In terms of revenue, the global influencer marketing platform market was valued at US$ 148.04 million in 2019 and is expected to reach US$ 337.74 million by 2027 with a CAGR growth rate of 13.4% from 2020 to 2027. Influencer marketing is one of the most promising segments of the digital marketing mix. Influencer marketing has opened up a new world for brands and businesses to connect with discerning and elusive audiences. With the increasing adoption of smartphones, companies are strategically approaching their customers to build a strong customer relationship.
Factors such as high engagement rate and more authentication are enabling influencers to adopt video content for marketing. Influencers are tapping into the interactive nature of video content to drive sales. Influencers are opting for live-streaming, which includes question & answer sessions, real-time product unboxing, and behind the scenes footage at events. The increasing adoption of video content is significantly driving the growth of the influencer marketing platform market and is expected to witness a significant demand during the forecast period. However, factors such as change in social algorithm is anticipated to hinder the influencer marketing platform market growth in the coming years.The Europe region held a major share of the influencer marketing platform market in 2019.
The influencer marketing platform market has been segmented on the basis of offerings, application, organization size, end-user, and geography. Based on offerings, the influencer marketing platform market is segmented into solution and service. The influencer marketing platform market players offer various solutions to meet the influencer marketing requirements of brands. Influencer search & discovery, campaign management, third party analytics, reporting, influencer relationship management, influencer’s payments, promotion and amplification of content, and account management are among the major solutions offered by the influencer marketing platform.
InfluencerDB, Launchmetrics, Upfluence, NeoReach, AspireIQ, Julius, Open Influence, Doveltale, Scrunch, Takumi, Tapinfluence, Onalytica, Famebit, Activate, AspireIQ, Blogfoster, Boostinsider, BrandBacker, BrandSnob, BuzzStream, BuzzSumo, CreatorIQ, Grapevine Logic, Handbook, IZEA, Lefty, Mavrck, and Traackr are among the key players in the influence marketing platform market offering solutions to the brands worldwide.
Impact of COVID-19 Pandemic on Influencer Marketing platform Market
Although COVID-19 pandemic has resulted in fewer brand collaborations, digital platforms have gained immense traction. This factor has led to the increase in use of social media platforms during people’s practice of social distancing. With the increasing use of social media, influencers have gained an opportunity to keep their active audience engaged, with their creative and positive content.
Obviously, an influencer marketing platform provider, published a Trends Report: "The Impact of Coronavirus on Influencer Marketing." In March 2020, the company surveyed more than 1,000 influencers for measuring the impact of COVID-19 on them. The company also analyzed its data, which included 7.5 million Instagram posts, 2,200 TikTok influencers, and 260 campaigns. According to the report, there was ~33% increase in brands seeking to hire influencers to create their photo and video assets due to the temporary shutdown of production agencies.
The influence marketing platform market was affected during Q1 and Q2 of 2020 owing to the temporary shutdown of several businesses. However, this factor has reduced the brand’s advertising cost across the COVID-19 afflicted regions, offering an opportunity for brands to channelize it in a way to reach a broader pool of audience.
Overall size of the influencer marketing platform market is derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the influencer marketing platform market. It also provides the overview and forecast for the global influencer marketing platform market based on all segmentation provided concerning five primary regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the influencer marketing platform market.