NEW DELHI, According to the study published by Astute Analytica, the Global Influencer Marketing Platform Market is projected to make a major leap forward in its revenue from US$ 8,393.4 Mn in 2021 to US$ 90,238.9 Mn by 2030.
The market is registering a CAGR of 30.81% during the forecast period 2022-2030. Over the last few years, brands have started looking beyond traditional celebrities and have collaborated with online celebrities/influencers for endorsing their products. Social media portals such as Facebook, Instagram, YouTube, and Pinterest are perceived as the ideal platforms for marketing purposes.
The continuously increasing user base of these social media apps has helped marketers to increase customer engagement and understand their pain points via influencers’ interactions.
The market is majorly driven by the customers’ shift towards video-based content across the OTT space. With the increasing use of smartphones and 3G and 4G networks, video consumption has grown tremendously in the last few years. Therefore, organizations are designing marketing strategies for video-based content streaming across digital channels.
As per a Google study in 2017, YouTube is the second-most used search engine across the world. Moreover, as the television viewership reduced by 50% among the age group of 18–26 in 2017, video-based marketing increased from 63% in 2017 to 81% in 2018, according to Wyzowl’s statistics. Therefore, organizations are unable to target their potential consumers through traditional marketing techniques and hence, are moving towards the influencer marketing technique that enables them to target potential buyers. However, the lack of capabilities to measure campaign effectiveness hampers the market growth.
Segmentation Analysis
Software component type dominates the Global Influencer Marketing Platform Market in 2021
Based on component, market is divided into software and services. The software component has the highest share in the global influencer marketing platform market in 2021 and is further estimated to continue its dominance over the projection period. Influencer marketing software are online tools that make the influencer marketing process easier for brands.
Search, discovery & onboarding function has the highest share global influencer marketing platform market
Search, discovery & onboarding function holds the highest market share in the influencer marketing platform market in terms of function. Companies may use influencer search and discovery tools to locate the proper brand ambassadors using a variety of variables, such as audience demographics, content effectiveness, and performance, saving time and money over manual searches.
Large enterprises lead the influencer marketing platform market in 2021
Based on enterprise size, the large enterprises accounted for the highest revenue share in 2021, owing to the need to deploy more cost-effective and efficient marketing strategies. The small & micro enterprises segment is expected to offer significant growth opportunities to the market over the forecast period. This is because SMEs can collaborate with micro-and nano-influencers, which helps them in increasing brand awareness and traffic to the company website at affordable prices.
Consumer goods & services industry has the highest share of the global influencer marketing platform market
Consumer goods & services industry is the highest end user industry in the Global Influencer Marketing Platform Market in 2021 and is also estimated to dominate the market over the forecast period. Among the consumer goods & services, the fashion and apparel sector have the highest share. The rising need for high-end lifestyle and fashion brands to be more approachable for people and create closer interactions with them is driving the adoption of such advertising practices.
North America is the highest shareholder region in global influencer marketing platform market
North America dominates the Global Influencer Marketing Platform Market in 2021. The availability of a significant talent pool in platform development, AI-based analytics, and digital marketing in the region offers a conducive ecosystem for market growth. Asia Pacific registers the highest CAGR over the forecast period 2022-2030. The expanding number of social media users is projected to enhance the influencer marketing platform market in the Asia Pacific region.
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