INFLUENCER MARKETING PLATFORM MARKET ANALYSIS

Influencer marketing platforms are online solutions that are specially designed to help brands with their influencer marketing campaigns. Influencer marketing platforms help to create a good brand image among people and also help brands to reach their target audiences. Influencer marketing is one of the latest forms of marketing that helps brands to increase their sales. Influencer marketing platform helps influencers to monetize their social media channel and brands in order to reach their potential customers or increase customer engagement with their older customers. These marketing platforms are used in various applications such as analytics and reporting, influencer relationship management, campaign management, fraud detection, etc. These factors are expected to drive the market growth during the forecast period.

The global influencer marketing platform market is expected to witness significant growth during the forecast period (2020–2027). This is attributed to the increasing number of users on social media platforms that is increasing the demand for influencer marketing platform solutions. For instance, according to Coherent Market Insights’ analysis, in 2020, there are 3,830 million people that are actively using social media platforms from 3,312 million people in 2019 across the globe. Furthermore, according to Coherent Market Insights’ analysis, in 2020, 6,450 million users are using mobile phones from 5,110 million people in 2019 across the globe. Moreover, social media platforms such as Facebook, Instagram, and Twitter are witnessing significant growth during the forecast period. For instance, according to Coherent Market Insights’ analysis, Instagram has 1,000 million monthly active users globally. 22.0% of the world’s 4,530 million internet users are using Instagram monthly. TikTok is another social media platform that is witnessing high growth due to an increase in user registrations. TikTok has dominated sponsored ads, targeting audiences between 15-30 years with user-generated short videos. For instance, according to Coherent Market Insights’ analysis, TikTok has 45,200 million users in 2020 from 35,400 million users in 2019 in the U.S. Therefore, the rise in social media platforms with increasing customer base is supporting growth of the influencer marketing platform market.

Lack of technological awareness, availability of limited professional, and less influence of campaign are expected to hamper the influencer marketing platform market growth during the forecast period. Furthermore, government initiatives to ban few social networking applications such as TikTok, which is very popular among youth, is also expected to hamper the market growth.

Global Influencer Marketing Platform Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic is expected to drive growth of the market during the forecast period. There has been a significant impact on growth of the influencer marketing platform market. Due to COVID-19, most of the office premises across the world are closed and companies are using digital platforms to promote their businesses. Digital platforms gained immerse traction and this has resulted in new brand collaborations. Furthermore, most of the people are staying at home and maintaining social distancing, which increases the demand for social medial platforms in the market. Due to the increasing use of social media, influencers have gained the opportunity to keep their target audiences engaged with creative and positive content. The influencer marketing platform was affected during quarters Q1 and Q2 of 2020 due to temporary shutdown of business operations. However, this has reduced the total branding cost across the COVID-19 affected countries and provides an opportunity for brands to create a broad range of audience pool in the market. This, in turn, increases demand for influencer marketing platform.

North America held dominant position in the global influencer marketing platform market during the forecast period

Statistics:

North America held dominant position in the global influencer marketing platform market in 2019, accounting for 45.8% share in terms of value, followed by Asia Pacific and Europe.

Figure 1: Global Influencer Marketing Platform Market Share (%), By Region, 2019

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North America is expected to account for the largest market share during the forecast period, owing to the presence of key players in the region such as IZEA, HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence, AspireIQ, Mavrck, and Lumanu Inc. For instance, in May 2020, Julius Works, a U.S.-based influencer marketing platform, acquired HYPR, a U.S.-based leading influencer marketing platform, to streamline and simplify influencer marketing for brands and agencies.

Asia Pacific region is expected to exhibit highest growth during the forecast period, owing to the growing population and social media users in the region. For instance, in 2020, the social media users in India reached 377.1 million from 143.2 million users in 2015.

Solution segment is expected to drive the market growth during the forecast period

Among component, the solution segment is expected to hold a dominant position in the global influencer marketing platform market during the forecast period. The vendors are continuously focusing on developing new techniques in order to engage with the customers, build relationships, and identify new opportunities in the market. Thus, organizations are integrating various techniques such as content marketing and influencer marketing. Nowadays, SaaS-based influencer marketing platforms are gaining popularity, owing to its offering that provide end-to-end solutions to the marketers.

Figure 2: Global Influencer Marketing Platform Market Value (US$ Bn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2027

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The global influencer marketing platform market was valued at US$ 5.4 Bn in 2019 and is expected to reach US$ 33.3 Bn by 2027 at a CAGR of 31.9% between 2020 and 2027.

Major players operating in the global influencer marketing platform market include IZEA, HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence, AspireIQ, Mavrck, Lumanu Inc., LINQIA, INC, InfluencerDB, ONALYTICA, Lefty, Social Beat, and Grapevine.