The influencer marketing platform market growth prospects have been showing great promise all over the world with immense growth potential in terms of revenue generation. The global influencer marketing platform market size is anticipated to reach USD 84.89 billion by 2028 with a CAGR of 30.3 %. A growing number of social media influencers and audiences, increasing shift toward video-based content across the OTT space are some of the key reasons responsible for industry growth.
Influencer marketing focuses on using key leaders to drive the brand’s message to the larger market. Despite marketing directly to a large group of consumers, enterprises inspire, hire, and pay influencers to promote the brand into their respective target audiences. Influencer marketing often goes hand-in-hand with two other forms of marketing that include content marketing and social media marketing.
Factors such as the growing number of social media influencers and audiences are driving the market growth. Besides, an increase in the adoption of Ad-blocking software and customers’ shift toward video-based content across the OTT space is also a key factor in boosting the market demand. However, the lack of capabilities to measure campaign effectiveness is hindering influencer marketing platform market growth. Furthermore, increasing the need to gain customer trust and create a new brand image is anticipated to provide opportunities for the market in the forthcoming years. Additionally, increasing demand for big data analytics, machine learning, and AI is also expected to create major growth opportunities for the market in the next few years.
The video-based contents are gaining popularity as the internet and mobile penetration are growing across various countries. With such booming growth, marketers are shifting from traditional marketing strategies to digital marketing as they have realized its potential. However, with the vast adoption of mobile and social channels, marketing has become more fragmented due to which video-based marketing has become more challenging. But with influencer marketing platform brands can select the appropriate influencers who can appeal the right audience by producing creative video contents in the right format.
Moreover, with the influencer marketing solutions brands can build an appropriate community of influencers that can further help them in creating scalable and cost-effective video content. In the past few years, the adoption of digital marketing strategies has increased enormously. And, marketers are also looking for every possible way to reach various markets and attract customers for which marketers are gathering information of people via website cookies and pushing their product advertisements via text messages, video applications, and other mediums. Such type of advertising has become frustrating for people which are resulting in the adoption of Ad-blocking software. Therefore, influencer marketing is proving to be the best solution to overcome this challenge hence driving the market demand for influencer marketing platforms. However, despite such advantages of influencer marketing the majority of brands are failing to measure the effectiveness of their campaigns, thereby hindering the market growth.
The geographically global Influencer Marketing platform market is segmented into North America, Europe, APAC, South America, and the Middle East & Africa. North America has a range of leading industry players supplying all end consumers in the country with low code production and services. Artificial intelligence is being adopted by companies across almost all the sectors in the region and the marketing industry is already implementing it to find new potential buyers and markets. In addition, the presence of a large number of youths using social media platforms and growing technological advancement in the APAC countries are boosting the growth of the regional influencer marketing platform market.
The global influencer marketing platform market is dominated by market players such as Izea, Hypr, Traackr, Influencerdb., Launchmetrics, Julius, Klear, Upfluence, Aspireiq, Mavrck., and others.
Segment Overview of Global Influencer Marketing Platform Market
Component Overview, 2019-2028 (USD Billion)
- Deployment & Integration
- Support & Maintenance
Organization Size Overview, 2019-2028 (USD Billion)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Application Overview, 2019-2028 (USD Billion)
- Search & Discovery
- Campaign Management
- Enterprise Mobility and Management
- Influencer Relationship Management
- Analytics & Reporting
- Compliance Management and Fraud Detection
End-User Overview, 2019-2028 (USD Billion)
- Retail & Consumer Goods
- Fashion & Lifestyle
- Travel & Tourism
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America