The global influencer marketing platform market accounted at US$ 137.1 Mn in 2018 and is expected to grow at a CAGR of 12.3% during the forecast period 2019 - 2027, to account to US$ 373.5 Mn in 2027.
The Asia Pacific is the fastest-growing geographic market. The Asia Pacific comprises of a population of over 4.4 Bn, which is witnessing high growth in internet penetration as well as an increasing number of social media users’. Social media is one of the critical drivers for Asian people to go online; however, a considerable disparity exists among Asia Pacific countries. Influencer marketing is booming in the region, however reaching to consumers in the region sometimes become difficult. Presence of several countries with different cultures and languages is acting as a significant barrier. Some of the potential issues that should be taken into consideration before selecting an appropriate influencer in Asian countries include a platform of choice, identification of influencers with genuine followers, and cost of these influencers.
Video content is expected to have positive impact on influencer marketing platform market
Influencers are significantly adopting the trend of influencing their audience by video. Influencers show their audience the latest trends in their niche and typically lead the charge when social network adds a new feature. Influencers are increasingly posting video content across social platforms. Factors such as high engagement rate and more authentication are enabling influencers to adopt video content for marketing. Thus, video content is expected to drive the influencer marketing platform market during the forecast period.
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Integration of artificial intelligence offer lucrative opportunity to the influencer marketing platform market
Vendors have a massive opportunity by integrating advanced technology such as big data analytics and artificial intelligence (AI) with an influencer marketing platform. Customers have a huge demand for advanced computing technologies. One of the biggest trends to hit Influencer Marketing Platform is the ability to extract valuable information from customer behavior to help business owners to make smarter business decisions.
The global influencer marketing platform market by offerings was led by solution segment. Brands are looking for innovative ways to tap this section of customers and influencer marketing through social media platforms is a perfect solution for this issue. Due to these factors, the demand for influencer marketing platform market is increasing among brands and agencies to find relevant influencers that match their exact requirements.
The global influencer marketing platform market by application was led by search & discovery segment. However, analytics & reporting segment is expected to hold the most significant influencer marketing platform market share by 2027. Businesses which are using influencer marketing platforms to search influencers, also use these platforms to gain insights into their spending and campaign through various analysis and reporting tools provided by these platforms. Some of these tools include audience analysis, analytics reporting, post engagement analytics, campaign performance analysis, and dashboards.
The global influencer marketing platform market is segmented on end-user as fashion & lifestyle, marketing agencies, retail & consumer goods, travel & hospitality, and others. The others section includes interior & home décor, electronics, art, and others. Fashion & lifestyle is witnessing the highest CAGR growth in the influencer marketing platform market. The fashion and lifestyle industry is mostly visual-based as the audience respond better to images and videos of fashion & lifestyle related product. Hence, companies in this industry are mainly focusing on image & video-based social media platforms such as Interest, Instagram, and YouTube, thereby demand influencer marketing platform market growth is expected to flourish. In 2018, search & discovery application was estimated to dominate the influencer marketing platform market.
The players operating in the influencer marketing platform market are focusing on mergers & acquisitions to expand their geographical presence. Further, the players are entering into a partnership, joint ventures, and contracts; as well as opening new offices across the globe maintain its brand image globally. Few of the recent developments are listed below:
- 2019: Redhill launched Redlist, influencer discovery, and rating platform.
- 2019: An AI solutions provider, AnyMind Group, acquired a multi-channel network, Moindy Digital Co Ltd. based in Thailand.
- 2019: Vero opened a new office in Vietnam, focused on digital operations, including influencer marketing.
- 2018: InfluencerDB announced the acquisition of Australia-based Lumio Analytics. This acquisition would enable the company to provide a gold standard solution for analytics in the influencer market.
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GLOBAL INFLUENCER MARKETING PLATFORM – MARKET SEGMENTATION
Global Influencer Marketing Platform Market - By Offerings
Global Influencer Marketing Platform Market - By Application
- Search & Discovery
- Campaign Management
- Influencer Relationship Management
- Analytics & Reporting
Global Influencer Marketing Platform Market - By Organization Size
- Small & Medium Enterprise
- Large Enterprise
Global Influencer Marketing Platform Market - By End User
- Fashion & Lifestyle
- Marketing Agencies
- Retail & Consumer Goods
- Travel & Hospitality
Global Influencer Marketing Platform Market - Company Profiles
- HYPR (Mogimo Inc.)
- InfluencerDB (InfluencerDB Tech GmbH & Co. KG)
- IZEA Worldwide Inc
- JuliusWorks Inc.
- Launchmetrics (Fashion Gps, Inc.)
- Lefty (Modern Agency SAS)
- Mavrck (Apifia Inc.)
- Traackr, Inc.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, Healthcare and Telecommunication industries.