers and marketers is a critical element driving the influencer marketing platform market growth. Furthermore, the increased demand for big data analytics for digital advertising, the growing desire to establish a brand image, and the rising popularity of ad-blocking software are among the primary reasons driving the influencer marketing platform market trend.
Aside from that, COVID-19 has had a significant influence on the influencer marketing platform market around the world. As a result, consumers are looking for genuine people, becoming micro-influencers becoming more important than ever. These have generated new possibilities for businesses to collaborate with their audiences through new methods of digital marketing including influencer marketing platform solutions. According to a recent research survey conducted by the influencer marketing platform provider Zefmo, approximately 92% of marketers plan to use social media marketing strategies in 2020. As a preventive measure in the event of a COVID-19 pandemic, most governments have implemented lockdowns. As a result of spending much more time at residence; consumers have increased their use of online social media sites. The volume of traffic on social media platforms has skyrocketed, fueling the demand for the influencer marketing platform market.
However, among other things, limited campaign influence, a scarcity of technology understanding, and an increase in the availability of narrow professionals are the primary factors inhibiting the influencer marketing platform market share throughout the projection period.
Influencer Marketing Platform Market Segmentation
The global influencer marketing platform market segmentation is based on the component, application, organization size, end-user, and geographical region.
Market by Component
In terms of components, the solution segment is expected to increase significantly in the coming years. The providers are constantly working to develop innovative techniques for engaging with clients, building relationships, and identifying new market prospects. As a result, organizations are incorporating strategies such as brand management as well as influencer marketing. Currently, SaaS-based influencer marketing solutions are becoming increasingly popular due to their offering that gives marketers end-to-end solutions.
Market by Application
According to the influencer marketing platform industry analysis, the search and discovery segment can lead the market in 2021. This growth is primarily due to increased engagements between marketers and influencers for a specific marketing campaign. Using audience demographics and psychographics, performance, and content effectiveness, search and discovery technologies assist businesses in finding the right marketing strategies for influencers. For instance, HypeAuditor offers search and discovery solutions for numerous platforms for social media such as Instagram, TikTok, as well as YouTube.
Market by Organization Size
Based on the organization size, the large enterprise segment accounted for the largest market shares in 2021. This dominance is due to the growing desire for cost-effective marketing techniques and strategies for enterprises. Furthermore, due to the COVID-19 infections, various large-scale organizations restricted their commercial operations throughout the global pandemic. As a result, their advertising budget was reduced, resulting in a desire for new marketing strategies and the use of online services as a primary channel of advertisement.
Market by End-user
According to the influencer marketing platform market forecast, the fashion and lifestyle segment is likely to grow significantly in the industry over the next few years. The increased demand from high-end fashion and lifestyle entities to become more reachable to consumers and create tighter relationships with them is driving the emergence of such advertising techniques. Moreover, fashion enthusiasts let businesses communicate with and market to their intended audience by providing picture-perfect photographs, video content, and affiliate marketers.
Influencer Marketing Platform Market Regional Outlook
The Middle East & Africa (MEA)
Rise in OTT platform and social media consumptions in North America, Propels Regional Market Growth
Geographically, North America currently has a larger proportion of the Influencer marketing market than other regions. Some of the key drivers of the North America influencer marketing platform industry include the expanding number of smart consumer electronics, the growing proportion of social media users, as well as the population explosion across the region. The support of government agencies, as well as the benefits reaped from digital sites that serve as influencer marketing platforms, are likely to drive the overall expansion of the influencer marketing platform market throughout the forecast period. Furthermore, the United States is one of the world's largest marketplaces for Influencer marketing platforms. The continuing adoption of influencer marketing platform services and solutions across all major industries such as travel and hospitality, entertainment and media, e-commerce, healthcare, and others will drive demand for the influencer marketing platform market in the United States and Canada.
Influencer Marketing Platform Market Players
Some of the prominent global influencer marketing platform market companies is ExpertVoice Inc., Traackr, Inc., Quotient Technology Inc., JuliusWorks, Inc., CreatorIQ, Impact Tech, Inc., Linqia, Inc., Social Beat Digital Marketing LLP, Lumanu Inc., Launchmetrics, InfluencerDB, Onalytica, IZEA Worldwide, Brandwatch, and Taggermedia.
The global influencer marketing platform market size in 2021 was accounted to be USD 9.2 Billion.
The projected CAGR of influencer marketing platform during the analysis period of 2022 to 2030 is 31.4%.
The prominent players of the global influencer marketing platform market involve ExpertVoice Inc., Traackr, Inc., Quotient Technology Inc., JuliusWorks, Inc., CreatorIQ, Impact Tech, Inc., Linqia, Inc., Social Beat Digital Marketing LLP, Lumanu Inc., Launchmetrics, InfluencerDB, Onalytica, IZEA Worldwide, Brandwatch, and Taggermedia.
North America held the dominating share for influencer marketing platform during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for influencer marketing platform during the analysis period of 2022 to 2030.
The rise in OTT platform and social media consumption, as well as a significantly raise in the adoption of ad-blocking application are the prominent factors that fuel the growth of global influencer marketing platform market.
Based on component, solutions segment hold the maximum share for influencer marketing platform market in 2021.