Global Influencer Marketing Platform Market Growth Analysis and Insights during Forecast Period 2020-2027

 

Influencer Marketing Platform Market

Influencer Marketing Platforms are online services that assist brands with their influencer marketing campaigns. Influencer Marketing Platforms assist brands in developing a positive brand image among their target audiences. Influencer marketing is one of the most recent forms of marketing that can assist brands in increasing sales. Influencer Marketing Platforms enable influencers to monetize their social media channels and brands in order to reach new customers and increase customer engagement 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 forecast period, these factors are expected to drive market growth.

During the forecast period, the global influencer marketing platform market is expected to grow significantly (2020–2027). This is due to the growing number of social media users, which is increasing the demand for influencer marketing platform solutions. According to Coherent Market Insights' analysis, there will be 3,830 million people actively using social media platforms in 2020, up from 3,312 million in 2019. Furthermore, according to Coherent Market Insights' analysis, mobile phones will be used by 6,450 million people worldwide in 2020, up from 5,110 million in 2019. Furthermore, social media platforms such as Facebook, Instagram, and Twitter are expected to grow significantly during the forecast period.

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.

According to Coherent Market Insights, Instagram has 1,000 million monthly active users worldwide. Instagram is used by 22.0% of the world's 4,530 million internet users on a monthly basis. TikTok is another social media platform experiencing rapid growth as a result of increased user registrations. TikTok has dominated sponsored ads, with user-generated short videos 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 rise of social media platforms with a growing customer base is assisting in the growth of the influencer marketing platform market.

During the forecast period, the COVID-19 pandemic is expected to drive market growth. The growth of the influencer marketing platform market has been significantly impacted. Because of COVID-19, most office buildings around the world are closed, and businesses are promoting themselves through digital platforms. Digital platforms have gained traction, resulting in new brand collaborations. Furthermore, the majority of people are staying at home and maintaining social distance, which increases the market demand for social media platforms.

Influencers now have the opportunity to keep their target audiences engaged with creative and positive content thanks to the increased use of social media. The influencer marketing platform was impacted during the first and second quarters of 2020 due to a temporary halt in business operations. However, this has reduced the total cost of branding across the COVID-19 affected countries and provides an opportunity for brands to create a diverse market audience pool. As a result, the demand for Influencer Marketing Platforms rises.

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