According to the Market Statsville Group (MSG), the global influencer marketing platform market size is expected to grow from USD 13548.56 million in 2022 to USD 251157.78 million by 2033, at a CAGR of 30.4% from 2023 to 2033. This can be attributed to companies' increasing preference for internet influencers over conventional celebrities to advocate their products. The rising growth of social media and social advertising will boost the market growth for this market for the upcoming period. On the other hand, Lack of capabilities to measure campaign effectiveness will restrict the market growth for this market for the forecast period. Moreover, innovative marketing strategies by the key market players will create a huge opportunity for the competitor in this market for the forecasting period in all over the world.

Definition of the Global Influencer Marketing Platform Market

Influencer marketing is a sort of social networking marketing that involves product placements and endorsements for influencers, or persons and organizations that are said to have a deep expertise of their area or social impact. Influencer marketing is a sort of marketing that relies on well-known individuals to promote a brand's message to a bigger audience. Influencer marketing has enabled businesses to reach a greater number of individuals than traditional marketing tactics. This marketing platform enables firms to collaborate with influencers who are relevant to their targeted audience, resulting in deeper relationships and more engagement. Rather than traditional forms of marketing, influencers marketing have shown to be a trustworthy source of product information. Many businesses are already well-versed in social media influencers, but the industry is always changing, and brands are constantly refining their strategies to stay up with technology. This promotes authenticity while also assisting in addressing a certain target audience. As a result, they often post about the issue on their favorite social networking sites, resulting in large fan groups of ardent, interested individuals who pay attention to their own viewpoints.

COVID-19 Impact on the Global Influencer Marketing Platform Market

The COVID-19 virus is sweeping through the world, tapping countries, societies, and communities under enormous pressure. In several region, governments had enforced stringent lockdowns and social distancing norms to control the spread of novel coronavirus, which are now widely acknowledged as the most effective way to combat the pandemic. These crises also put many impediments and affect various industrial sectors across the world. However, influencer marketing has posed a good opportunity for brands and influencers to engage with their audiences with impactful messaging during this COIVD-19. During such crisis, companies are depended on influencers to act as their spokespeople and execute their messaging in a trustworthy and human way. Thus, positive measures and innovative marketing strategies need to practice by companies, to build up their business subsequently the post-COVID-19 pandemic.

Moreover, the social distancing and severe lockdown rules affected routine consumer interaction with the brands, but the availability of the internet and mobile applications can take on a larger share to resolve such issues. This digital solution makes a robust connection between various businesses and customers, even in this harsh time of the pandemic. As a result, influencer marketing businesses implement various advanced technologies in their platforms and software, allowing them to better communicates with customers and gets more detailed analytics. This is often helping company owners to personalize content more precisely and, as a result, implement better systems and software that helps them connect with their consumers.

Global Influencer Marketing Platform Market Dynamics

Drivers: Rising Growth of social media and social advertising

The rise in the growth of social media and social advertising accelerate the growth of APAC influencer marketing platforms over the forecast years. In recent scenarios, social media is a major area of focus for marketers due to the rising penetration of the internet and connected devices to access social networking sites and applications. The Social media has emerged as a remarkable way in the prospect of connecting with a huge number of customers in a shorter period. For instance: According to the International Telecommunication Union, internet users in 2017 were 49 billion and grown to 53.6 billion by 2019, globally. With the massive adoption of social networking and professional tools such as Instagram, Facebook, YouTube, Skype, Google+, Twitter, and LinkedIn and other social media advertisement gained a substantial platform to connect efficiently with customers. The social ads provide enhanced transparency and control through accessing information from multiple channels along with offers advanced reporting tools to quantify & visualize a wide range of data types. Also, with the help of data uploaded on social media, it will be easy for Demand-side platform (DSP) tools to preciously identifying and targeting customers as per their interest, demographic information, needs and purchase history etc.

Moreover, social media is adopted by almost every industry vertical due to its efficient communication and marketing mix mechanism, as per the budgets and size of the organization. Therefore, it impacts in strong implementation of integrating digital marketing tools such as email marketing, campaign management, content management and web analytics with social media applications across the region. Thus, the increasing prevalence of digital marketing tools with the help of social media across the region in different industries drivers the growth of the influencer marketing platform market over the forecast years.

Restraints: Lack of capabilities to measure campaign effectiveness

The influencer marketing technique effectively reaches buyers and enhances customer engagement throughout campaigns. However, there has been considerable lacks is being noticed in measuring of campaign effectiveness due to improper planning. Mostly, companies and brands conduct campaigns without planning their key aspects, such as type of influencers, clarity of end goals and geographic areas. The lack of planning is the main reason behind the failure or producing limited results of campaigns. Moreover, campaigns’ effectiveness needs to be analyzed through various channels including offline conversation. For instance, people make buying decisions through offline conversation and are sharing product details through their emails, LinkedIn, or other private accounts, this busying decision will not be counted. Thereby, brands are finding difficulties in measuring campaign effectiveness.   

Opportunities: Innovative Marketing Strategies by the Key Market Players

The market players operating in the market have steadily adopted groundbreaking marketing strategies to gain a competitive advantage. Companies often regularly involved themselves in taking initiative for the introducing advanced platform. These help market players to enhance the business operations and support services to create a better brand image.

Moreover, companies are taking innovative marketing & positioning strategies that are likely to increase in the future to create diversity. Some of the strategies undertaken by the key players are listed below, In November 2020, Launchmetrics acquired the China-based influencer analytics platform “PARKLU”. This acquisition will expand the company’s analytics in order to help executives make informed global business decisions that yield stronger consumer relationships worldwide. Additionally, it will further offer an extensive amount of China-focused analytics which enhance the company’s Brand Intelligence solution and integrate 100K+ Chinese KOLs into their existing network.

Therefore, the growing integration of influencer marketing platforms by the key players coupled with rising product launches & investment will spur the growth outlook for influencer marketing platforms across the region.

Scope of the Global Influencer Marketing Platform Market

The study categorizes the influencer marketing platform market based on type and application area at the regional and global levels.

By Type Outlook (Sales, USD Billion, 2019-2033)

• Solution
• Services

By Application Outlook (Sales, USD Billion, 2019-2033)

• Search & Discovery
• Campaign Management
• Influencer Relationship Management
• Analytics & Reporting
• Compliance Management & Fraud Detection

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Search And Discovery segment accounts for the largest market share by application

Based on the product type, the market is bifurcated into search and discovery, campaign management, influencer relationship management, analytics & reporting, and compliance management & fraud detection. The search and discovery segment are expected to dominate the market share in 2022 in the global influencer marketing platform market. Due to the collaborations between brands and influencers in support of specific campaigns. With the help of the search and discovery solutions, companies can find the appropriate brand ambassadors based on the demographics of the audience, the performance of the content, and the effectiveness of the ambassador. For instance, Hype Auditor provides search and discovery features for various social media platforms, such as TikTok, Instagram, YouTube and many more.

North America is projected to account for the highest market share by region

Based on the regions, the global influencer marketing platform market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2021. This is mostly due to increasing consumer engagement with media and OTT platforms in the United States, particularly during the epidemic, as many adopted social isolation. As a result, firms were able to employ influencer marketing to advertise their products and services. Furthermore, the region's talented workforce in platform development, digital marketing, and AI-based analytics is boosting market growth.

Key Market Players in the Global Influencer Marketing Platform Market

The influencer marketing platform market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, collaboration, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global influencer marketing platform market are:

• NoxInfluencer
• AnyMind Group
• Redhill
• Gushcloud Marketing Group
• Hiip
• Instagram
• Famebit
• Facebook
• Tellscore
• Neoreach
• GRIN
• Onalytica
• Upfluence

Recent Development

• In February 2021, NoxInfluencer launched brand analysis and searching services to empower influencer marketing.
• In April 2021, Facebook fully acquired downpour interactive company which is based in United States.

Key Issues Addressed

• What is the market size by various segmentation of the influencer marketing platform by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the influencer marketing platform market?
• What are the key opportunities and trends for manufacturers involved in the influencer marketing platform supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of influencer marketing platform in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.