Global Influencer Marketing Platform Market Overview
The key drivers impacting the influencer marketing platform market are the growing use of social media and social networking sites. There is an increasing trend of brand advertising on social media advertising due to the rising use of social networking sites. For instance, The Digital marketing organization's recent report estimations show that in 2020 around 3.96 billion people will use social media, and it accounts for roughly half (51%) of the worldwide population. On average, global internet users spent around 144 minutes on social media sites regularly. Facebook is an extremely popular and most used social media platform. The average user spends 38 minutes every day on Facebook. It has around 1.79 billion active users per day. Instagram stood as the second most popular platform globally. Moreover, the Customers' shift toward video-based content across the OTT space contributes to influencer marketing platform market demand in the later years.
According to Value Market Research, the global Influencer marketing platform market size was valued at USD 8 billion in 2020 and is estimated to grow at a CAGR of about 30.5% during the forecast period 2021 to 2027.
The rise in adoption of ad-blocking software will likely augment the need for an Influencer marketing platform in the forecast period. Also, the technological disruptions in the influencer marketing industry positively impact market growth. However, a dearth of capabilities to calculate campaign effectiveness hampers the market in the long run. In addition, privacy and regulatory challenges in the influencer marketing platform industry act as a challenge to the market. Nevertheless, the market trends, such as the surge in the adoption of influencer marketing platforms to increase customer trust and build a new brand image, might provide considerable opportunities to the market's leading players.
The Influencer marketing platform market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to raise their market share globally. The key players in the report are Upfluence Inc., AspireIQ, Mavrck, Grapevine Logic Inc., Speakr Inc., ZEA Worldwide, Quotient Technology Inc., Launchmetrics, JuliusWorks, Inc., Traackr, Inc., Upfluence Inc., Klear, CreatorIQ.
In this research report, the Influencer marketing platform market is segmented by application, organization size, end-use industry, and region.
Analysis by Application:
By application, the report is segmented into campaign management, search & discover, analytics & reporting, and influencer management. The search and discovery segment dominates the application segment with the highest share in 2020. It is due to the growing need amongst marketers and brands to collaborate with the most suitable influencer for a specific campaign. Moreover, Influencer search and discovery tools allow companies to discover the right brand ambassadors via several filters such as effectiveness of content, audience demographics, and performance, thus providing more time and cost-effective opportunities in physical search activities.
Analysis by Organization Size:
By organization size, the report is divided into large enterprises, small & medium enterprises. The large enterprise segment dominates with a significant market share of 76% in 2020. It is due to the need to deploy more cost-effective and efficient marketing strategies. Moreover, large enterprises have a noteworthy social media following, which can be leveraged to make effective business relations with their customers and boost engagement through influencers, thus contributing to the vast market demand from large enterprise segments in the forecast period.
Analysis by End-use Industry:
By end-use industry, the report is divided into food & entertainment, sports & fitness, travel & holiday, fashion & lifestyle, and others. The fashion & lifestyle segment dominates with a significant market share of 32% in 2020. It is due to the escalating requirement for luxurious lifestyle and fashion brands to be highly approachable for their customers and to develop closer interactions with them that leads to a surge in the adoption of such advertising practices. Moreover, known fashion brands utilize influencers for advertising new clothes and accessories and clothes, thus assisting people in connecting with the changing fashion trends and ensuring frequent revenue generation is contributing to the demand from the fashion & lifestyle segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Influencer marketing platform market, the North America region dominates with the largest market share of 32.5% in 2020. It is due to the growing deployment of Work-From-Home (WFH) and the following adoption of social media and OTT platforms for entertainment by individuals across the U.S. Moreover, the wide availability of a noteworthy talent pool in AI-based analytics, platform development, and digital marketing, thus contributing to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Application
- Campaign Management
- Search & Discover
- Analytics & Reporting
- Influencer Management
By Organization Size
By End-use Industry
- Food & Entertainment
- Sports & Fitness
- Travel & Holiday
- Fashion & Lifestyle
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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