The Influencer Marketing Platform market is expected to grow from USD 7.83 Billion in 2020 to USD 40.49 Billion by 2028, at a CAGR of 33.8% during the forecast period 2021-2028.
An influencer marketing platform is a software system designed to help brands with their influencer marketing initiatives. Traditional celebrity endorsements are combined with current content-driven marketing methods in this campaign. In recent years, marketers have begun to collaborate with online celebrities/influencers instead of traditional celebrities for product endorsements.
Influencer marketing platform helps create a brand image among the public and reach the target group. It permits the sale of specific brands to users of social media platforms with a tremendous partnership, established reputation, and trust with the public.
As mobile phones and social media have become accessible to everyone, the number of influencers has increased globally. With the shift of consumer preference from traditional to modern media platforms, the demand for influencer marketing has increased. Easy customer access to low-cost and high-speed Internet access gives marketers a new way of reaching target groups that expand influencer marketing strategies being established. Due to the increasing use of smartphones and the 3G and 4G networks, video content has multiplied in recent years. This has been a significant factor in boosting the global influencer marketing platform market. Although, it is very difficult to measure the impact of the campaign via influencer marketing. Brands typically launch campaigns without considering crucial elements, such as end objectives, geographical areas, and influencer types. Drives fail or provide limited results because of a lack of planning. Due to this, the growth of the market is often restricted. On the other hand, companies are increasingly adopting successful marketing strategies which reach consumers without annoying them. Marketing influencer is one of the most efficient marketing methods to reach direct customers through Macro and Micro-influencers. This offers a market growth opportunity in the next several years.
The major market players in the global influencer marketing platform market include IZEA Worldwide, Quotient Technology Inc., Launchmetrics>, JuliusWorks, Inc., Traackr, Inc., Upfluence Inc., Klear, AspireIQ, CreatorIQ, Mavrck, Impact Tech, Inc., Brandwatch, Linqia, Inc., Onalytica, Social Beat Digital Marketing LLP, ExpertVoice Inc., Lefty, Lumanu Inc., InfluencerDB, Taggermedia, Heepsy, Fourstarzz Media LLC, Juulr B.V., Intellifluence, Insense Ads, Inc., Talent Village Ltd., The Room, Blogmint, Zine Ltd., and Captiv8 Inc.
The Search and Discovery segment dominated the market with the largest market share of 28% in the year 2020.
Based on the application, the Global Influencer Marketing Platform Market is segmented into Search and Discovery, Campaign Management, Influencer Relationship Management, Analytics and Reporting, Compliance Management and Fraud Detection, and Others. The Search and Discovery segment dominated the market with the largest market share of 28% in the year 2020. This is due to businesses’ rising inclination to collaborate with influencers to strengthen their digital advertising strategies. Companies are using influencer search and discovery tools to locate the proper brand ambassadors using various variables, such as audience demographics, content effectiveness, and performance, saving time and money over manual searches. Platform providers also allow businesses to work with various influencers on various social media platforms based on their advertising strategy and needs.
The Fashion & Lifestyle segment dominated the market with the largest market share of 32% in the year 2020.
Based on end-use, the Global Influencer Marketing Platform Market is segmented into Food & Entertainment, Sports & Fitness, Travel & Holiday, Fashion & Lifestyle, and Others. The Fashion & Lifestyle segment dominated the market with the largest market share of 32% in the year 2020. Fashion influencers are now an essential aspect of social media marketing strategies. Consumers resort to social media and social media influencers for knowledge about new items and businesses, and they generally dominate the digital sphere. Fashion companies use influencers for advertising new accessories and clothing, allowing people to keep up with fast fashion trends while also ensuring a consistent income flow. Furthermore, by consistently interacting with their followers and marketing them by sharing picture-perfect photographs, videos, and sponsored articles, fashion and lifestyle lovers help firms produce new things. The food and entertainment segment also has a considerable share in the market. The increase in global screen time in 2020, due to the COVID-19 lockdown has given food and entertainment firms the potential to use influencer marketing to promote events and new online content. People’s desire for more recent and more diverse entertainment forms has resulted in a considerable increase in revenue for the food and entertainment sector.