The global Influencer Marketing Platform Market size is set to grow from US$6.0 billion in 2020 to a staggering US$24.1 billion by 2025 (at a Compound Annual Growth Rate of 32.0%), according to the ‘Influencer Marketing Platform Market Global Forecast to 2025’ report from MarketsAndMarkets.
Various factors, such as the customers’ shift toward video-based content across the OTT space and an increase in the adoption of ad-blocking software are expected to drive the adoption of the Influencer Marketing Platform Market.
Thanks to COVID-19, many businesses are fighting to survive and are using different marketing strategies to recover the loss. As per the Global Web Index survey, over 80% of consumers in the US and UK say they’ve consumed more content during COVID-19. This has provided a good opportunity for brands and influencers to engage with their audiences with impactful messaging.
The importance of influencer marketing as a core marketing strategy has grown during the COVID-19 crisis. Companies must continue to depend on influencers to act as their spokespeople and execute their messaging in a trustworthy and human way.
The effects of COVID-19 will be long-term, and as a result, marketing strategies must be revised to suit the new environment in which smaller and larger companies are surviving currently. Through the personal views and support of followers, influencers will continue to shape the conversations occurring in the post-lockdown world.
The report breaks down the Influencer Marketing Platform Market by component, segmented into Solutions and Services. The Solution segment is expected to grow rapidly in the coming years in the Influencer Marketing Platform Market as influencer marketing is increasingly becoming a necessity for marketers. Collaborating with influencers can help create online buzz about the company’s brand. In addition, it can strengthen the brands reputation, improve audience engagement, and increase conversions.
The Influencer Marketing Platform Market broken down by end-user was segmented into fashion and lifestyle, agencies and PR, retail and consumer goods, health and wellness, ad-tech, banking and finance, travel and tourism, and other end users (gaming and pet care). The health and wellness end-user segment is expected to hold higher CAGR during the forecast period in the Influencer Marketing Platform Market. Health and wellness brands have seen better results from influencer marketing when partnering with influencers on a long-term basis. This mindset shift sees influencers act like creative partners rather than paid sponsors. Health and wellness brands opting for niche influencers attract a hyper-targeted, mobilized audience, which serves as an important factor for the growth of influencer marketing solution in the health and wellness end user segment.
Among applications, the influencer relationship management segment is expected to grow at a higher CAGR during the forecast period. The application segment of the Influencer Marketing Platform Market includes search and discovery, campaign management, influencer relationship management, analytics and reporting, compliance and fraud detection, and other applications (workflow automation and time management, and third-party integration). Organizations work with various social media personalities to promote their brands through influencers’ social media accounts. This enhances brand awareness, customer reach, and brand value among the followers of influencers. Influencers play a vital role while conducting influencer marketing campaigns leading to the growth of influencer relationship management application.
North America is expected to have at the largest market size during the forecast period. The continuous adoption of influencer marketing platform solution and services across all the major end users is expected to drive the market growth in North America. The governments in North America are focusing and investing substantially in AI and ML technologies, while they are also reaping the benefits of influencer marketing platforms in the US and Canada.
APAC is projected to grow at the highest CAGR during the forecast period due to the rising number of social media users in the region. The influencer market has increased in APAC due to the growing population and the fact that APAC is a mobile-first region. With its youthful demos and an increase in use and speed of social platforms, Asia has become the perfect environment for influencer marketing leading to the growth of the Influencer Marketing Platform Market in APAC.
For full details of the report, visit: https://www.marketsandmarkets.com