An influencer marketing platform is a service created specifically to assist brands with their influencer marketing efforts.
Customer preference for video-based content throughout the OTT industry is a driving force.
As a result of the increasing use of smartphones and 3G and 4G networks, video consumption has risen considerably in recent years. As a result, businesses are developing marketing strategies for video-based content that is streamed across many digital platforms. Television viewing has dropped dramatically in the previous three years, with more people turning to social media sites like Facebook, YouTube, and Instagram. According to a Google survey from 2017, YouTube is the world's second-most popular search engine.
Lack of ability to assess campaign efficacy is a constraint.
Influencer marketing efficiently reaches buyers and improves consumer engagement over the course of a campaign. However, owing to poor preparation, it fails to measure campaign efficacy. Typically, companies run campaigns without considering essential factors such as end goals, geographic locations, and influencer types. Due to a lack of planning, campaigns are failing or providing limited outcomes. Furthermore, the efficacy of advertisements must be evaluated through a variety of sources. In certain cases, consumers make purchasing decisions based on offline discussions.
Opportunity: Use an influencer marketing platform to build consumer trust and a new brand image for your company.
Product authenticity and the availability of trustworthy goods and services promote consumer demand. Customers are continuously compelled to purchase items through traditional marketing and advertising methods. Traditional approaches may harm a company's brand image. Furthermore, consumers' migration to OTT and other social media platforms has dispersed the customer base across channels, resulting in expensive marketing costs with little return on investment (ROI). As a result, businesses are increasingly using successful marketing strategies that reach end consumers without disturbing them. Influencer marketing is one of the most successful marketing tactics for reaching direct customers via macro and micro influencers and forming strong bonds between customers and businesses. Customers trust brands that are backed by celebrities, bloggers, vloggers, and well-known individuals via social media platforms.
Increased amount of bogus followers is a challenge.
Since 2016, as consumers have migrated away from television and toward social media and other over-the-top (OTT) channels, the influencer marketing strategy has exploded in popularity. As a result, businesses compete with one another to interact with genuine and successful influencers in order to promote their products and boost sales. The need for micro and macro-influencers has risen in response to rising competition. However, as the competition heats up, finding genuine influencers with a significant following has become the most difficult task for companies and organisations. Many influencers use bots to generate phoney followers in order to advertise their fame and attract large brands. According to a survey conducted by Mediakix, an influencer marketing agency, significant businesses have encountered 50% of influencers who have purchased false followers.
During the projected period, the search and discovery application segment will have the biggest market size
Search and discovery, campaign management, influencer relationship management, analytics and reporting, and compliance management and fraud detection are the application segments of the influencer marketing platform market. Workflow automation and time management, as well as third-party integration, are among the additional applications. The market for search and discovery applications is expected to grow in size in 2020.
During the projected period, Asia Pacific is expected to expand at the fastest rate.
The worldwide influencer marketing platform market is likely to be dominated by North America. Due to the increased use of sophisticated technologies across countries like as China, Japan, and India, Asia Pacific (APAC) is predicted to expand at the fastest CAGR over the projection period. The usage of influencer marketing platforms in APAC is likely to increase as the number of social media users grows. Users in Europe and Asia Pacific are increasingly using ad-blocking software, which is propelling the industry forward.
Campaign management, analytics and reporting, fraud detection, and influencer relationship management are just a few of the applications that employ them. This platform aids in the creation of a brand image among the general public as well as reaching the intended audience.
The worldwide influencer marketing platform market is expected to reach USD 84.89 billion by 2028, growing at a 30.3 percent CAGR over that time. The expanding use of virtual influencers based on Computer-Generated Imagery (CGI) has provided new growth opportunities for the industry.
Based on demographic and audience data collected by multiple platforms and consumer forums, virtual influencers provide more accurate results. Their capacity to keep up with fast fashion trends, as well as more creative flexibility, will certainly move them forward in the fashion and leisure industry.
The rise in the use of influencer marketing platforms, as well as the demand for big data analytics for influencer marketing, the requirement to develop a brand image, and the adoption of ad-blocking software, are all important drivers driving the influencer marketing platform industry forward.
Furthermore, in the forecast period, the rise in influencer marketing platform to gain customer trust and create a new brand image, as well as the rise in influencer marketing to increase demand for big data analytics, AI, and ML, will create new opportunities for the influencer marketing platform market.
A software system developed to assist businesses with their influencer marketing efforts is known as an influencer marketing platform. They provide influencer finding solutions for both agencies and companies, with some even providing large searchable databases of influencers using clever algorithms.
Because of the advent of social media, businesses may now leverage their power to increase client participation. Companies may employ marketing influencers to have a greater impact on the industry because there are a wide range of ages and a huge number of influencers on social media platforms like Instagram. The influencer marketing platform sector will benefit from these aspects. However, issues with security and privacy in more advanced technologies may stifle the industry's growth in the next years.
The major vendors in the global influencer marketing platform market include IZEA Worldwide (US), Quotient Technology Inc. (US), Launchmetrics> (US), JuliusWorks, Inc.(US), Traackr, Inc.(US), Upfluence Inc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech, Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social Beat Digital Marketing LLP (India), ExpertVoice Inc. (US), Lefty (France), Lumanu Inc. (US), InfluencerDB (Germany), Taggermedia (US), Heepsy (Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads, Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US).
Latest Innovations in the Influencer Marketing Platform Market: a Snapshot
- Parklu, a Chinese influencer analytics platform, was bought by Launchmetrics in November 2020. As China consolidates its position in the global luxury market, the purchase will help Launchmetrics gain a presence in the nation.
- Upfluence will combine its software with the Klaviyo marketing platform in October 2020. It improves understanding and targeting in eCommerce marketing processes.
- IZEA Worldwide will introduce BrandGraph in March 2020. For social media marketers, BrandGraph is a social intelligence tool. Currently, the engine is processing over 400 million pieces of material from over 4.5 million influencers throughout the world.
- Ahalogy, a Quotient brand, announced the debut of Rising Keywords, a new feature for its Muse platform, in September 2019. The function will aid in the prediction of future social media trends.
- Mavrck launched a new content marketing specialisation as a new capacity to its influencer marketing platform in September 2019, allowing it to run Pinterest-based marketing campaigns.
Influencer Marketing Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 84.89 billion|
|Growth Rate||CAGR of 30.3 during 2021-2028|
|Segment Covered||Organization Size, End-Use, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IZEA Worldwide (US), Quotient Technology Inc. (US), Launchmetrics> (US), JuliusWorks, Inc.(US), Traackr, Inc.(US), Upfluence Inc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech, Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social Beat Digital Marketing LLP (India), ExpertVoice Inc. (US), Lefty (France), Lumanu Inc. (US), InfluencerDB (Germany), Taggermedia (US), Heepsy (Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads, Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US).|
Key Segments of the Influencer Marketing Platform Market
Application Outlook (Revenue, USD Billion, 2017 - 2028)
- Campaign Management
- Search & Discovery
- Analytics & Reporting
- Influencer Management
Organization Size Outlook (Revenue, USD Billion, 2017 - 2028)
- Large Enterprises
End-use Outlook (Revenue, USD Billion, 2017 - 2028)
- Food & Entertainment
- Sports & Fitness
- Travel & Holiday
- Fashion & Lifestyle
Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Asia Pacific
- Latin America