Customers’ shift toward video-based content across over-the-top (OTT) space to drive the adoption of influencer marketing platform across end users
MarketsandMarkets expects the global influencer marketing platform market to grow from USD 5.5 billion in 2019 to USD 22.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period. Major growth factors for the market include customers’ shift toward video-based content across over-the-top (OTT) space and the need for reducing authentication & identification costs. However, security and privacy issues with new advanced technologies would limit the market growth.
Health and wellness to grow at a higher CAGR during the forecast period
Based on end-user, the influencer marketing platform market is divided into fashion & lifestyle, agencies & public relations, retail & consumer goods, health & wellness, banking & financial institutes, travel & tourism and others. The influencer marketing platform market has a sustainable future in the healthcare sector as efforts are being made to spread awareness of lifestyle & wellness programs and medical care. The end-users are benefited in various ways through influencer marketing as they understand about the numerous products which help them identifying authentic products and services. Influencer marketing solutions are an effective marketing tool, which aid various hospitals and health providers in increasing patient engagement, branding, and professional reputation building.
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Large enterprises to hold a higher market share during the forecast period
Organizations have been gradually recognizing the importance of influencer marketing platform software and have started deploying them as per their needs and available resources. Conventional marketing and advertisement techniques are not sufficient in the age of social media. These techniques don’t create much impact over the customers and results in wastage of the money and efforts. Wherein, influencer marketing technique targets the people who pursue hobbies and interest in the same area that enables marketers to identify their targeted prospectus and build a relationship with them through social media personalities.
Influencer marketing platform market in Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The high growth in the APAC market is attributed to the significant growth potential, increasing social media adoption, and rising digitalization with an increasing need to remain globally competitive. Furthermore, the inclination of APAC countries toward emerging technologies such as Artificial Intelligence (AI) is also expected to fuel the growth of the influencer marketing platform market. However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the influencer marketing platform adoption across the region. The cloud-based influencer marketing platforms present an optimal solution for these countries by minimizing integration complexities and installation costs.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the influencer marketing platform market.
- By Company – Tier 1–10%, Tier 2–25%, and Tier 3–65%
- By Designation – C-Level–25%, Director Level–50%, and Others–25%
- By Region – North America–40%, Europe–30%, and APAC–20%, RoW – 10%
The influencer marketing platform market comprises major solution providers such as IZEA (US), HYPR (US), Traackr (US), InfluencerDB (Germany), Launchmetrics (US), Julius (US), Klear (US), Upfluence (US), AspireIQ (US), Mavrck (US), Onalytica (UK), Lumanu (US), Lefty (France), Linqia (US), and Social Beat (India). The study includes an in-depth competitive analysis of these key players in the influencer marketing platform market with their company profiles, recent developments, and key market strategies.
- The influencer marketing platform market revenue is classified primarily into revenues from solution and services. Solution revenue is associated with the platform, tools, marketplaces, and SaaS offerings while services’ revenue is associated with deployment and integration, support and maintenance, and consulting services.
- The market is also segmented based on application, organization size, end user, and region.
Key benefits of the report
- The report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall influencer marketing platform market and the subsegments.
- The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.