by The Influencer Marketing Platform Market is estimated to be valued at USD 10.39 billion or US$ 10.39 billion in 2023 and is expected to exhibit a CAGR of 33.4% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Influencer marketing platforms are software tools that enable brands and agencies to identify, connect with, and contract influencers for marketing campaigns. The platform helps manage all aspects of the influencer campaign like finding right influencers, campaign management, content distribution and analyzing campaign performance. It provides data and analytics to measure campaign success.
Market key trends:
One of the key trends driving growth of the influencer marketing platform market is the increasing adoption of social media platforms worldwide. According to a recent survey, over 4.66 billion people globally are active social media users in 2022. Brands are allocating higher budgets to influencer marketing campaigns on social media to reach a wider audience. Influencer marketing platforms allow easy access to influencers across different social media platforms and managing cross-platform campaigns efficiently. This is boosting adoption of influencer marketing software globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the influencer marketing platform market is medium due to the presence of high capital investment to enter the market and develop the required technologies. However, low brand loyalty and customer switching can provide opportunities for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high as there are a large number of established players in the market providing comparable offerings. Buyers can negotiate on price and availability of additional features.
Bargaining power of suppliers: The bargaining power of suppliers is low as influencer marketing platforms source standard hardware and software from multiple suppliers.
Threat of new substitutes: The threat of substitutes is medium as alternative digital marketing platforms can be used for influencer marketing. However, influencer marketing provides unique targeting capabilities.
Competitive rivalry: Intense among established players.
SWOT Analysis
Strength: Ability to leverage social media influencers to build brand awareness, create engagement and drive sales. Demand for digital influencer marketing is rising rapidly due to its effectiveness.
Weakness: Identifying right influencers and ensuring marketing messages are aligned with their persona. Dependence on influencers who can change platforms or partnerships.
Opportunity: Growth in live streaming and user generated content is opening new opportunities. Leveraging artificial intelligence for automating influencer discovery and matching.
Threats: Stricter privacy laws and regulations around data usage. Platform changes by social media giants could affect influencer reach and engagement.
Key Takeaways
The Global Influencer Marketing Platform Market is expected to witness high growth, exhibiting CAGR of 33.4% over the forecast period, due to increasing demand for data-driven influencer identification and collaboration management solutions. North America dominates the influencer marketing platform market currently, however Asia Pacific is expected to emerge as the fastest growing market owing to rapid digitalization and adoption of social media in the region.
Key players operating in the influencer marketing platform market are IZEA, HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence, AspireIQ, Mavrck, Lumanu Inc., LINQIA, INC, InfluencerDB, ONALYTICA, Lefty, Social Beat, and Grapevine. These players are focusing on developing innovative features like analytics, campaign management and social media integration to gain competitive advantage. For example, HYPR-DRIVE Ltd recently launched a new AI solution that automatically identifies influencers based on brand parameters.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
