Influencer Marketing Platform Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global Influencer Marketing Platform Market was valued at US$ 8,393.4 Mn in 2021 and is projected to reach US$ 90,238.9 Mn by 2030. The market is registering a CAGR of 30.81% during the forecast period 2022-2030. The growing use of the internet for advertising practices has revolutionized business models and generated alternate revenue streams. The easy availability of high-speed and affordable internet services for customers offers marketers a new channel to reach out to target audiences, which has led to the rise of influencer marketing practices. Social media portals such as Facebook, Instagram, YouTube, and Pinterest are perceived as the ideal platforms for marketing purposes. The continuously increasing user base of these social media apps has helped marketers to increase customer engagement and understand their pain points via influencers’ interactions. Over the last few years, brands have started looking beyond traditional celebrities and have collaborated with online celebrities/influencers for endorsing their products. This is due to the increasing number of followers of these influencers on social media and their ability to impact the purchasing behavior of their followers/fans. According to a study conducted by Twitter and Annalect, 40% of Twitter users utilize tweets to make purchasing decisions. Influencer marketing sites provide brands and companies with powerful research resources, some also have comprehensive, searchable databases of potential influencers with sophisticated algorithms.

The growing impetus of the market is attributed to the customers’ shift towards video-based content across the OTT space. With the increasing use of smartphones and 3G and 4G networks, video consumption has grown tremendously in the last few years. Therefore, organizations are designing marketing strategies for video-based content streaming across digital channels. As per a Google study in 2017, YouTube is the second-most used search engine across the world. Moreover, as the television viewership reduced by 50% among the age group of 18–26 in 2017, video-based marketing increased from 63% in 2017 to 81% in 2018, according to Wyzowl‘s statistics. Therefore, organizations are unable to target their potential consumers through traditional marketing techniques and hence, are moving towards the influencer marketing technique that enables them to target potential buyers. However, the lack of capabilities to measure campaign effectiveness hampers the market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Global Influencer Marketing Platform Market for the study period of 2017-2030; where historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 16 chapters distributed across 186 pages with 36 lists of tables and 87 lists of figures.
• The market is segmented based on equipment components, function, subscription plans, enterprise size, industry, and regions.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes platform providers, content creators, promotion & monetization, and social media users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Influencer Marketing Platform Market Report

• Based on the component, the software component has the highest share in the Global Influencer Marketing Platform Market in 2021 and is further estimated to continue its dominance over the projection period. Influencer marketing software is an online tool that makes the influencer marketing process easier for brands.
• The search, discovery & onboarding function holds the highest market share in the influencer marketing platform market in terms of function. Companies may use influencer search and discovery tools to locate the proper brand ambassadors using a variety of variables, such as audience demographics, content effectiveness, and performance, saving time and money over manual searches.
• Based on enterprise size, the large enterprises accounted for the highest revenue share in 2021, owing to the need to deploy more cost-effective and efficient marketing strategies. The small & micro enterprises segment is expected to offer significant growth opportunities to the market over the forecast period. This is because SMEs can collaborate with micro-and nano-influencers, which helps them in increasing brand awareness and traffic to the company website at affordable prices.
• The consumer goods & services industry is the highest end-user industry in the Global Influencer Marketing Platform Market and is also estimated to dominate the market over the forecast period. Among the consumer goods & services, the fashion and apparel sector have the highest share. The rising need for high-end lifestyle and fashion brands to be more approachable for people and create closer interactions with them is driving the adoption of such advertising practices.
• North America dominates the Global Influencer Marketing Platform Market in 2021. The availability of a significant talent pool in platform development, AI-based analytics, and digital marketing in the region offers a conducive ecosystem for market growth. Asia Pacific registers the highest CAGR over the forecast period 2022-2030.

Competitive Dashboard

The key players in the Global Influencer Marketing Platform Market are Activate, Brandwatch, CreatorIQ, Grin, and Impact Tech, Inc. among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the different segments of the Global Influencer Marketing Platform Market:

By Component segment of the Global Influencer Marketing Platform Market is sub-segmented into:

• Software
• Services
  • Consulting
  • Deployment & Integration
  • Maintenance and Support
  • Outsourced (Managed)

By Function (Module) segment of the Global Influencer Marketing Platform Market is sub-segmented into:

• Search, Discovery & Onboarding
• Campaign Management
• Influencer Relationship Management
• Risk & Compliance
• Contract & Pay Management
• Analytics & Reporting
• Others (Process Automation & Optimization)

By Subscription Plan segment of the Global Influencer Marketing Platform Market is sub-segmented into:

• Basic
• Pro
• Enterprise

By Enterprise Size segment of the Global Influencer Marketing Platform Market is sub-segmented into:

• Large Enterprises
• Medium-sized Enterprises
• Small & Micro Enterprises

By Industry segment of the Global Influencer Marketing Platform Market is sub-segmented into:

• Retail & E-commerce
• Consumer Goods & Services
  • Fashion & Apparel
  • Electronics
  • Sports & Wellness
  • Food & Beverages
  • Others
• Healthcare
• Banking
• Education
• Hospitality
• Travel
• Entertainment & Media (Gaming)
• Others (payments, ticketing)

By Region segment of the Global Influencer Marketing Platform Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • Saudi Arabia
  • Bahrain
  • UAE
  • Rest of MEA
• Latin America
  • Argentina
  • Brazil
  • Rest of Latin America