The global influencer marketing platform market was valued at US$ 5.4 Billion in 2019 and is expected to surpass US$ 33.3 Billion by 2027, registering a CAGR of 31.9% during the forecast period (2020-2027), according to the Global Influencer Marketing Platform Market Report, By Component (Solution and Services (Consulting, Deployment and Integration, and Support and Maintenance)), by Application (Search & Discovery, Campaign Management, Influencer Relationship Management, Analytics & Reporting, Compliance Management & Fraud Detection, and Others), By Organization Size (SMEs and Large Enterprises), By End-use Industries (Fashion & Lifestyle, Agencies & PR, Retail & Consumer Goods, Health & Wellness, Ad-Tech, Banking & Finance, Travel & Tourism, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The increasing demand for machine learning, big data analytics, and artificial intelligence (AI) is expected to drive the market growth during the forecast period. The data analytics platform provides more accurate, advanced results as compared to the human influencers based on historical performance, qualified engagement, and brand collaboration. These virtual influencers have a high degree of creative liberty to target the right client. The fashion industry is one of the largest adopters of virtual influencers in the marketing advertising campaign. For instance, in March 2016, IZEA, a U.S.-based influencer marketing platform, launched a virtual reality influencer network. The new network enables creators to produce virtual reality content for brands that allow marketer to take their marketing campaign and influencer to the next level.
Moreover, several global players across different countries are focusing on developing new products with new features and technologies to remain competitive in the market. Industries are focusing on developing new products with new features to cater to the demand from the end users. For instance, in September 2019, Traacker, a U.S.-based influencer marketing platform, launched two tools, Audience Quality and Brand Values Match, that are specially designed to enable marketers to evaluate which influencer will resonate with their target audience and provide highest return on investments.
Global Influencer Marketing Platform Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. Media consumption is expected to witness a substantial increase due to lockdowns enforced in several countries across the globe to contain the spread of the covid-19 pandemic. As consumers are forced to stay at home, the demand for popular OTT service providers such as Netflix, Amazon Prime, etc. have increased. COVID-19 has posed a good opportunity for brands and influencers to engage with their audience with impactful messaging. OTT companies are dependent on influencers to act as their spokespersons and execute their messaging in trustworthy way. For instance, TikTok and Instagram have been identified as the most popular mediums for video content where brand and influencer can influence the people. This, in turn, increases the demand for influencer marketing platforms.
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Key Trends and Analysis of the Global Influencer Marketing Platform Market:
- North America held a dominant position in the global influencer marketing platform market in 2019 and is expected to retain its dominance throughout the forecast period. This is attributed to rising ad-blockers by marketers to reach target audiences and increasing adoption of influencer marketing platforms. Moreover, increasing number of Instagram users and presence of major key players in the U.S, and Canada have increased the demand for influencer marketing platforms. For instance, the U.S. is the country with the highest number of Instagram users i.e. 130 million followed by India i.e. 80 million, and Brazil i.e. 77 million.
- Asia Pacific is expected to show significant growth over the forecast period, owing to increasing budgets for marketing strategies. The increasing adoption of social media platform helps retailers to promote their products through digital marketing strategies such as content marketing and influencer marketing platforms.
- Among applications, campaign management segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. Campaign management is one of the most important solutions offered by influencer marketing platforms to various brands. This solution provides various features such as ability to store campaign records and allow brands to assess their performance in order to ensure that campaign has increased brand value among the target audience or not.
- 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
