Influencer Marketing Platform market size was estimated USD 7.9 billion in 2021 and is anticipated to reach USD 70.6 billion in 2029, expanding at a CAGR of 31.5% over the forecast period 2022-2029
Key Influencer Marketing Platform Market Drivers
Major factors driving the influencer marketing platform market are growing adoption of ad-blocking software, increasing popularity of video based over the top (OTT) platforms and rise in the penetration of smartphone devices. Digital video consumption has increased drastically in recent few years owing to increasing penetration of smart-phone devices and availability of high-speed internet. Television viewership has declined drastically in recent years, as consumers are getting more inclined towards consuming video content through social media platforms such as YouTube and Instagram and OTT platforms. As per recent estimates, the number of paid subscribers of Netflix, a leading entertainment services provider, worldwide has increased by more than 220% between the period Quarter 1 of 2019 to Quarter 4 of 2022. Major brands worldwide are turning towards influencer marketing platforms to get a target audience, which is accelerating the market growth.
Travel restrictions and lockdowns imposed by governments worldwide, has increased the viewership of social and media and OTT content. Since, many production houses had to halt their advertisement shooting, which pushed them to use alternative promotional methods. Such trends increased the social media usage, which has boosted the adoption of influencer marketing techniques. However, influencer marketing platforms cannot measure the campaign effectiveness coupled with growing number of fake followers on social media platforms, are hampering the influencer marketing growth.
As per influencer marketing report, Large Enterprises segment is expected to dominate the market.
Large sized companies have to reduce their advertisement budgets during covid-19 pandemic, which had increased the demand for new promotional tools. Since, these types of enterprises have massive social media following, they are increasingly engaging with social media influencers to promote their products and services, which is accelerating the demand for influencer marketing platforms solutions. Additionally, small and medium sized companies are collaborating with micro and nano-influencers to raise brand awareness and increase traffic in their website.
Based on Application, Search and Discovery segment is projected to hold a major share in the market.
Organizations are increasingly using search and discovery solutions to identify suitable brand ambassador by using demographics and effectiveness of content.
Based on End-User, Fashion and Lifestyle segment is forecast to dominate the market.
Various companies are adopting influencer marketing techniques to meet the requirements of high-end lifestyle and become more approachable to its consumers.
Based on Region, North American region is estimated to lead the market.
North American influencer marketing platform market is driven by growing adoption of latest technologies and availability of skilled workforce. Asia-Pacific influencer marketing platform market is primarily driven by increasing number of social media users and rise in demand for ad-blocking solutions. In China the number of social media users reached 1 billion in 2022 and the number of social media user is expected to increase further in coming years is further driving the demand for ad-blocking solutions in the region.
Top Market Players
Some of the leading players operating in the influencer marketing platform market are Onaltica, Upfluence, Lingia, Inc., Izea, Hypr, Traackr, Lumanu Inc., InfluenerDB, Julius Works Inc., and Launch Metrics, among others.
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Segmentation by Component
Segmentation by Organization Size
• Small and Medium-sized Enterprises
• Large Enterprises
Segmentation by Application
• Search and Discovery
• Campaign Management
• Influencer Relationship Management
• Analytics and Reporting
• Compliance Management and Fraud Detection
Segmentation by End-User
• Fashion and Lifestyle
• Retail and Consumer Goods
• Health and Wellness
• Travel and Tourism
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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