According to our latest market study on “Influencer Marketing Platform Market Forecast to 2027 – COVID 19 Impact and Global Analysis – by Offerings (Solution and Service), Application (Search & Discovery, Campaign Management, Influencer Relationship Management, Analytics & Reporting, and Others), Organization Size (Small & Medium Enterprise and Large Enterprise), End User (Fashion & Lifestyle, Marketing Agencies, Retail & Consumer Goods, Travel & Hospitality, and Others), and Geography,” the market was valued at US$ 148.04 million in 2019 and is projected to reach US$ 337.74 million by 2027; it is expected to grow at a CAGR of 13.4% from 2020 to 2027.
Influencer marketing is one of the most promising segments of the digital marketing mix. Influencer marketing has opened up a new world for brands and businesses to connect with discerning and elusive audiences. With the increasing adoption of smartphones, companies are strategically approaching their customers to build a strong customer relationship.
With the advancements in technology, influencer marketing has evolved across the world. Influencer programs are similar to responsivenessas intraditional media, which is causing a shift in ownership from communication budgets to media and marketing budgets. The advancements in influencer marketing platform and the way of advertisement has empowered the brands to run a program that activates thousands of influencers in a cost-effective manner.
Geographically, the influencer marketing platform Market is segmented into five regions: North America, Europe, AsiaPacific, Middle East & Africa, and South America Market. The Europe region held the major market share in 2019. In Europe, the NORDIC countries, along with Germany and the UK, held a key market share in 2019 and are expected to witness a high growth during the forecast period.
Boksi.com is one of the fastest-growing influencer marketing platforms in European countries. It has a presence in Sweden, Finland, Germany, Russia, Denmark, and Croatia. Boksi.com is known for a high number of micro-influencer and has successfully raised US$ 1 million to expand its service in Central Europe. The increasing funding and spending for influencer marketing are expected to drive the market in European countries.
AsiaPacific is expected to witnesshigh Y-o-Y growth during the forecast period. Factors such as rapid urbanization, high number of young population, increasing disposable income, advancements in technology, and increasing purchasing power of consumer goods are creating a huge opportunity for influencer marketing. Vendors of influencer marketing platform are strategically expanding their footprint in the developing countries of AsiaPacific to tap the opportunity. For instance, In May 2019, TopSocial, one of the leading influencer marketing platforms of China, announced to expand its footprints in the Indian market. With the expansion, TopSocial will enable brands to create creative, localized, and customized content for the Indian market.
AspireIQ, Inc; InfluencerDB; IZEA Worldwide Inc.; JuliusWorks Inc.; Launchmetrics (Fashion Gps, Inc.); Lefty (Modern Agency SAS), Mavrck (Apifia Inc.); NeoReach; Traackr, Inc.;and Upfluence are among the key companies operating in the influencer marketing platformmarket.
Impact of COVID-19 on Influencer marketing platform market
Although COVID-19 pandemic has resulted in fewer brand collaborations, digital platforms have gained immense traction. This factor has led to the increase in use of social media platforms during people’s practice of social distancing. With the increasing use of social media, influencers have gained an opportunity to keep their active audience engaged, with their creative and positive content.
Obviously, an influencer marketing platform provider, published a Trends Report: “The Impact of Coronavirus on Influencer Marketing.” In March 2020, the company surveyed more than 1,000 influencers for measuring the impact of COVID-19 on them. The company also analyzed its data, which included 7.5 million Instagram posts, 2,200 TikTok influencers, and 260 campaigns. According to the report, there was ~33% increase in brands seeking to hire influencers to create their photo and video assets due to the temporary shutdown of production agencies.
The influence marketing platform market was affected during Q1 and Q2 of 2020 owing to the temporary shutdown of several businesses. However, this factor has reduced the brand’s advertising cost across the COVID-19 afflicted regions, offering an opportunity for brands to channelize it in a way to reach a broader pool of audience.
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