Influencer Marketing Platform Market Is Estimated to Witness High Growth Owing to Increasing Focus on Digital and Social Media Marketing

The Influencer Marketing Platform Market is estimated to be valued at US$ 15.57 Bn in 2024 and is expected to exhibit a CAGR of 26.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights’ Influencer marketing platform market is primarily driven by the increasing focus of brands on digital and social media marketing.

Influencer marketing campaigns help businesses reach targeted audiences in an authentic and credible way. With the growing penetration of social media and time spent on digital platforms, influencer marketing has become a popular marketing approach. Additionally,influencer marketing is a cost-effective way of promotion compared to television, print or other forms of advertising. These platforms automate various aspects of identification, contracting and engagement with influencers, analytics and payment which helps companies optimize their influencer strategy.

Key Market Trends: Individualization of influencer campaigns is a key trend observed in the influencer marketing platform market. Platforms allow companies to tailor influencer campaigns basis target audience through micro or nano influencers who engage with niche audiences. Companies can identify right influencers for their brand and products through different filters on these platforms. Location-based targeting is also gaining traction as it ensures brand messaging is relevant for local audiences. Furthermore, integration of analytics is helping companies optimize future influencer campaigns. Platforms provide real-time tracking of campaign performance through various metrics like engagement rates, conversions etc. This helps brands assess success of past campaigns and fine-tune upcoming initiatives.

Influencer Marketing Platform Market Opportunities: Solutions Segment – The solutions segment is expected to hold the largest market share during the forecast period. Influencer marketing platform solutions help brands and organizations to identify, contact, and engage with relevant influencers. They provide various solutions like influencer relationship management, campaign management, analytics and reporting among others. The growing acceptance of influencer marketing as an effective marketing strategy is driving the demand for these solutions.

Retail and Consumer Goods Industry- The retail and consumer goods industry is anticipated to be the largest adopter of influencer marketing platforms during the forecast period. Brands in this industry are increasingly leveraging influencer marketing to promote their products and drive sales. Influencer marketing helps them to gain the trust of target audience and increase consumer engagement. Various fashion and lifestyle brands are actively partnering with social media influencers.

Key Market Takeaways: Influencer Marketing Platform market size in 2024: USD 15.57 Bn; CAGR: 26.1%, Forecast Period: 2024- 2031

By Component Type Insights( Revenue , USD Bn, 2019- 2031)

The solutions segment is expected to hold a dominant position, owing to the growing need of brands & organizations to identify, contact & engage influencers effectively through automated solutions.

The retail and consumer goods industry segment is expected to hold a dominant position over the forecast period, due to high adoption of influencer marketing by brands to promote products and drive sales.

North America is expected to hold a dominant position over the forecast period, due to presence of major influencer marketing platforms, strong advertising spending by brands and early adoption of social media influencer strategies in the region.

Competitor Insights: Key Players IZEA. and KLEAR. are some of the major players operating in the influencer marketing platform market. They are focusing on expanding their capabilities and solutions to tap into new opportunities.

Recent Developments: Short video apps saw massive growth over last year and became new hotbed for creators and influencers across genres. Top platforms like TikTok, Instagram Reels, YouTube Shorts onboarded many existing influencers onto their platforms by June 2023. This provided another monetization avenue for influencers. Several campaigns were run here along with other social networks. Seeing the rapid rise of short video content, most influencer marketing networks launched specialized tools and features in July to better manage these campaigns. They also brought short video focused influencers into their platforms. This segment will gain further prominence in coming years. More information in full report.