The global Influencer Marketing Platform Market is estimated to be valued at US$ 16.34 Bn in 2023 and is expected to exhibit a CAGR of 31% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Influencer marketing platforms allow brands and agencies to identify, connect with, and promote influencers through various paid partnership deals. These platforms offer various solutions like influencer relationship management, campaign management, data analytics, contract management, and settlement process between brands and influencers. Influencer marketing has gained popularity as an effective marketing technique for brands to promote their products and services.
Market key trends:
One of the key trends in the influencer marketing platform market is the integration of new technologies like AI and machine learning. Platforms are leveraging technologies like natural language processing and computer vision to automate various tasks like influencer identification, campaign management, and contract negotiation. This is helping brands and agencies scale up their influencer marketing activities. For instance, platforms can identify right influencers for a campaign based on their content, following, engagement rate with the help of AI models. Brands are also able to track campaign performance in real-time with automated data analytics solutions offered by these platforms.
Segment Analysis
The influencer marketing platform market is segmented by solution, application, end user, and region. Based on solution, the influencer marketing platform market is segmented into campaign management, analytics and reporting, creative automation, integrated solution, third-party integration, and others. Among these, the campaign management segment dominates the market and is expected to continue its dominance over the forecast period. Campaign management solutions allow marketers to search, screen, contact, onboard, and manage influencers effectively, thereby increasing popularity of campaign management segment among organizations.
Key Takeaways
The Global Influencer Marketing Platform Market Demand is expected to witness high growth, exhibiting a CAGR of 31% over the forecast period, due to increasing demand for data-driven influencer marketing strategies among brands.
Regionally, North America dominates the influencer marketing platform market currently, owing to high adoption of advanced digital marketing technologies. However, Asia Pacific is expected to witness the fastest growth over the forecast period due to growth in influencer marketing spends in emerging countries like China and India.
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. IZEA and HYPR are currently the market leaders due to their early mover advantage and wide range of solutions.
For more insights, read- https://www.marketwebjournal.com/influencer-marketing-platform-market-growth-and-trnds-analysis-share-size-demand-forecast/
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