Influencer Marketing Platform Market: Navigating Market Segments, Growth Drivers, and Competitive Strategies in Digital Marketing Solutions

The influencer marketing platform market size has grown exponentially in recent years. It will grow from $15.97 billion in 2023 to $21.32 billion in 2024 at a compound annual growth rate (CAGR) of 33.5%. The growth in the historic period can be attributed to rise of social media channels, increasing influence of social media influencers, data analytics for audience insights, demand for authenticity and personalization, evolving consumer behavior.

The influencer marketing platform market size is expected to see exponential growth in the next few years. It will grow to $66.02 billion in 2028 at a compound annual growth rate (CAGR) of 32.7%. The growth in the forecast period can be attributed to emergence of new social media platforms, integration of e-commerce features, advanced ai-driven analytics, rise of micro-influencers, focus on long-term relationships. Major trends in the forecast period include micro-influencers on the rise, ai-powered influencer matching, video content dominance, ephemeral content and stories, authenticity and transparency.

Market Overview -
An influencer marketing platform refers to an automated software solution designed to assist brands and agencies in managing and executing influencer marketing campaigns. These platforms are used to provide a database of influencers across social media platforms, tools for campaign management and metrics to track the performance of influencer campaigns.

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Surge In Smartphone Adoption Drives The Influencer Marketing Platform Market
Increasing use of smartphones is expected to propel the growth of the influencer marketing platform market going forward. Smartphones refer to mobile devices that offer advanced computing capabilities and connectivity. Influencers create content for their social media platforms directly from their smartphones. The built-in cameras and editing tools on smartphones enable influencers to capture and edit high-quality photos and videos for their campaigns. For instance, according to Datar portal, a Singapore-based online reference library, between 2022 and 2023, there was a 2.3% increase, equivalent to 1.4 million, in the number of mobile connections in the Republic of Korea. Therefore, the increasing use of smartphones is driving the growth of the influencer marketing platform market.

Competitive Landscape -
Major companies operating in the influencer marketing platform market report are Quotient Technology Inc., Hootsuite Inc., Impact Tech Inc., Brandwatch, Launchmetrics, AspireIQ Inc., IZEA Worldwide, Linqia Inc., Traackr Inc., Social Beat Digital Marketing LLP, ExpertVoice Inc., Open Influence, Onalytica, Maverick, JuliusWorks Inc., Lefty, Klear, CreatorIQ, Tagger Media Inc., Influencity, NeoReach, Lumanu Inc., Takumi, Upfluence Inc., GrapeVine Logic Inc., Tidal Labs, Markerly Inc.

Innovations in Tech-Powered Platforms Propel Brands Into Informed Collaborations
Major companies operating in the influencer marketing platform market are focusing on innovation, such as tech-powered influencer marketing platforms. A tech-powered influencer marketing platform refers to a software solution that leverages artificial intelligence, data-driven technologies, and advanced algorithms to assist brands in finding, connecting with, and managing influencers effectively. Platforms use AI (artificial intelligence) algorithms and databases to identify potential influencers based on factors such as demographics, interests, and audience. For instance, in August 2023, Animeta, a Singapore-based tech-powered creator company, launched a new tech-powered influencer marketing platform, Animeta Brandstar. This platform is the first-of-its-kind tech-data-enabled influencer marketing platform that empowers brands for informed influencer collaborations. It offers a streamlined discovery process, transparency and a single-window solution for influencer marketing, addressing brand needs such as influencer discovery, seamless execution, and measurable performance tracking for return on investment.

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Key Segments -

The influencer marketing platform market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Application: Search And Discovery, Campaign Management, Influencer Relationship Management, Analytics And Reporting, Compliance Management And Fraud Detection, Other Applications (Workflow Automation And Time Management And Third-Party Integration)
3) 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 , Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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