by The global Influencer Marketing Platform Market is estimated to be valued at US$ 16.34 Bn in 2023 and is expected to exhibit a CAGR of 31% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The influencer marketing platform allows businesses to find and collaborate with influencers for promoting brands or products on social media platforms. It helps businesses identify right influencers as per their target audience and tracks campaign performance and influencing capabilities of influencers.
Market key trends:
The growing popularity of social media platforms and shift of advertisement spending from traditional to new age digital mediums is the major factor fueling the demand for influencer marketing platforms. Additionally, ability to reach target audiences through word-of-mouth recommendations made by influencers on social media at much lower cost than conventional advertisement methods is prompting more businesses to adopt influencer marketing strategies. Furthermore, integration of technologies like artificial intelligence and machine learning for building profile of potential influencers as per brand’s requirement and measuring campaign success are further enhancing influencer marketing experiences using platforms. This is positively impacting the influencer marketing platform market growth.
SWOT Analysis
Strength: Influencer marketing platforms enable brands to identify the right influencers for their campaigns and measure the return on investment of influencer marketing campaigns. This helps brands optimize their influencer marketing budgets.
Weakness: Verifying the genuine reach and engagement of influencers can be challenging. Some influencers may inflate their followers count or level of engagement.
Opportunity: The growth of social media and influencer marketing is creating ample opportunities for influencer marketing platforms to collaborate with more brands and agencies. With advancements in technologies like AI and analytics, these platforms can provide more insights.
Threats: Traditional advertising and celebrity endorsements continue to attract marketing budgets. New entrants are launching advanced tools that can threaten the market position of existing influencer marketing platforms.
Key Takeaways
The Global Influencer Marketing Platform Market Size is expected to witness high growth, exhibiting a CAGR of 31% over the forecast period, due to increasing focus of brands on digital marketing strategies. Social commerce is also driving more brands to explore influencer marketing to promote products and build credibility.
Regional analysis:
North America is expected to dominate the influencer marketing platform market during the forecast period. This is attributed to high adoption of influencer marketing among brands and marketers in the region. According to estimates, the North American influencer marketing platform market was valued at US$ 5.96 billion in 2022. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period with countries like China, India and Indonesia emerging as lucrative markets.
Key players operating in the Influencer Marketing Platform market are IZEA, HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence, AspireIQ, Mavrck, Lumanu Inc., LINQIA, INC, InfluencerDB, ONALYTICA, Lefty, Social Beat, and Grapevine. These companies are focusing on developing advanced tools and solutions to identify right influencers, automate campaign management and optimize influencer discovery. They are also investing in building industry partnerships and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
