Influencer Marketing Platform Market 2019 Size, Share, Revenue, Global Industry Growth Analysis, Segmentation, Sales Channel Insights, Gross Margin, Competitive Landscape, Forecast to 2027
According to the new research report published by The Insight Partners, titled “Influencer Marketing Platform Market – Global Analysis and Forecast to 2027”, the global influencer marketing platform market is valued 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 Driven by the Integration of artificial intelligence and Video content.
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Influencer marketing is one of the most promising segments of the digital marketing mix. Influencer marketing has opened up the new world for brands and businesses to connect with discerning and elusive audiences. With the increasing adoption of smartphones, companies are strategically approaching their customers to build a strong customer relationship.
With the advancements in technology, influencer marketing evolved across the globe. Influencer programs are similar to accountability to traditional media, which is causing a shift in ownership from communication budgets to media and marketing budgets. The advancements in influencer marketing platform and the way of advertisement has empowered the brands to run a program that activates thousands of influencers for a price that previously afforded a small group of individuals.
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Boksi.com is one of the fastest-growing influencer marketing platforms in European countries. It has a presence in Sweden, Finland, Germany, Russia, Denmark, and Croatia. Boksi.com is known for a high number of micro-influencer and has successfully raised US$ 1 Mn to expand its service in Central Europe. The increasing funding and spending for influencer marketing are expected to drive the market in European countries.
However, globally the market constitutes some prominent market players such as 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.), NeoReach, Traackr, Inc., Upfluence among others.
The influencer marketing platform market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Asia Pacific is projected to be the fastest growing region in the global influencer marketing platform market. Whereas, Europe, followed by North America hold the highest market share in the influencer marketing platform market. Influencer marketing platform market is expected to experience significant growth in the coming years owing to increasing social media users’ penetration rate in developing economies worldwide.
Influencer Marketing Platform Market — Geographic Breakdown, 2017
In 2018, Europe accounted for the largest market share, growing at a CAGR of 11.7%
In Europe, the penetration of social media users differs widely from county to country. For instance, as per Eurostat, approximately 65% of the population in Hungary (aged 16-74) use social networking sites. The statistics signify a much higher level in comparison to the EU average, as well as its neighboring countries. However, the highest social media penetration rate is acquired by Denmark (79%). Other key countries include Belgium, followed by Sweden and the U.K., as well as, Cyprus, Malta, Finland, and the Netherlands. Moreover, countries such as France, Italy, and Slovenia have below 50% of social media users. Further, as per Pew Research, merely 46% of internet users use social media in Germany.
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Furthermore, according to Eurostat, approximately 47% of the enterprises in the EU used at least one social media platform in 2017. Also, over eight out of ten of them uses social media for marketing their products or for brand awareness. Also, the rate of social media usage by EU enterprises for marketing increased to 40% in 2017 from 22% in 2013. Also, the significant growth in the rest of Europe region is driven from countries including Denmark, Finland, Sweden, Norway, the Netherlands, Spain, and emerging economies of Eastern Europe.
Asia-Pacific is expected to with high year-on-year growth during the forecast period. Factors such as rapid urbanization, the high number of young population, increasing disposable income, advancements in technology, increasing purchasing power of consumer goods, and others are creating a huge opportunity for influencer marketing. Vendors of influencer marketing platform are strategically expanding their footprint in developing countries of Asia-Pacific to tap the opportunity. For instance, In May 2019, one of the leading influencer marketing platforms of China, TopSocial announced to expand its footprints in the Indian market. With the expansion, TopSocial will enable brands to create creative, localized, and customized content for the Indian market.
Key findings of the study:
In 2018, search & discovery segment by application is expected to dominate the influencer marketing platform market. There are various influencer platforms companies such as Upfluence, NeoReach, AspireIQ, HYPR, Julius, Open Influence, Doveltale, Tapinfluence, and Onalytica, who are offering influencer search and discovery services to brands and agencies. Based on their specific requirements, several search criteria could be used by the brands to find the suitable influencers. Some of these criteria include- by audience reach, by industry, by demographics, by agency representation, and others.
China holds the largest share in the Asia Pacific influencer marketing platform market. A significant way the country’s influencer industry varies from the West is via the use of incubators that encourage new influencers, also known as KOLs. These KOLs commonly use local social media platforms such as WeChat, Weibo, Douyin, and Douban, among others to promote the brands. Moreover, the evolvement influencer-led creative studios in China in 2018 has resulted in disrupting traditional ad agencies.
The Strategic Insights and Recent Developments in Influencer Marketing Platform Industry:
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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