Influencer Marketing Platform Market

The global influencer marketing platform market size was valued at USD 7.70 billion in 2020 and is projected to expand at a CAGR of 30% during the forecast period, 2021–2028. The growth of the market is attributed to the customers’ inclination toward video-based content across the Over-The-Top (OTT) space and a rise in the adoption of ad-blocking software.

The influencer marketing is rapidly moving from mere buzzword to incorporation of mainstream branding strategies. It is a merger of the idea of contemporary content-driven marketing campaigns and conventional celebrity endorsements. In recent years, several brands are now collaborating with online celebrities/influencers rather than traditional celebrities for endorsement of their products. This is because of rising number of followers of these online celebrities on social media and ability to impact on buying pattern of their followers.

The increasing usage of internet in advertisement has transformed companies’ business models and created substitute revenue streams. The affordability and ease availability of high-speed internet service gives a new channel for reaching to targeted audience. Supporting the promotion allows brands and marketers to make personalized advertisement which then increases business relations and customer experiences.

Social media portals including Facebook, Instagram, YouTube, and Pinterest are some ideal platforms which are used for marketing purposes. The constant rise in base of users of social media apps aids marketers for rising customer engagement and understand their pain though influencers’ interactions. Social media boosts the business for publicity driven by content using association with most appropriate personality, which creates digital identity for audiences. The developing network of influencer is a critical differentiating factor present in promotion strategies of major market players. Influencers are creating and developing several types of content due to which influencer pool is expected to be created. The interconnectedness between these celebrities gives various opportunities to brand for finding correct brand ambassadors as per their vision and value

Market Trends, Drivers, Restraints, and Opportunities

• Growing social media subscribers, increasing smartphone users, and rising demand of the content-based band live interactive video sessions are expected to propel the market growth during the forecast period.
• Increasing investment of companies in marketing campaigns and rising usage of social media platform are estimated to fuel the market growth in the coming years.
• Rising need of big data analytics for influencer marketing and increasing use of social media platforms are expected to drive the growth of the market.
• Increasing penetration of high-speed internet is one of the factors responsible for propelling the market growth over the forecast period.
• Growing need of brand image creation, increasing adoption of ad-blocking software, and changing trend of content consumption are estimated to push the expansion of the market in the coming years.
• Increasing demand of big data analytics, AI, and ML, growing popularity of social media platforms, and customers’ inclination toward video-based content across the OTT space are expected to boost the growth of the market.
• Increasing security and privacy concerns and lack of capabilities to measure campaign effectiveness are major factors responsible for hampering the expansion of the market in the coming years.
• Lack of awareness about technology and increase in availability of limited professional are projected to impede the market growth over the forecast period.

Scope of the Report

The report on the global influencer marketing platform market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Search & discovery segment is projected to hold a major market share
On the basis of applications, the influencer marketing platform market is segmented into campaign management, search & discovery, analytics & reporting, and influencer management. The search & discovery segment is expected to hold a key share of the market in the coming years due to rising need of collaboration with best fit influencer among brands and marketers. The search & discovery segment helps companies for getting right brand ambassadors by using several filters including effectiveness of content, audience demographics, and performance. Also, it offers collaboration opportunity with various influencers on social media platforms, based on their requirements and advertising campaign.

However, the analytics & reporting segment is anticipated to expand at a rapid pace during the forecast period due to companies’ requirement of analyzation of critical factors related to promotion campaigns such as engagement of influencers, content penetration, and campaign effectiveness. All these factors are helping the company for content changing as per their requirements.

SMEs segment is expected to expand at a significant pace
In terms of company sizes, the market is bifurcated into large enterprises and SMEs. The large enterprises segment is expected to hold a key share of the market during the forecast period due to the requirement to install cost effective and efficient marketing policies. The COVID-19 pandemic situation restricted the business activities for various large enterprises and reducing their advertising budget. This generates the requirement of promotional tools and leverage the internet as its main marketing channel. Moreover, large enterprises have following of social media which increases the effectiveness in the business with customer and enhances the engagement through influencers.

On the other hand, the SME segment is anticipated to expand at a rapid pace during the forecast period. SMEs segment is coupled with micro-and nano-influencers results in rising awareness about brand and traffic to the company website with affordable prices. Usage of nano-influencers for interaction with niche audiences allows SMEs to ether efficiently in the market also build trust of customers.

Fashion & lifestyle segment is anticipated to expand at a rapid CAGR
Based on end-users, the influencer marketing platform market is divided into food & entertainment, sports & fitness, travel & holiday, fashion & lifestyle, and others. The fashion & lifestyle segment is expected to hold a key share of the market during the forecast period owing to increasing demand of fashion brands and high-end lifestyle which creates interactions with people by fueling the adoption of such advertising practices. Fashion brands are employing influencers for the advertisement of new clothes and accessories, thus helping people for staying up-to-date with fast fashion trends and confirm constant revenue generation.

On the other hand, the food & entertainment segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand of accessibility of new and diverse entertainment form among people. The covid-19 pandemic lockdown situation in various countries resulted increasing adoption of newer entertainment solution such as Over-The-Top (OTT) platforms, mobile game tournaments, and online music events. This increasing screen time offers opportunity to rise in influencer marketing for new online content and promotion of the events.

North America is expected to dominate the market
On the basis of regions, the influencer marketing platform market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to rising adoption of social media and OTT platforms. Moreover, the accessibility of a significant talent pool in AI-based analytics, digital marketing, and platform development are projected to drive the regional market growth over the forecast period.

However, the market of Europe is expected to exhibit a rapid growth rate in the coming years owing to rising adoption of branding practices. Their requirement of effective penetration of the market and huge base of customers using micro-and nano-influencers compared to celebrities working.

Segments

• Campaign Management
• Search & Discovery
• Analytics & Reporting
• Influencer Management

• Large Enterprises
• SMEs

• Food & Entertainment
• Sports & Fitness
• Travel & Holiday
• Fashion & Lifestyle
• Others

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Upfluence Inc.
• Speakr Inc.
• AspireIQ Inc.
• Grapevine Logic Inc.
• Mavrck
• Hypetap Pty Ltd.
• CreatorIQ
• JuliusWorks, Inc.
• IZEA Worldwide
• Quotient Technology Inc.
• Brandwatch
• InfluencerDB
• Talent Village Ltd.
• Zine Ltd.

Competitive Landscape

Key players competing in the influencer marketing platform market are Upfluence Inc.; Speakr Inc.; AspireIQ Inc.; Grapevine Logic Inc.; Mavrck; Hypetap Pty Ltd.; CreatorIQ; JuliusWorks, Inc.; IZEA Worldwide; Quotient Technology Inc.; Brandwatch; InfluencerDB; Talent Village Ltd.; and Zine Ltd. Major market players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.