The global influencer marketing platform market size to grow from USD 6.0 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 32.0% during the forecast period. Various factors such as the customers’ shift toward video-based content across the OTT space and an increase in the adoption of ad-blocking software are expected to drive the adoption of the influencer marketing platform market. The objective of the report is to define, describe, and forecast the influencer marketing platform market size based on component, organization size, application, end user, and region.
COVID-19 has shocked the entire world. Many businesses are fighting to survive and are using different marketing strategies to recover the loss. This has posed a good opportunity for brands and influencers to engage with their audiences with impactful messaging. The importance of influencer marketing as a core marketing strategy has grown during the COVID-19 crisis. Through the personal views and support of followers, influencers will continue to shape the conversations occurring in the post-lockdown world. The effects of COVID-19 will be long-term, and as a result, marketing strategies must be revised to suit the new environment in which smaller and larger companies are surviving currently.
Areas of discretionary spending and especially those heavily affected by COVID-19, such as the adoption of travel-related products, have decreased notably. This includes luggage, cameras, clothing, and footwear. With this in mind, influencers that have had stopped or decreased their campaigns in these areas may benefit from looking for opportunities in packaged foods or self-improvement at-home products, such as weight training and exercise at home-related products. Considering the scenario of COVID-19, brands are now shifting their focus to be more sensitive to the present situation by leveraging digital influencers to spread the message of safety and health.
The services segment to grow at a higher CAGR during the forecast period
The influencer marketing platform market is segmented on the basis of components, such as solution and services. The services segment is expected to grow at a rapid pace during the forecast period as the demand for services, such as support and maintenance, deployment and integration, and consulting, is rising with the tailor-made features for influencer marketing platform solution during the COVID-19 outbreak.
The fashion and lifestyle end user segment to have the largest market size during the forecast period
The Influencer marketing platform market by end user has been segmented into fashion and lifestyle, agencies and PR, retail and consumer goods, health and wellness, ad-tech, banking and finance, travel and tourism and other end users (gaming and pet care). The fashion and lifestyle end user is estimated to account for the largest market size as influencer marketing serves as the most successful strategy for fashion and lifestyle brands. Fashion influencers have now become an integral part of social media marketing channels. They largely dominate the digital space as consumers turn to social media and social media influencers for gaining information about new products or new brands. Hence, influencer marketing plays an important role in the fashion and lifestyle end user.
The large enterprises segment to have the largest market size during the forecast period
The influencer marketing platform market by organization size has been segmented into large enterprises and SMEs. Large enterprise is expected to register the largest market size during the forecast period. The rise of paid ad costs on social media platforms, such as YouTube and Instagram, will enable enterprises to find a way to survive for future growth.
Among regions, North America to account for largest market size during the forecast period
North America is expected to have at the largest market size during the forecast period. The continuous adoption of influencer marketing platform solution and services across all the major end users is expected to drive the market growth in North America. The governments in North America are focusing and investing substantially in AI and ML technologies, while they are also reaping the benefits of influencer marketing platforms in the US and Canada.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Influencer marketing platform market.
- By Company: Tier I: 10%, Tier II: 25%, and Tier III: 65%
- By Designation: C-Level Executives: 25%, Directors: 50%, and Others: 25%
- By Region: North America: 40%, APAC: 20%, Europe: 30%, Rest of World: 10%
The report includes the study of key players offering influencer marketing platform solutions and services. It profiles major vendors in the global influencer marketing platform market. The major vendors in the global influencer marketing platform market are IZEA Worldwide (US), Quotient Technology Inc. (US), Launchmetrics (US), JuliusWorks, Inc. (US), Traackr, Inc. (US), Upfluence Inc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech, Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social Beat Digital Marketing LLP (India), ExpertVoice Inc. (US), Lefty (France), Lumanu Inc. (US), InfluencerDB (Germany), Taggermedia (US), Heepsy (Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads, Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US).
The market study covers the influencer marketing platform market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, applications, organization size, end user, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall influencer marketing platform market and its subsegments.
- It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.