The global Influencer marketing platform market will grow from $6 billion U.S. in 2020 to $24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 32.0% during the forecast period, according to the market research report “Influencer Marketing Platform Market” published by MarketsandMarkets.
North America is expected to have the largest market size during the forecast period. The continuous adoption of influencer marketing platform solutions 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.
The influencer marketing platform market by component
The influencer marketing platform market, by component, has been segmented into solutions and services. The solution segment is expected to grow rapidly in the coming years 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 by end-user
The influencer marketing platform market by end-user has been 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 a higher CAGR during the forecast period. 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.
The application segment of the influencer marketing platform market
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).
Major vendors in the global influencer marketing platform market include IZEA Worldwide (US), Quotient Technology Inc. (US), Launchmetrics (US), JuliusWorks, Inc. (US), Traackr, Inc. (US), Upfluence Inc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech, Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social Beat Digital Marketing LLP (India), ExpertVoice Inc. (US), Lefty (France), Lumanu Inc. (US), InfluencerDB (Germany), Taggermedia (US), Heepsy (Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads, Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US).