The global influencer marketing platform market was valued at USD 10.54 billion in 2022 and growing at a CAGR of 31.50% from 2022 to 2030. The market is expected to reach USD 94.24 billion by 2030.

You Can Purchase The Full Report Here: https://www.thebrainyinsights.com/report/influencer-marketing-platform-market-12970

Market Introduction:

An influencer marketing platform allows finding new social media influencers at large scale and streamlines the management of the campaigns from start to end. An influencer marketing platform supports connecting with new influencers relevant to the brand, driving sales through affiliate links and promo codes, managing communication, and monitoring analytics to calculate the return on investment of the influencer marketing campaigns. The marketing strategy in influencer marketing includes teaming up with social media users and content creators who influence communities of differing sizes. The collaboration mainly contains co-content creation or promotion of the brand by the influencer to their society. To understand in a better way, an influencer is a person who can influence other people. Influencer marketing is a structure of social media marketing; in which the brands pay that person to advertise their product or service to their followers. Influencer platforms support making life easier for agencies and brands working and operating with influencers. An influencer marketing platform is a software solution to help brands with their influencer marketing campaigns. Influencer marketing platforms give influencer discovery tools for agencies and brands; some also deliver huge searchable databases of potential influencers using smart algorithms. For instance, Grin's searchable database contains influencers from YouTube, TikTok, and Instagram. More than 100 million influencers and roughly 36 million profiles have email addresses. Once the suitable influencers are identified, Grin's similar function helps to find even more preferred selections.

Recent Development:

In October 2020: Upfluence combined its software with the Klaviyo marketing platform. It enables eCommerce marketing processes by enhancing insight and targeting.

In April 2022: Mavrck, a well-known influencer marketing network, said it would later collaborate with a leading social media marketing and commerce platform for autonomous producers and small enterprises.

Market Dynamics:
Drivers:

Locate the Right Influencers in Less Time: An influencer marketing platform can help scale search efforts by allowing people to search for collaborators based on location, keywords, industry, aesthetic, engagement metrics, and audience demographics. The standout features like Ecommerce Integrations to discover customers, whether a platform has a creator Marketplace or social listening tools that will authorize to find out the person who is already talking about him online so that they can be invited to join the campaign. Additionally, influencer marketing platforms help to bring potential collaborators.

Push the Sales with Codes and Coupons: Every marketing initiative aims to push sales and grow the business. Top-class influencer marketing platforms should contain tools that help to push sales. The promo codes and coupons give discounts or affiliate links where influencers rate based on the number of products sold. It will also allow to set up of clear and transparent commission systems.

Restraints:

Lack of ability to estimate campaign efficacy: The influencer marketing strategy reaches buyers and improves client engagement throughout campaigns. Regardless, it lacks in estimating campaign efficacy due to inappropriate planning. Mainly, brands execute campaigns without preparing their fundamental aspects, like the clarity of geographic areas, end goals, and type of influencers. Campaigns are failing or having limited outcomes due to the absence of planning. Moreover, campaigns' efficacy requires to be explored through different channels.

Opportunities:

Technological Advancement in Measuring the ROI: The influencer marketing platform helps to gather valuable data to scrutinize so that people can make more firm decisions before moving forward. Whether measuring ROI (Return on investment) by promo code usage, clicks, total reach, or different metric altogether, the platform should help to gain insight information of the valuable data.

Challenges:

The rise in the number of fake followers: Organizations compete to encounter authentic and effective influencers to advertise their products and improve sales. The increasing competition has raised the need for macro and micro-influencers. Regardless, with the rising competition, getting authentic influencers with massive followers is a big challenge for organizations and brands. Numerous influencers use fake followers through bots to show their popularity and lure influential brands.

Segmentation analysis:
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global influencer marketing platform market, with a 34.20% share of the market revenue in 2022.

North America dominates the influencer marketing platform due to the progressive client engagement in OTT platforms and social media in the United States, particularly during the pandemic, as people rehearsed social isolation which ultimately permitted corporations to use influencer marketing for advertising their products and services. Similarly, a qualified workforce engaged in platform development, digital marketing, and Artificial intelligence-based analytics in the region is also boosting the market growth.

Asia Pacific is expected to grow at the highest CAGR during the projection period due to the rising adoption of cutting-edge technologies across countries like Japan, China, and India. The increasing number of social media users is anticipated to grow APAC's adoption of influencer marketing platforms. The rising execution of ad-blocking solutions by users across APAC and Europe also pushes the market's growth.

Application Segment Analysis

The application segment is divided into analytics and reporting, search and discovery, influencer management, campaign management, and others. The search and discovery segment dominated the market, with a market share of around 28.5% in 2022. The search and discovery tool gives comprehensive search prospects to find suitable and valuable influencers for marketing activities. Businesses use influencer marketing platforms to determine potential influencers who can boost the companies and increase customer interaction and brand awareness.

Organization Size Segment Analysis

The organization size segment is divided into small and medium enterprises and large enterprises. The large enterprises segment dominated the market, with a market share of around 54.5% in 2022. The large enterprise segment accounted for the largest revenue share. Influencer marketing is becoming popular among (SMEs) and small and medium-sized businesses due to its more significant affordability and comparable returns to traditional marketing techniques. Small businesses can get technical campaign design and management services such as AspireIQ.

End-use Segment Analysis

The end-use segment is divided into travel and holiday, sport and fitness, food and entertainment, fashion and lifestyle, and others. The fashion and lifestyle segment dominated the market, with a market share of around 27.2% in 2022. Increasing usage of influencer marketing to satisfy the growing demand for expensive lifestyles and fashion brands to be better approachable to people.

Some of the Key Market Players:
Blogmint Inc.
ExpertVoice Inc.
Fourstarzz Media LLC
Impact Tech, Inc.
IZEA Worldwide Inc.
JuliusWorks, Inc.
Launchmetrics
Linqia, Inc.
Quotient Technology Inc.
Tagger media Inc.
Talent Village Ltd
Traackr, Inc.
Upfluence Inc

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2021 USD 10.54 Billion
Market size value in 2030 USD 94.24 Billion
CAGR (2022 to 2030) 31.50%
Historical data 2019-2020
Base Year 2021
Forecast 2022-2030
Segments Product Type, Source, Distribution Channel
Regional Segments The regions analyzed for the market are North America, Europe, South America, Asia Pacific, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.

You Can Purchase The Full Report Here: https://www.thebrainyinsights.com/report/influencer-marketing-platform-market-12970

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This release was published on openPR.