Which segment accounted for the largest influencer marketing platform market share?

Influencer marketing platforms are online solutions that are specially designed to help brands with their influencer marketing campaigns. Influencer marketing platforms help to create a good brand image among people and also help brands to reach their target audiences. Influencer marketing is one of the latest forms of marketing that helps brands to increase their sales. Influencer marketing platform helps influencers to monetize their social media channel and brands in order to reach their potential customers or increase customer engagement with their older customers. These marketing platforms are used in various applications such as analytics and reporting, influencer relationship management, campaign management, fraud detection, etc. These factors are expected to drive the market growth during the forecast period.

The global influencer marketing platform market is expected to witness significant growth during the forecast period (2020–2027). This is attributed to the increasing number of users on social media platforms that is increasing the demand for influencer marketing platform solutions. For instance, according to Coherent Market Insights’ analysis, in 2020, there are 3,830 million people that are actively using social media platforms from 3,312 million people in 2019 across the globe. Furthermore, according to Coherent Market Insights’ analysis, in 2020, 6,450 million users are using mobile phones from 5,110 million people in 2019 across the globe.

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Moreover, social media platforms such as Facebook, Instagram, and Twitter are witnessing significant growth during the forecast period. For instance, according to Coherent Market Insights’ analysis, Instagram has 1,000 million monthly active users globally. 22.0% of the world’s 4,530 million internet users are using Instagram monthly. TikTok is another social media platform that is witnessing high growth due to an increase in user registrations. TikTok has dominated sponsored ads, targeting audiences between 15-30 years with user-generated short videos. For instance, according to Coherent Market Insights’ analysis, TikTok has 45,200 million users in 2020 from 35,400 million users in 2019 in the U.S. Therefore, the rise in social media platforms with increasing customer base is supporting growth of the influencer marketing platform market.

Lack of technological awareness, availability of limited professional, and less influence of campaign are expected to hamper the influencer marketing platform market growth during the forecast period. Furthermore, government initiatives to ban few social networking applications such as TikTok, which is very popular among youth, is also expected to hamper the market growth.

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