Global Influencer Marketing Platform Market - 2023-2030

Global Influencer Marketing Platform Market - 2023-2030

Global Influencer Marketing Platform Market reached US$ 13.5 billion in 2022 and is expected to reach US$ 173.8 billion by 2030, growing with a CAGR of 37.6% during the forecast period 2023-2030. The increase in the trend of video content dominance helps to boost the market growth.

Brands are rapidly turning to micro-influencers with highly engaged audiences. Micro-influencers have a more authentic connection with their followers. The proliferation of social media platforms has created a vast landscape for influencers to connect with their audiences. Influencer marketing platforms leverage this trend by offering brands a convenient way to identify and collaborate with influencers across different platforms.

Influencers often have a loyal and engaged following that trusts their opinions. Brands leverage this trust to build authentic connections with consumers, which is a key driver of influencer marketing's success. Influencers are skilled content creators who produce engaging and relatable content. Growing consumer's shift toward authenticity helps to boostthe the market growth of the influencer marketing platform.

An increase in product launches by major key players helps to boost market growth over the forecast period. For instance, on September 28, 2021, One Impression launched a new platform to help brands solve influencer marketing requirements. Currently, it is in the beta stage and it is designed to solve complex influencer marketing.

Dynamics

Increase in the Consumer’s Shift Towards Video-based Content

Videos offer a visually appealing and immersive way to convey information, tell stories and showcase products or services. Video content has become one of the most engaging and preferred forms of online media. Customers are more likely to watch videos than read lengthy text-based content, making video content a powerful medium for brand communication. Influencer-generated video content allows brands to creatively and authentically connect with their target audiences.

According to the survey conducted by HubSpot, Inc., 91% of businesses are using video as a marketing tool. Consumers are increasingly dependent on marketing videos from brands. Most of the consumers recommended short videos. The globally digital survey viewer is expected to reach around 3.5 billion. In 2023, people are watching around 17 hours of online videos per week. 75% of people watch short videos on their devices.

Rapid Growth in Direct Marketing

Direct marketing involves personalized communication and targeted outreach to individual customers. Similarly, influencer marketing leverages influencers who have a direct and personal connection with their followers, making it a natural extension of direct marketing strategies. Both direct marketing and influencer marketing rely on building trust and engagement with the audience. Influencers, as trusted individuals, can effectively convey brand messages in a personalized and engaging manner, similar to the goals of direct marketing.

On December 09, 2022, according to the report published by The State of WhatsApp Marketing 2023, 72% of the consumers engaged with brands through personalized messaging and 85% of the consumers were interested in receiving notifications such as product recommendations, pricing updates and others. WhatsApp is an emerging marketing channel for brands to connect consumers globally.

High Penetration of the OTT Platform

OTT platforms are predominantly video-based, creating an ideal environment for influencer-generated video content. Influencers leverage these platforms to create engaging video content that aligns with the preferences of OTT viewers. OTT platforms attract a diverse audience across different demographics, interests and regions. The diversity allows brands to collaborate with influencers who resonate with specific niches within the broader OTT audience.

According to the news published on July 07, 2023, OTT platforms partnered with Bollywood content creators. Online services like ZEE5 and Disney+ Hotstar have tied up with these creators for shows like Saas Bahu Aur Flamingo and Sirf Ek Bandaa Kaafi Hai. OTT viewers appreciate authentic and relatable content. Influencers, known for their authenticity and personal connections with their followers, align well with this preference.

Lack of Awareness

Brands that are unfamiliar with influencer marketing platforms might stick to traditional advertising methods, even if influencer marketing could offer better ROI and engagement. The resistance to change can slow down market growth. Without awareness, brands may not realize the benefits of influencer marketing platforms, such as streamlined campaign management, better influencer selection and data-driven insights. The leads to missed opportunities for efficient and effective influencer collaborations.

Brands and businesses that are not aware of influencer marketing platforms might not utilize these platforms to their full potential. The results in a limited adoption rate, preventing the market from reaching its full growth potential. Brands attempting influencer collaborations without using dedicated platforms may face challenges in managing influencer relationships, tracking campaign performance and ensuring compliance.

Increase in the Number of Fake Followers

Brands investing in campaigns with influencers having fake followers waste resources on partnerships that do not deliver the desired outcomes. The can discourage brands from further utilizing influencer marketing platforms. Influencer marketing relies on the credibility and authenticity of influencers. When influencers have a high number of fake followers, their credibility is compromised, leading to skepticism among brands and consumers.

On July 15, 2020, Mumbai’s 20-year-old youth created 5 lakh fake followers on Facebook and Instagram. Mumbai police have arrested a 20-year-old youth who created fake followers for a total of 176 profiles on Instagram, Facebook and TikTok. Increase in the demand for influencers as they can boost brand sales by endorsing products on social media.

Segment Analysis

The global influencer marketing platform market is segmented based on component, organization size, application, end-user and region.

Increasing Applications of the Influencer Relationship Management

Brands are recognizing the value of sustained influencer partnerships over one-off campaigns. Influencer relationship management facilitates the management of ongoing relationships, enabling brands to work with influencers as brand advocates and ambassadors. Influencer relationship management platforms offer tools that facilitate effective communication and collaboration between brands and influencers. Streamlined communication streamlines campaign execution and ensures alignment between parties.

The influencer relationship management segment focuses on building long-term, authentic relationships between influencers and brands, allowing for more credible and trustworthy collaborations. Influencer relationship management allows brands to find influencers who resonate with specific niches and demographics, leading to more personalized campaigns that yield higher engagement and conversions. On August 08, 2023, Animeta, an AI-powered creator tech company announced the launch of the influencer marketing platform ‘Animeta Brandstar' to help brands execute campaigns with the most relevant creators.

Geographical Penetration

Robust Growth in the E-Commerce of Asia-Pacific

The rapid growth of internet and smartphone penetration in the Asia-Pacific has led to a substantial increase in online engagement and social media usage. Asia-Pacific is a hub for technological innovation, which extends to influencer marketing platforms that offer advanced analytics, data-driven insights and campaign optimization tools.

The Asia-Pacific has witnessed robust growth in e-commerce, with countries like China being global leaders. Influencer marketing often plays a significant role in promoting e-commerce platforms and driving sales. Asia-Pacific countries have embraced social media platforms enthusiastically, making them a powerful channel for influencer marketing campaigns. Platforms like WeChat, Weibo, LINE, KakaoTalk and Instagram have massive user bases in the region.

The Asia-Pacific has seen the rise of micro-influencers who have smaller but highly engaged follower bases. Brands find value in collaborating with micro-influencers for more authentic connections. According to the report published by Dentsu India, around 70% of Indians believe that influencer marketing has an impact on them. 39% of respondents said that they trust influencers with subject expertise. And another 25% reported that they trust celebrities.

An increase in the government initiatives for the influencer marketing platform helps to boost the Indian market over the forecast period. For instance, on July 27, 2023, the Indian central government impaneled four influencer marketing agencies to improve the public outreach of its initiatives and campaigns.

COVID-19 Impact Analysis

During the pandemic as people spent more time at home, there was a surge in content related to cooking, home workouts, DIY projects and self-care. Brands adjusted their campaigns to align with these trends. Economic uncertainty prompted brands to reevaluate their marketing budgets. While some reduced spending, others shifted towards cost-effective influencer marketing to maintain their online presence. During the pandemic, people's priorities shifted toward health, safety and essential needs. Brands had to adjust their messaging and influencer collaborations to resonate with these new priorities.

Travel restrictions and lockdowns led to a decline in travel and lifestyle-related content. Influencers who were primarily focused on these niches had to adapt their content or explore new areas of interest. With physical stores closing or facing restrictions, e-commerce has become more vital. Influencers collaborated with brands to promote online shopping, leading to increased demand for e-commerce-related campaigns. Economic uncertainty prompted brands to reevaluate their marketing budgets. While some reduced spending, others shifted towards cost-effective influencer marketing to maintain their online presence.

Russia-Ukraine War Impact Analysis

Brands focus on local or regional influencer marketing campaigns to avoid any perceived insensitivity or controversy related to the geopolitical situation. Disruptions in supply chains and logistics, caused by conflict-related issues, could impact influencer collaboration arrangements, product launches and campaign timelines. The focus of influencer content might shift as audience interests and priorities change during times of uncertainty. Brands should consider whether their chosen influencers' content aligns with the shifting interests of their target audience. Brands may become more cautious about the content and messaging associated with their campaigns, particularly if geopolitical events are sensitive topics. It might seek influencers who align closely with their values and messages to avoid potential backlash.

During times of crisis, consumer priorities and behaviors can shift. People might become more focused on immediate needs, causing changes in online engagement and purchasing patterns. Influencer marketing strategies may need to adapt to align with evolving consumer preferences. Geopolitical events can lead to an increase in online discussions and debates. Influencers need to carefully navigate conversations to avoid alienating their followers and maintain positive engagement. Geopolitical events can amplify the voices of those who discuss relevant topics. New influencers might emerge and existing ones may pivot their content to address the situation, potentially changing the landscape of influencer marketing.

By Component
• Solution
• Services
Consulting
Support and Maintenance
Deployment and Integration

By Organization Size
• Small and Medium-Sized Enterprises
• Large Enterprises

By Application
• Search and Discovery
• Campaign Management
• Influencer Relationship Management
• Analytics and Reporting
• Compliance Management and Fraud Detection
• Others

By End-User
• Fashion and Lifestyle
• Agencies and Public Relations
• Retail and Consumer Goods
• Health and Wellness
• Ad-Tech
• Banking and Financial Institutes
• Travel and Tourism
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On August 08, 2023, Animeta launched the tech-powered influencer marketing platform Animeta Brandstar for brands. The newly launched platform helps to solve issues in digital advertising such as lack of visibility.
• On August 17, 2023, iCubesWire, a leading ad tech platform partnered with Dubizzle as an Influencer marketing partner. The partnership helps to highlight the omnipresence of dubizzle across various consumer groups.
• On December 02, 2022, Luggage brand Mokobara partnered with fashion influencer Nagma Mirajkar to promote products to her 8.6 million on Instagram. It helps to add the effectiveness of online advertising and how brands target users with personalized ads on social media.

Competitive Landscape

The major global players include LINQIA, INC., Impact Tech, Inc., IZEA globally, Inc., JuliusWorks, LLC., Quotient Technology Inc., Traackr, Inc., Launchmetrics, ExpertVoice, Inc., Tagger Media Inc. and Talent Village Ltd.

Why Purchase the Report?
• To visualize the global influencer marketing platform market segmentation based on component organization size, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of influencer marketing platform market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global influencer marketing platform market report would provide approximately 69 tables, 73 figures and 247 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies