Influencer Marketing Platform Market is Projected to Reach USD 34.6 Billion by 2027, Growing at a CAGR of 29.3% During 2021-2027
Published | January 2021
According to BlueWeaveConsulting, the global Influencer Marketing platform market is estimated to have reached USD 5.6 billion in 2020 and is further projected to reach USD 34.6 billion by 2027, growing at a CAGR of 29.3% during 2021-2027 (forecast period). The rising use of AI-enabled influencer marketing platform is projected to create an integrated framework for marketers to establish successful partnerships. The artificial neural network and NLP can be leveraged to give crucial information to influencers by evaluating multiple product attributes, tweets, and thereby allowing marketers to improve the workflow phase.
Increase in the number of fake followers is acting as a challenger for the market
The influencer marketing technique has been immensely growing since 2016, as consumers have shifted from TV to social media and other OTT channels. Hence, organizations are competing to engage with authentic influencers for promoting their products and enhancing sales. The rising competition has increased the demand for micro and macro-influencers. Thus, with the growing competition, identifying authentic influencers with many followers has become the biggest challenge for brands and organizations. Many influencers use fake followers through bots to show their popularity and attract big brands. For instance, according to White Ops/ANA, the global losses due to bot fraud were estimated to be USD 7.2 billion in 2016. To tackle the issues, organizations are adopting auditing tools that identify fake accounts by scanning influencers’ account and show the data of authentic and fake followers. The tools might help brands identify authentic influencers in the coming years.
Influencer marketing platform to gain customer trust and create new brand image acting as the major driver for the market
Consumer demand is completely based on product authenticity and reliable products and services. The traditional marketing and advertising techniques are also continuously forcing customers to buy products. The traditional techniques can create a poor brand image. Moreover, consumers’ shift toward the OTT space and various social media channels has decentralized the consumer base across channels, which has led to high marketing expenses with zero Return on Investment. Therefore, organizations are increasingly adopting effective marketing techniques that reach end-users without annoying them. The statistics above show that brand image may be hampered if companies breach the trust of their consumers. Organizations have huge opportunities to gain consumer trust and acquire new customers by providing quality and transparency.
Search and discovery application segment occupied the largest share of the Influencer marketing market
The influencer marketing platform market by application has been segmented into search and discovery, campaign management, influencer relationship management, others. The other applications comprise workflow automation and time management, and third-party integration. The search and discovery application provides advanced search options to find relevant and valuable influencers for marketing campaigns. Organizations are increasingly adopting the influencer marketing platform to find great potential influencers who can promote their valuable brands, and enhance brand exposure, and create a higher level of customer engagement. The search and discovery tool provides influencers’ comprehensive information, such as personal, geographic, and professional details, interest areas, audience demographics, social media channels, traffic history, and engagement rates.
Global Influencer Marketing Market: Regional insights
North America catering the largest share and expected to witness significant growth in the Influencer Marketing market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the Influencer Marketing market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Global Influencer Marketing Product Market: Competitive Landscape
The leading players in the global Influencer Marketing product market include BIZEA Worldwide, Quotient Technology Inc. Launchmetrics, JuliusWorks, Inc, Traackr, Inc, Upfluence Inc., Klear, AspireIQ, CreatorIQ, Mavrck, Impact Tech, Inc., Brandwatch, Linqia, Inc., Onalytica, Social Beat Digital Marketing LLP, ExpertVoice Inc., Lefty, Lumanu Inc., InfluencerDB, Taggermedia, Heepsy, Fourstarzz Media LLC, Juulr B.V., Intellifluence, Insense Ads, Inc., Talent Village Ltd., The Room, Blogmint, Zine Ltd., and Captiv8 Inc, others are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Influencer Marketing market size & forecast. The report promises to provide recent technology trends in the Influencer Marketing market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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