The report “Influencer Marketing Platform Market by Component, Application (Search and Discovery, Campaign Management, Influencer Relationship Management, and Analytics and Reporting), Organization Size, End User, and Region — Global Forecast to 2025” The global influencer marketing platform market size to grow from USD 6.0 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 32.0% during the forecast period. Various factors, such as the customers’ shift toward video-based content across the OTT space and an increase in the adoption of ad-blocking software are expected to drive the adoption of the influencer marketing platform market.
COVID-19 has shocked the entire world. Many businesses are fighting to survive and are using different marketing strategies to recover the loss. As per the Global Web Index survey, over 80% of consumers in the US and UK say they’ve consumed more content during COVID-19. This has posed a good opportunity for brands and influencers to engage with their audiences with impactful messaging. The importance of influencer marketing as a core marketing strategy has grown during the COVID-19 crisis. Companies must continue to depend on influencers to act as their spokespeople and execute their messaging in a trustworthy and human way. The effects of COVID-19 will be long-term, and as a result, marketing strategies must be revised to suit the new environment in which smaller and larger companies are surviving currently. Through the personal views and support of followers, influencers will continue to shape the conversations occurring in the post-lockdown world.
The solution segment to hold a larger market size during the forecast period
The influencer marketing platform market, by component, has been segmented into solutions and services. The solution segment is expected to grow rapidly in the coming years in the influencer marketing platform market as influencer marketing is increasingly becoming a necessity for marketers. Collaborating with influencers can help create online buzz about the company’s brand. In addition, it can strengthen the brands reputation, improve audience engagement, and increase conversions.
The health and wellness end-user segment to hold higher CAGR during the forecast period
The Influencer marketing platform market by end-user has been segmented into fashion and lifestyle, agencies and PR, retail and consumer goods, health and wellness, ad-tech, banking and finance, travel and tourism, and other end users (gaming and pet care). The health and wellness end-user segment is expected to hold higher CAGR during the forecast period in the influencer marketing platform market. Health and wellness brands have seen better results from influencer marketing when partnering with influencers on a long-term basis. This mindset shift sees influencers act like creative partners rather than paid sponsors. Health and wellness brands opting for niche influencers attract a hyper-targeted, mobilized audience, which serves as an important factor for the growth of influencer marketing solution in the health and wellness end user segment.
Among applications, the influencer relationship management segment to grow at a higher CAGR during the forecast period
The application segment of the influencer marketing platform market includes search and discovery, campaign management, influencer relationship management, analytics and reporting, compliance and fraud detection, and other applications (workflow automation and time management, and third-party integration). Organizations work with various social media personalities to promote their brands through influencers’ social media accounts. This enhances brand awareness, customer reach, and brand value among the followers of influencers. Influencers play a vital role while conducting influencer marketing campaigns leading to the growth of influencer relationship management application.
North America to hold the largest market size during the forecast period
North America is expected to have at the largest market size during the forecast period. The continuous adoption of influencer marketing platform solution and services across all the major end users is expected to drive the market growth in North America. The governments in North America are focusing and investing substantially in AI and ML technologies, while they are also reaping the benefits of influencer marketing platforms in the US and Canada.
APAC is projected to grow at the highest CAGR during the forecast period due to the rising number of social media users in the region. The influencer market has increased in APAC due to the growing population and the fact that APAC is a mobile-first region. With its youthful demos and an increase in use and speed of social platforms, Asia has become the perfect environment for influencer marketing leading to the growth of the influencer marketing platform market in APAC.
Major vendors in the global influencer marketing platform market include IZEA Worldwide (US), Quotient Technology Inc. (US), Launchmetrics (US), JuliusWorks, Inc. (US), Traackr, Inc. (US), Upfluence Inc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech, Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social Beat Digital Marketing LLP (India), ExpertVoice Inc. (US), Lefty (France), Lumanu Inc. (US), InfluencerDB (Germany), Taggermedia (US), Heepsy (Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads, Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US).
IZEA Worldwide (US) and Quotient Technology Inc. (US) are the Key Players in the Influencer Marketing Platform Market
IZEA Worldwide was founded in 2006 under the name PayPerPost, Inc and is headquartered in Florida, US. Effective from August 20, 2018, the company changed its name from IZEA, Inc. to IZEA Worldwide, Inc. It connects marketers with creators through its technology platform. IZEA Worldwide created its first technology platform in 2006 to pay bloggers to create content for brands. It is a NASDAQ-traded company that serves the world’s top marketers and creators. IZEA Worldwide provides insight, innovation, and entrepreneurial drive required for sustaining long-term growth. Its customers include the world’s biggest brands, agencies, top media organizations, and the world’s largest newspaper publisher, including Wendy’s, Marriot International, Petco, Toyota, Mercedes Benz, PayPal, Kohler, and NBC. It provides services to customers in multiple industry segments, including consumer products, retail/eTail, lifestyle, technology, and travel. It also partners with Fortune 500 companies and startups. In the influencer marketing platform market, IZEA Worldwide offers IZEAx Unity Suite, IZEAx Discovery, Shake, and BrandGraph. IZEAx Unity Suite is an influencer marketing platform that helps build a brand with content and growing it through influence. IZEAx Discovery helps in influencer discovery, while BrandGraph helps analyze the social media performance of brands.
Quotient Technology was founded in the year 1998 and is headquartered in California, US. It specializes in CPG and retail marketing, and its connected technology platforms share proprietary shopper data, enabling brands to integrate multiple strategies into a single objective: measurable, incremental sales. It uses advanced ad technology to deliver personalized, high-quality ad campaigns that drive measurable results for CPG and retail marketers. Approximately 700 CPGs, representing approximately 2,000 brands, use the platforms provided by Quotient Technology to manage and distribute digital promotions and advertising, target shopper audiences, and measure campaign performance and sales results. The solutions offered by Quotient Technology in the influencer marketing platform market are Quotient’s Ahalogy Social-Influencer Marketing solution, Ahalogy Muse, Ahalogy Brandables, Ubimo Digital Out-of-Home (DOOH), Coupons.com, Quotient Audiences, Retailer iQ (RiQ) Platform, and Quotient Retail Performance Media (Quotient RPM).
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