Global Influencer marketing platform Market size- Industry Trends & Forecast Report 2027. 

The global Influencer Marketing platform market is estimated to have reached USD 5.6 billion in 2020 and is further projected to reach USD 34.6 billion by 2027, growing at a CAGR of 29.3% during 2021-2027 (forecast period). The Influencer marketing platform market is likely to grow in the forecast timeframe due to the factors such as the customers’ shift toward video-based content across the OTT space along with an increase in the adoption of ad-blocking software are expected to drive the adoption of the influencer marketing platform market.

Global Influencer marketing platform Market Overview:

An Influencer Marketing Platform is characterized as a software solution that is particularly designed to assist brands with their influencer marketing campaigns. Influencer Marketing Platforms provide influencer discovery tools for brands and agencies, some also offer massive searchable databases of potential influencers, using clever algorithms. Though any platform that people use to share content can be used for influencer marketing, however, these four are among the largest. By reaching out to audiences through trusted influencers on Facebook, Twitter, YouTube, and Instagram, a business can rapidly generate brand awareness and increase sales.

Influencer marketing platform Market Forecast and Trends

Growth Drivers 

Customers’ shift toward video-based content across the OTT space

The rising use of smartphones and 3G and 4G networks and video consumption has grown tremendously in the last decade. Hence, organizations are designing marketing strategies for video-based content streaming across digital channels. Also, in past years the television viewership has rapidly decreased and shifted toward social media channels, such as Facebook, YouTube, and Instagram. YouTube is known as the second-most used search engine across the world. Moreover, as the television viewership reduced by 50% among the age group of 18–26 in 2017, video-based marketing increased from 63% in 2017 to 81% in 2018, according to Wyzowl‘s statistics. Hence, an influencer marketing technique that enables to target potential buyers is driving the market.

Rise of influencers on Social Media

The growing number of influencers on social media is another driving factor for the market. Like on Instagram, scrolling through the feed and finding an influencer posting about anything — a handbag, a pair of shoes, a new moisturizer, or a nice meal at that restaurant down the block becomes normal. Influencers and sponsored posts are everywhere you look on social media, and most reports estimate brands are pouring billions of their marketing dollars into partnering with these users who can reach consumers on social media. Hence, Influencers are becoming an important part of doing business today. 

Restraints 

Lack of capabilities to measure campaign effectiveness 

The influencer marketing technique has been effective reaches buyers and helping in enhancement of the customer engagement throughout campaigns. But it lacks in measuring campaign effectiveness owing to improper planning. Mostly, brands conduct campaigns without planning their key aspects, such as clarity of end goals, geographic areas, and type of influencers. The Campaigns are failing and even producing limited results due to the lack of planning. Moreover, campaigns’ effectiveness needs to be analyzed through various channels. In some scenarios, people are also making buying decisions through offline conversation. For instance, if people are sharing Component details through their personal emails and LinkedIn, or other private accounts, then their buying decisions are not counted during measuring campaigns. 

Impact of COVID-19 in industry

The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The companies must continue to depend on influencers to act as their spokespeople and execute their messaging in a trustworthy and human way. Instagram has been identified as one of the most popular mediums for video content consumption so brands and influencers alike must look for ways to increase their exposure in this new avenue. The effects of COVID-19 will be long-term, and as a result, marketing strategies must be revised to suit the new environment in which smaller and larger companies are surviving currently.

Influencer marketing platform Market: By Component

Based on the Component, the influencer marketing platform market is segmented into Solutions and Services. The services segment is likely to dominate in the market as many brands are seeking influencers to promote their products and provide services on social media. With the increasing use of smartphones and 3G and 4G networks, video consumption has grown tremendously in the last few years and that’s driving the demand for influencers in the market. Therefore, organizations are designing marketing strategies for video-based content streaming across digital channels.

Influencer marketing platformMarket: Regional Insight

North America region is likely to dominate in the Influencer marketing platform market, followed by the Asia Pacific, and others. Developing countries like the US and Canada have major opportunities due to the increasing adoption of advanced technologies across countries, for the Influencer marketing platform. Several other economies such as Indonesia, the Philippines, and Singapore in the Asia Pacific region are also forecast to grow at modest rates. The company's products are directly proportional to the type of workers. Hence, businesses in these regions are commonly embracing different instruments to help workers increase their productivity.

Recent Development

• In November 2020, Launchmetrics had acquired Parklu, a Chinese influencer analytics platform. The acquisition will help Launchmetrics to develop a foothold in China as the country cements its dominance in the global luxury market.

• In October 2020, Upfluence integrated launched its software with the Klaviyo marketing platform. It boosts eCommerce marketing processes by improving insight and targeting.

Competitive landscape

The Influencer marketing platform market is fragmented owing to the presence of several companies that provides varied influencer marketing platform Components. However, the companies that hold the majority share of the influencer marketing platform market are IZEA Worldwide, Quotient Technology Inc. Launchmetrics, JuliusWorks, Inc, Traackr, Inc, Upfluence Inc., Klear, AspireIQ, CreatorIQ, Mavrck, Impact Tech, Inc., Brandwatch, Linqia, Inc., Onalytica, Social Beat Digital Marketing LLP, ExpertVoice Inc., Lefty, Lumanu Inc., InfluencerDB, Taggermedia, Heepsy, Fourstarzz Media LLC, Juulr B.V., Intellifluence, Insense Ads, Inc., Talent Village Ltd., The Room, Blogmint, Zine Ltd., and Captiv8 Inc. and other prominent players. 

In the influencer marketing platform market, prominent market participants compete based on price and Component quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation.

Scope of the Report
 

By Component

 Solution

 Services

By Application

 Search and Discovery

 Analytics and Reporting

 Influencer Relationship Management

 Others

By Region

 North America

 Europe

 Asia Pacific

 Middle East and Africa

 Latin America