Global Influencer Marketing Platform Market 2024-2031

Global Influencer Marketing Platform Market 2024-2031

Global Influencer Marketing Platform Market Size, Share & Trends Analysis Report by Components (Software and Services), by Application (Campaign Management, Social Media Management, Brand Reputation Management, Influencer Management, and Others), by Industry (Food and Beverages, Fashion and Lifestyle, Health and Fitness, Beauty and Personal Care, Travel and Holiday Apparel and Accessories, and Others) Forecast Period (2024-2031)

Global influencer marketing platform market is anticipated to grow at a CAGR of 32.4% during the forecast period (2024-2031). An influencer marketing platform is a digital tool that connects brands with influencers, streamlining campaign management, performance tracking, and payment processing for easier promotion leveraging influencer reach and engagement.

Market Dynamics

Integration of AI And Data Analytics into Influencer Marketing Platforms

The integration of AI and data analytics into influencer marketing platforms is driving the significant market growth by enabling precise targeting, real-time optimization, fraud detection, and compliance monitoring. These advancements enhance campaign effectiveness, contributing to increased demand for AI-powered solutions and propelling market growth. Moreover, introducing AI-based influencer marketing platforms speeds up market expansion through process optimization, improved targeting, and advanced analytics. In January 2024, vHub launched an AI driven digital matchmaker for brands and influencers. The AI powered SaaS platform offered features for influencer discovery, democratises influencer search and collaboration with its marketplace and provides detailed analytics for measurement of return on investment.

Rise in the Number of fake followers

The adoption of influencer marketing has surged significantly, driven by consumer migration from TV to social media and other over-the-top (OTT) channels. Consequently, businesses are increasingly rivaling to collaborate with genuine and impactful influencers to bolster product promotion and sales. This keen competition increased demand for both micro and macro-influencers. However, with increasing competition, the primary challenge for brands and organizations is identifying genuine influencers having substantial follower counts. Many influencers resort to artificial means, such as bots, to inflate their popularity and attract major brands. According to Mediakix's survey, an influencer marketing agency, big brands have come across 50% of influencers who have bought fake followers. According to the Association of National Advertisers (ANA), advertisers are expected to lose an estimated $7.2 billion globally as a result of fraudulent impressions, or bots. To attempt the challenges, businesses are involving auditing tools capable of discerning fake accounts through scans of influencers' profiles, providing insights into the authenticity of their followers. Such tools hold promises for aiding brands in the identification of genuine influencers in the future.

Market Segmentation

Our in-depth analysis of the global influencer marketing platform market includes the following segments by components, application, and industry:

Based on components, the market is bifurcated into software and services.

Based on application, the market is sub-segmented into campaign management, social media management, brand reputation management, influencer management, and others.

o Others include fraud detection and compliance management.

Based on industry, the market is augmented into food, beverages, fashion, lifestyle, health, fitness, beauty, personal care, travel, holiday apparel, accessories, and others.

o Others include banking and finance.

Software is Anticipated to Grow During the Forecast Period

Based on the components, the global influencer marketing platform market is sub-segmented into software and services. Among these, the software sub-segment is expected to grow over the forecast period. The primary factor supporting the segment's growth is streamlining the influencer marketing process, making it easier for brands to discover, connect with, and manage influencers. For instance, BuzzSumo’s influencer marketing software helps to find influencers based on the social media channels. Alerts can be set up to monitor when selected influencers publish content.

Campaign Management Sub-segment to Hold a Majority Market Share in the Influencer Marketing Platform Market

By application, the campaign management segment holds the majority of market share during the forecast period. The segmental growth is attributed to increasing demand for inclosing the planning, execution, and monitoring of campaigns. This segment serves as the foundation for brands to collaborate with influencers, establish campaign goals, and evaluate performance. Moreover, campaign management platforms aim to address common challenges in influencer marketing, such as lack of visibility and control due to intermediaries. By providing solutions to these challenges, such platforms encourage more brands to embrace influencer marketing, consequently fueling the demand for campaign management tools. As a result, the market players are focusing on launching such solutions to cater the demand in the market. In August 2023, Animeta, an AI-powered creator tech company launched the influencer marketing platform ‘Animeta Brandstar' to help brands execute campaigns with the most relevant creators. Animeta Brandstar aimed to solve issues in digital advertising such as lack of visibility and control due to multiple intermediaries.

Regional Outlook

The global influencer marketing platform market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

Integration of Automated Systems in European Market

Europe is expected to grow during the forecast period due to the rising adoption of branding practices by prominent fashion brands including Chanel, Christian Dior SE, and Versace. These brands aim to expand market penetration and reach a wider customer base by leveraging micro-and nano-influencers.

The continuous implementation of automated systems in the Nordic countries such as Denmark, Norway, Sweden supports in influencer discovery and traffic acquisition, contributing to market growth.

Asia-Pacific Dominates the Influencer Marketing Platform Market

Among all regions, Asia-Pacific has emerged as the fastest-growing region in the influencer marketing platform market. The surge in social media usage and e-commerce adoption in countries such as China, India, South Korea, and Japan has propelled the demand for influencer marketing services and platforms. With a large population and a growing number of internet users, Asia-Pacific bolsters the growth in social media usage. Platforms including Meta (Facebook), Instagram, TikTok, and local equivalents have gained immense popularity, creating vast audiences for influencer marketing campaigns.

Additionally, the introduction of campaigns indicates the growth of the influencer marketing platform market in developing countries including India, a rapidly growing market with a large consumer base and increasing digital adoption. This expansion opens new opportunities for platform providers and encourages competition, contributing to innovation and improvement in platform features and services. In June 2023, Good Creator Co. launched Smart Campaigns, a technology platform for brands for influencer collaborations in India. Through this initiative, the company aimed to drive success for both brands and influencers. Further, the company informed that the platform has been adopted by several brands, including Puma, Nua, Shoppers Stop, among others. Furthermore, with increased funding, key players are expanding into the region, engaging with more brands and agencies, and boosting marketing efforts to raise platform awareness. For instance, in February 2024, Starbuzz.ai, the AI-driven influencer marketing platform, secured $500,000 (Rs 4.15 crore) in seed funding from an undisclosed investor. Incubated within India's T-Hub startup ecosystem, Starbuzz.ai has become a leading platform, offering advanced AI solutions for streamlined campaign management, influencer discovery, and actionable insights for brands and agencies.

Market Players Outlook

The major companies serving the global influencer marketing platform market include Influencity, S.L., AspireIQ Inc., Traackr, Inc., HYPR Corp., and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.

In October 2019, iCubes Wire, an adtech platform with content production and influencer marketing capabilities claimed the influencer marketing mandate for Himalaya, the multinational wellness and personal care brand. This strategic partnership aimed to elevate brand awareness and customer engagement in the booming markets of the United Arab Emirates and Qatar.

In October 2023, LTK, the platform that powers Creator Commerce™, unveiled LTK Marketplace - the company’s latest innovative solution built to empower creators and brands to easily connect and collaborate on brand partnership opportunities. LTK Marketplace is an expansion of the company’s influencer marketing platform; brands have already invested more than $2.5B in influencer marketing through the LTK platform.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global influencer marketing platform market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.