Influencer Marketing Platform Market Growth Dynamics, Revenue Outlook during Forecast period 2020-2027

 

Influencer Marketing Platform Market

Influencer Marketing Platforms are internet services that assist firms with their influencer marketing efforts. Influencer marketing platforms assist firms in developing a positive brand image among their target customers. Influencer marketing is one of the most recent techniques of marketing that may assist firms in increasing sales. Influencer marketing platforms enable influencers to monetise their social media channels and companies in order to reach new consumers and boost customer interaction with existing ones. These marketing platforms are used for a variety of purposes, including analytics and reporting, influencer relationship management, campaign management, fraud detection, and so on. During the projected period, these factors are likely to fuel market expansion.

During the projection period, social media sites such as Facebook, Instagram, and Twitter will see tremendous growth. According to Coherent Market Insights, Instagram has 1,000 million monthly active users worldwide. Instagram is used by 22.0 percent of the world's 4,530 million internet users on a monthly basis. TikTok is another social media site seeing rapid development as a result of increased user registrations. TikTok has dominated sponsored commercials, with user-generated short films targeting audiences aged 15 to 30. For example, according to Coherent Market Insights, TikTok will have 45,200 million users in 2020, up from 35,400 million in 2019. As a result, the expansion of social media platforms with a growing client base is assisting in the growth of the influencer marketing platform market.

Lack of technology understanding, restricted professional availability, and less campaign influence are projected to impede the growth of the influencer marketing platform market over the forecast period. Furthermore, government measures to restrict a few social networking apps, such as TikTok, which is popular among young people, are predicted to stifle industry growth.

According to Coherent Market Insights, The global Influencer Marketing Platform Market was valued at US$ 5.4 Bn in 2019 and is expected to reach US$ 33.3 Bn by 2027 at a CAGR of 31.9% between 2020 and 2027

Customers' preference for video-based content throughout the OTT sector is driving the industry. Video consumption has increased dramatically in recent years due to the increased usage of smartphones and 3G and 4G networks. As a result, businesses are developing marketing strategies for video-based content streaming across digital media. According to a Google survey conducted in 2017, YouTube is the world's second-most popular search engine. Furthermore, despite a 50% decrease in television watching among the 18-26 age group in 2017, video-based marketing climbed from 63 percent in 2017 to 81 percent in 2018, according to Wyzowl data.

As a result, firms are unable to target their potential consumers using traditional marketing approaches and are instead turning to influencer marketing, which allows them to target potential purchasers. However, the inability to quantify campaign efficacy stifles industry expansion.

In terms of function, the search, discovery, and onboarding function has the largest market share in the influencer marketing platform industry. Companies may save time and money by employing influencer search and discovery tools to find the right brand ambassadors based on a range of factors such as audience demographics, content efficacy, and performance. Large firms accounted for the biggest revenue share in 2021, owing to the necessity to implement more cost-effective and efficient marketing tactics. Over the projected period, the small and micro businesses category is likely to provide substantial development prospects to the market. This is because SMEs may work with micro- and nano-influencers to increase brand recognition and traffic to the company website at a low cost.