Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Global Influencer Marketing Platform Market: Analysis By Component, By Application, By Organization Size, By End Use, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global influencer marketing platform market value stood at US$17.98 billion in 2023, and is expected to reach US$94.21 billion by 2029. The market is expected to grow at a CAGR of 31.78% over the projected period of 2024-2029.
The global influencer marketing platform market is relatively fragmented with large number of companies, ranging from established brands to smaller regional players and niche manufacturers catering to the industry demand. Influencer marketing platform works as a centralized solution for brands and businesses to discover, connect with, contract, and remunerate influencers for tailored influencer marketing campaigns, by automating key processes such as analytics & reporting, fraud detection, influencer identification and payment logistics.
The influencer marketing platform market engages in the provision of various software and technology solutions that are specifically designed to facilitate influencer marketing campaigns, and provide a range of other features, including influencer discovery tools, campaign management dashboards, performance analytics, audience demographics, content management, and influencer relationship management.
Global influencer marketing platform market demonstrated a consistent growth, primarily driven by increasing social media usage, growing need to reach target audience and create positive brand image, rise in adoption of influencer marketing platform by small and medium-sized enterprises due to better affordability, global digitalization, rapidly expanding fashion and lifestyle industry, growing interest in video-based content, etc. The global reach of these platforms, coupled with their ability to accommodate localized campaigns, positions them as versatile tools for businesses seeking to engage with audiences on a global scale while remaining culturally relevant.
North America is the largest region of the global influencer marketing platform market as a result of increasing consumer engagement on social media and OTT platforms, robust digital infrastructure, high adoption of influencer marketing practices among brands & businesses, presence of significant talent pool & skilled workforce engaged in platform development and digital marketing, and growing number of Instagram, YouTube & Facebook influencers in the region.
Asia Pacific is the fastest growing segment of influencer marketing platform market as a result of large consumer base, increasing social media penetration, rising adoption of advanced cutting-edge technologies in countries like Japan, China, & India, region's extensive digital landscape and diverse consumer markets, surge in e-commerce activities, improved internet connectivity, increasing implementation of ad-blocking solutions by users, and rapidly expanding e-commerce sector. Brands keen on tapping into the vast Asian market have fueled the demand for platforms offering localized influencer partnerships, culturally relevant campaigns and language-specific content.
Furthermore, increasing consumer reliance on influencers for product suggestions & lifestyle insights, surge in number of niche influencers within distinct industries or interest segments, high demand for micro & nano influencers, and growing need for brands & agencies to build deeper connections with consumers, will continue to boost the growth of global influencer marketing platform market in the upcoming years.
Market Segmentation Analysis:
Solution is the largest segment of influencer marketing platform owing to its crucial role in facilitating algorithm-driven analytics, real-time campaign management, and sophisticated data processing, providing data-driven insights, and enhancing the overall efficiency of influencer marketing campaigns.
Services is the fastest growing segment of influencer marketing platform as a result of increasing adoption and customer interest in installing influencer marketing platforms/ software for digital promotion across Facebook, Instagram, LinkedIn, Tumblr, etc., growing need for customized campaigns, ongoing emphasis on relationship building, increasing complexity of influencer marketing, rising focus of brands on ROI and performance measurement, globalization of influencer marketing, and increasing demand for expert services for strategic planning, data interpretation, and continual optimization among businesses.
Search and discovery is the largest segment of global influencer marketing platform as a result of increased engagements between marketers and influencers for a specific marketing campaign, increasing brand focus on saving time & money over manual searches, rise of niche markets and specialized audiences, increased demand for advanced search and filtering capabilities, and ongoing integration of data analytics and AI tools to provide brands with actionable insights into influencer performance and audience demographics.
The report provides the bifurcation of the global influencer marketing platform market into two segments on the basis of organization size, large enterprises, and small and medium enterprises (SMEs). Large enterprise accounted for the largest share in global influencer marketing platform market owing to their considerable social media following, access to a larger pool of influencers, large enterprise's increasing focus on data and performance analytics, presence of in-house marketing teams, increasing integration of influencer marketing with other marketing channels, such as social media advertising, content marketing, & email marketing.
SMEs is the fastest growing segment of global influencer marketing platform as a result of more significant affordability & comparable returns to traditional marketing techniques, surge in social media usage, increasing demand for targeted reach, rising number of niche influencer, increasing focus of SMEs on building brand awareness, and growing number of collaboration of these companies with micro-and nano-influencers to create brand awareness and bring traffic to their website at affordable prices.
Fashion and lifestyle is the largest segment of global influencer marketing platforms owing to rapidly expanding fashion industry, rising need for high-end lifestyle and fashion brands to be more approachable for people and create closer interactions, increasing use of influencer marketing to make luxury lifestyle and fashion brands more accessible to consumers, and ongoing integration of e-commerce features in influencer marketing platforms. Health & wellness influencer marketing platform market is positively expanding as a result of increasing consumer focus on health and fitness, rising popularity of healthy eating habits, rapidly expanding health & fitness industry, rising propensity of millennial purchasing items exhibited by their influencers, efficient brand introduction and visibility on the OTT platforms, and increasing visual appeal of health and wellness content.
Competitive Landscape:
Major companies in the market have been implementing both organic (such as launches, expansion, and product approvals) and inorganic development strategies (such as product launches, partnerships, and collaborations) to expand their product portfolio and gain competitive edge.
Market Dynamics
Growth Drivers
- Surge in Social Media Usage
- Rising Adoption of Ad-blocking Software
- Rising Number of Influencers
- Increasing Popularity of Micro and Nano Influencers
- Growing Interest in Video Based Content
Challenges
- Complexity in Return On Investment (ROI) Measurement
- Rise in Fraudulent Practices
Market Trends
- Integration of AI-driven Solutions
- Rising Focus on Establishing Good Brand Image
- Integration of Social Commerce Features
- Rising Emphasis on Authentic Influencing
- Growing Concentration on Long-term Partnerships
- Ongoing Technological Advancements
Companies Featured
- IZEA Worldwide, Inc.
- Meltwater (KLEAR)
- Traackr, Inc.
- Upfluence
- Impact Tech, Inc.
- LTK
- Triller Corp. (JuliusWorks, LLC.)
- Linqia, Inc.
- Grin Technologies Inc.
- Later (Mavrck)
- AspireIQ, Inc.
- CreatorIQ
- NEOREACH
- Creator.co.
- Influencity
For more information about this report visit https://www.researchandmarkets.com/r/9r09ub
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