A digital network known as an influencer marketing platform links marketers with influencers to produce sponsored content and collaborative projects. These websites often offer a database of social media influencers from sites like Instagram, YouTube, TikTok, and others.
Typical features of influencer marketing platforms include search and discovery tools to help brands find the best influencers for their campaign, campaign management tools to make it easier for brands and influencers to communicate and work together, and analytics to track the effectiveness of influencer campaigns.
The Global Influencer Marketing Platform Market size was valued at 10.45 billion USD in 2022. It is projected to reach 96.35 billion USD by 2030 with a CAGR of 32.0% in the forecast period of 2023-2030. The market for influencer marketing platforms is primarily driven by a number of factors, including:
Growth of social media: The popularity of influencer marketing has increased as a result of the expansion of social media sites like Instagram, YouTube, TikTok, and others. To promote their goods and services, brands are taking advantage of social media influencers' enormous followings.
Increase in Influencer Marketing Budgets: Budgets for influencer marketing are growing as a result of this strategy's shown effectiveness, which is why more firms are investing more money in it. As a result, platforms for influencer marketing that can assist brands in identifying and managing influencers are in greater demand.
Need for Authenticity: Consumers are looking to influencers for honest product recommendations as they become less trusting of traditional advertising. Because of this, brands are spending money on influencer marketing to get the respect and trust of their target demographic.
The rise of micro-influencers: Brands are collaborating more often with these individuals since their audiences are smaller but more engaged. Because of this, marketers now need tools for influencer marketing that can help them find and keep track of these smaller influencers.
The major vendors in the global influencer marketing platform market include IZEA Worldwide, Quotient Technology Inc., Launchmetrics, JuliusWorks, Inc., Traackr, Inc., Upfluence Inc., Klear, AspirelQ, 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.
Launchmetrics purchased Parklu, a Chinese influencer analytics platform, in November 2020. As China solidifies its leadership in the world's luxury market, the acquisition will assist Launchmetrics in getting a footing in the industry.
Upfluence will connect its software with the Klaviyo marketing platform in October 2020. By enhancing targeting and intelligence, it strengthens eCommerce marketing procedures.
The Global Influencer Marketing Platform Market is segmented based on Components, Applications, Organization Size, and End User.
Search and discovery, campaign administration, influencer relationship management, analytics and reporting, compliance management, and fraud detection are the subsectors of the influencer marketing platform market by application. For the purpose of locating pertinent and useful influencers for marketing efforts, the search and discovery tool offers comprehensive search possibilities. In order to identify potential influencers who can promote their companies, increase brand awareness, and boost customer interaction, businesses are increasingly using influencer marketing platforms. The search and discovery tool offers detailed information about influencers, including their names, locations, and occupations, as well as their interests, audience demographics, social media channels, traffic patterns, and engagement rates.
Based on Organization Size, in 2021, the large-scale enterprise segment had the highest revenue share, thanks to the rising need for efficient and affordable marketing techniques. During the pandemic, a number of significant organizations curtailed their business operations. Due to the ensuing reduction in their advertising budget, fresh promotion techniques were in high demand, and the Internet became their main marketing route. Additionally, these businesses have a sizable social media following that can be used to boost engagement through influencers and forge fruitful business relationships.
Based on End-User, in 2021, the market for influencer marketing platforms had a revenue share of more than 29% from the fashion and lifestyle sector. This is explained by the increased popularity of influencer marketing, which aims to make high-end lifestyle and fashion products more approachable to consumers. Influencers are used by a number of fashion brands to promote new apparel and accessories, keeping the public up to date on the newest trends.
By obtaining the largest revenue share in 2021, North America topped the market for influencer marketing platforms. This is primarily due to Americans' increased use of social media and OTT platforms, especially during the pandemic when many people chose to practice social isolation. In exchange, this gave the businesses a chance to employ influencer marketing to advertise their goods and services. Additionally, the region's availability of a skilled workforce working in platform development, digital marketing, and AI-based analytics is helping the market expand.
Through 2030, Europe is expected to experience the highest growth rate due to the increased use of branding strategies by well-known fashion companies like Chanel, Christian Dior SE, and Versace. Through micro- and nano-influencers, these brands are concentrating on expanding their market penetration and gaining a sizable customer base. Additionally, the continued use of automated systems in the Nordic nations is fostering market expansion by enabling them to identify influencers and purchase traffic.
The trade influencer marketing platform market is a rapidly growing industry, driven by factors such as the growth of social media, the need for authenticity, and advancements in technology. As brands continue to invest in influencer marketing and shift towards performance-based marketing, the demand for influencer marketing platforms is likely to increase. Additionally, the rise of micro-influencers and the need for more targeted influencer campaigns will also contribute to the growth of this market. With a wide range of influencer marketing platforms available, brands have the opportunity to leverage the power of influencer marketing to build credibility and trust with their target audience and drive measurable results. As the influencer marketing industry continues to evolve, it will be interesting to see how these platforms adapt and innovate to meet the needs of brands and influencers alike.