Industry Insights
The Influencer Marketing Platform Market was projected to achieve USD 23.52 billion in the forecast period (2019 – 2025). Increasing attraction of video-based content among consumers across over-the-top space will escalate business growth in the coming years. It is a software solution created to assist brands with their influencer marketing crusades and offer discovery tools for agencies and brands.
Technological proliferation in advertising practices and increasing use of ad-block software to advance the need for novel marketing techniques will show a positive impact on overall industry growth. The factor such as lack of skills to measure campaign success will restrain industry growth. The recent trend is raising use of social media platforms to engage consumers by creating a digital content identity. This, in turn, will boost the business outlook in the next six years.
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Rising demand for machine learning, big data analytics , and artificial intelligence (AI) will create new opportunities for manufacturers of this marketing platform solution. These virtual solutions offer advanced results in comparison to human influencers based on brand collaboration and past performance. Virtual influencers offer a higher degree of creative liberty and affordable scalability to target the exact client. The fashion industry is a key user of virtual influencers in their marketing drives. For instance, Lil Miquela an example of virtual influencers, is a computer-generated image (CGI) designed by Brud has collaborated with brands like Prada and Chanel.
Also, to create a new brand image and gain trust of consumers will create new avenues for industry in the coming years. The major challenge faced by industry is rising number of fake followers, this, in turn, will boost product demand in the forecast period. Rising need to generate marketable and authentic content will lead vendors to adopt these digital personalities.
Influencer marketing platform industry is categorized based on application, organization size, end-use, and region.
Based on application, the industry is categorized into influencer management, campaign management, analytics & reporting, and search & discovery. The search and discovery segment is anticipated to account for the largest revenue share and continue its dominance over the forecast period. The segment is expected to gain momentum owing to increasing demand from industries to team up with influencers to boost their digital advertising crusades.
Based on organization size, the industry is categorized into small and medium enterprises (SMEs) and large enterprises. SMEs segment is expected to witness the fastest growth in the forecast period on account of rising popularity of these platforms among industry players. In comparison to traditional marketing methods, it is cost-efficient, thus, will thrust industry demand in the forecast period.
Based on end-use, the industry is categorized into fashion & lifestyle, food & entertainment, travel & holiday, and sports & fitness. The fashion & lifestyle segment is expected to account for the largest revenue share owing to rising number of millennial on social media for promoting agencies and brands.
Geographically, the industry is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Globally, North America is anticipated to remain dominant over the forecast period. The high regional growth is attributable to rising use of ad-blockers by marketers to reach masses, thus rising adoption of this platform. In addition, increasing number of Instagram users, availability of major producers, and presence of key consumers like the U.S. and Canada will propel product demand in the next six years.
Europe is anticipated to witness the fastest growth rate in the projected period on account of increasing acceptance of blog-based marketing owing to superior imaginative liberty in comparison to social media advertising. Besides, online publications are collaborating with well-known bloggers that help create higher traffic and volume on their website, thus propelling industry growth.
Prominent vendors in the influencer marketing platform market include Hypetap Pty Ltd.; AspireIQ; Webfluential; Grapevine Logic Inc.; Upfluence Inc.; Klear; Traackr Inc.; Mavrck; Speakr Inc.; and NeoReach. These producers are developing machine learning (ML) and artificial intelligence (AI)-based solutions and tools to create a strong position in the market.
The global influencer marketing platform market size is anticipated to reach USD 23.52 billion by 2025, exhibiting a CAGR of 26.8% over the forecast period, according to a new report published by Radiant Insights, Inc. Technological proliferation in marketing practices is expected to offer significant growth opportunities to the market. Advanced technologies such as Artificial Intelligence (AI), Artificial Neural Networks (ANN), Natural Language Processing (NLP), and Machine Learning (ML) provides better search results and analytics, which is expected to guide marketers in taking better decisions.
Increasing adoption of AI-enabled influencer marketing platforms is expected to create an automated environment for marketers to establish efficient collaborations. ANN and NLP can be leveraged to offer essential insights to influencers by analyzing several image attributes, posts, and thus helping brands in simplifying workflow process. Furthermore, adoption of these technologies assists marketers in choosing which influencer to collaborate with, thus contributing to the market growth. For instance, CurationEngine offered by IZEA uses ML to process high volumes of information for programmatic analysis on influencer networks within the company database to improve network quality and identify influencers who meet brand safety requirements.
Cord-cutting is another important factor driving the influencer marketing platform market. The declining TV viewership and increased screen time provide an opportunity for marketers to focus more on social media marketing. Further, as more users have joined different social media platforms in the last few years, marketers are investing heavily to cater to the online masses by facilitating the next wave of brand deals.
The sports and fitness segment is expected to provide growth opportunities to the influencers over the next few years. The growth can be attributed to the need for better loyalty and increasing merchandise and ticket sales. Additionally, the rising trend of adopting a healthy lifestyle amongst sports enthusiasts and players is expected to provide an impetus to the growth of the market for influencer marketing platform. Furthermore, product innovations and access to affordable equipment have made sports more attainable to consumers. The integration of fashion and beauty into sports and fitness is promoting companies to venture out new lines of businesses, such as athleisure production, which is expected to further stimulate the growth.
The emergence of hybrid influencer is expected to promote market growth. Hybrid influencer enables brands to put social media ad spend on influencer posts either via social media or a branded content tool to get deeper insights and better interactions. For instance, Scrunch, a media and advertising firm, assists marketing teams to scale businesses using a hybrid influencer marketing platform.
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Further key findings from the report suggest:
• Influencer management is expected to be the fastest-growing segment over the forecast period owing to greater demand of brands to maintain efficient influencer relationships for longer and healthier collaboration
• Small and Medium Enterprises (SMEs) are expected to benefit from the adoption of influencer marketing platform owing to cost-effectiveness and higher engagement rates
• The sports and fitness segment is expected to witness significant growth over the forecast period, attributed to the rising consumer awareness regarding the benefits of maintaining a healthy and active lifestyle
• Asia Pacific is expected to dominate the market by 2025, owing to increasing mobile penetration, which makes it easier to reach out to a larger number of people via social media
• The key players dominating the influencer marketing platform market are AspireIQ Inc.; Grapevine Logic Inc.; Upfluence, Hypetap Pty Ltd.; and Speakr Inc.
Continued…………
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Media Contact:Company Name: Radiant Insights, Inc
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Email: sales@radiantinsights.com
Phone: (415) 349-0054
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For more information, Visit: http://www.radiantinsights.com
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 201 Spear St #1100, Suite #3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
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