Global Influencer Marketing Platform Market, By Component ;By Application; By Region; Trend Analysis, Competitive Market Share & Forecast, 2020-2027
According to BlueWeaveConsulting, the global Influencer Marketing platform market is estimated to have reached USD 5.6 billion in 2020 and is further projected to reach USD 34.6 billion by 2027, growing at a CAGR of 29.3% during 2021-2027 (forecast period). The rising use of AI-enabled influencer marketing platforms is projected to create an integrated framework for marketers to establish successful partnerships. The artificial neural network and NLP can be leveraged to give crucial information to influencers by evaluating multiple product attributes, tweets, and thereby allowing marketers to improve the workflow phase.
Global Influencer marketing platform Market Overview:
An Influencer Marketing Platform is characterized as a software solution that is particularly designed to assist brands with their influencer marketing campaigns. Influencer Marketing Platforms provide influencer discovery tools for brands and agencies, some also offer massive searchable databases of potential influencers, using clever algorithms. Though any platform that people use to share content can be used for influencer marketing, however, these four are among the largest. By reaching out to audiences through trusted influencers on Facebook, Twitter, YouTube, and Instagram, a business can rapidly generate brand awareness and increase sales.
Influencer marketing platform to gain customer trust and create new brand image acting as the major driver for the market
Consumer demand is completely based on product authenticity and reliable products and services. Traditional marketing and advertising techniques are also continuously forcing customers to buy products. The traditional techniques can create a poor brand image. Moreover, consumers’ shift toward the OTT space and various social media channels has decentralized the consumer base across channels, which has led to high marketing expenses with zero Return on Investment. Therefore, organizations are increasingly adopting effective marketing techniques that reach end-users without annoying them. The statistics above show that brand image may be hampered if companies breach the trust of their consumers. Organizations have huge opportunities to gain consumer trust and acquire new customers by providing quality and transparency.
An increase in the number of fake followers is acting as a challenger for the market
The influencer marketing technique has been immensely growing since 2016, as consumers have shifted from TV to social media and other OTT channels. Hence, organizations are competing to engage with authentic influencers for promoting their products and enhancing sales. The rising competition has increased the demand for micro and macro-influencers. Thus, with the growing competition, identifying authentic influencers with many followers has become the biggest challenge for brands and organizations. Many influencers use fake followers through bots to show their popularity and attract big brands. For instance, according to White Ops/ANA, the global losses due to bot fraud were estimated to be USD 7.2 billion in 2016.
North America catering the largest share and expected to witness significant growth in the Influencer Marketing market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason.
The leading players in the global Influencer Marketing product market include BIZEA Worldwide, Quotient Technology Inc. Launchmetrics, JuliusWorks, Inc, Traackr, Inc, Upfluence Inc., Klear, AspireIQ, CreatorIQ, Mavrck, Impact Tech, Inc., Brandwatch, Linqia, Inc., Onalytica, Social Beat Digital Marketing LLP, ExpertVoice Inc., Lefty, Lumanu Inc., InfluencerDB, Taggermedia, Heepsy, Fourstarzz Media LLC, Juulr B.V., Intellifluence, Insense Ads, Inc., Talent Village Ltd., The Room, Blogmint, Zine Ltd., and Captiv8 Inc, others.