Authored By: Sarah
11 Jul 2024

 Influencer Marketing Platform Market Size to grow by USD 52.23 billion between 2024-2028

According to a research report “ Influencer Marketing Platform Market” by End-user (Large enterprise, Small and medium enterprise) Application (Fashion and lifestyle, Food and entertainment, Travel and holiday, Sports and fitness, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 52.23 billion, at a CAGR of  32.07% during the forecast period. In the dynamic influencer marketing platform market, vendors are implementing strategic maneuvers to gain a competitive edge and expand their market share. Notable transactions include Mavrck's acquisition of Later in April 2022, bolstering its offerings and enhancing its competitive position. Similarly, CreatorIQ's September 2021 acquisition of Tribe Dynamics expanded its global reach and customer base. In May 2020, JuliusWorks Inc. fortified its market presence through the acquisition of HYPR Brands' assets. These strategic mergers and acquisitions underscore the industry's competitive landscape and the ongoing quest for growth and differentiation.

Browse market data tables, figures, and in-depth TOC on “Influencer Marketing Platform Market” by End-user (Large enterprise, Small and medium enterprise) Application (Fashion and lifestyle, Food and entertainment, Travel and holiday, Sports and fitness, Others) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Large enterprise segment is projected to dominate the market size in 2024

Influencer marketing offers fashion and lifestyle brands a valuable opportunity to expand their reach and engage with their audience in a more authentic and innovative manner. By partnering with fashion influencers, organizations can tap into new sales channels and gain insights into consumer preferences. The increasing popularity of social media platforms and the high usage among millennials make influencer marketing a strategic investment for fashion and lifestyle brands seeking to adapt to the fast-paced fashion industry and remain competitive. This marketing approach allows brands to build trust and credibility with their audience, ultimately driving sales and brand loyalty.

By Application, Fashion and lifestyle  segment is expected to hold the largest market size for the year 2024

Influencer marketing platforms serve as essential tools for large enterprises seeking to expand their brand reach, engage their target audience, and convert potential leads. Given the vast scale of their operations, these corporations require robust solutions to manage intricate campaigns in various regions and demographics. Influencer marketing platforms deliver on this requirement by offering advanced analytical tools and algorithms for brand performance evaluation. Furthermore, these platforms provide extensive searchable databases, enabling enterprises to identify and collaborate with suitable influencers. The primary differentiator of influencer marketing platforms from other solutions lies in their data-driven and performance-focused approach. By offering real-time insights into the effectiveness of influencer collaborations, these platforms empower large enterprises to optimize their marketing strategies in a dynamic business environment.

North America is forecasted to hold the largest market size by region in 2024

The burgeoning social media user base in the region is driving the adoption of influencer marketing platforms, as traditional advertising methods become less effective due to the increasing use of ad-blocking solutions. The digital transformation of marketing strategies has led organizations to explore new avenues for reaching their target audiences, resulting in a significant shift towards influencer marketing. This trend is further fueled by the ability of influencer marketing to deliver personalized advertisements and enhance the customer experience. Consequently, the regional influencer marketing platform market is poised for robust growth during the forecast period, as marketers capitalize on these innovative branding and promotion strategies.

The Influencer Marketing Platform Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AspireIQ Inc.
  • Captiv8 Inc.
  • Cision US Inc.
  • CreatorIQ
  • Emplifi Inc
  • Estalea
  • ExpertVoice Inc.
  • Fashion GPS Inc.
  • IZEA Worldwide Inc.
  • JuliusWorks Inc.
  • Linqia Inc.
  • Lumanu Inc.
  • Mavrck LLC
  • Meltwater NV
  • Modern Agency SAS
  • Onalytica Ltd.
  • Quotient Technology Inc.
  • Social Beat Digital Marketing LLP
  • The W Factory LLC
  • Upfluence Inc.
.

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Research Analysis Overview

The Influencer Marketing Platform market is a dynamic and growing industry that connects brands with influencers to create engaging content and reach new audiences. With the increasing use of smartphones and the internet, online platforms have become the go-to destination for consumers, especially in the areas of Travel and Lifestyle, Gaming, Fashion & Beauty, and more. Brands are increasingly turning to influencer marketing for sales, brand awareness, and engagement rate. Content creation is at the heart of this strategy, with influencers using their unique voices and perspectives to create authentic and trustworthy content that resonates with their followers. HypeAuditor, ML (Machine Learning), and other influencer marketing platforms use data and analytics to help brands identify and vet influencers based on their audience size, engagement rate, and niche communities. Transparency and authenticity are key in this industry, with influencer fraud a growing concern. Both B2C and B2B brands are utilizing influencer marketing, with Hollywood stars and micro-influencers alike leveraging their influence to reach new audiences. Generative AI is also being explored as a tool to create personalized and engaging content. Traditional advertising is being disrupted by the trust and credibility that influencer marketing offers. As the industry continues to evolve, it's important for platforms to prioritize transparency, authenticity, and the needs of both brands and influencers.

Market Research Overview

The Influencer Marketing Platform market has been experiencing significant growth in various industries, particularly in Fashion & Lifestyle, Health and Fitness, Family, Parenting & Home, Travel and Lifestyle, Gaming, Fashion & Beauty, and more. This growth is driven by the need for customer engagement and brand awareness in the B2C and B2B sectors. Video content and social sharing through platforms like YouTube, TikTok, and Instagram have become essential tools for influencer marketing campaigns. HypeAuditor, Hootsuite, and other AI-driven solutions use ML (Machine Learning) to analyze engagement rates, reach, and audience demographics to help brands build successful influencer relationships. Influencer marketing platforms provide transparency and authenticity, which sets them apart from traditional advertising methods. Niche communities and micro-influencers offer trust and credibility, leading to higher customer referrals and leads generation. However, the industry faces challenges such as influencer fraud and the need for influencer relationship management. Generative AI and AI-driven solutions are being used to create engaging content and monitor social media channels for potential issues. The public, especially the younger generation, spends more time on the internet and social media platforms using smartphones. Hollywood stars and celebrities have also joined the influencer marketing bandwagon, making it a lucrative market for brands looking to reach a wider audience. Overall, influencer marketing platforms offer a cost-effective and efficient way for brands to build trust, generate leads, and increase sales through authentic and engaging content on various social media channels.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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