Influencer Marketing Platform Market worth $50.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 7, 2024 /PRNewswire/ -- The growth of micro-influencers, the integration of AI and data analytics, and a greater focus on openness and long-term partnerships are all anticipated developments in the Influencer Marketing Platform Market. In order to promote real and significant influencer partnerships, platforms will broaden their worldwide reach, experiment with different content formats, and concentrate on measuring commercial effect.

The global Influencer Marketing Platform Market is estimated to grow from USD 10.6 billion in 2023 to USD 14.2 billion in 2024 and is forecasted to reach USD 50.3 billion by 2028, at a CAGR of 37.1% during 2024-2028 period, according to a new report by MarketsandMarkets™. Influencer marketing platforms streamline campaign processes, offering efficient influencer discovery tools that save time and ensure relevance. It provides a diverse pool of influencers, catering to various audience demographics from micro to macro-influencers. Robust analytics empower brands with valuable insights into campaign performance, enabling data-driven decision-making and optimization. These platforms foster transparency and accountability through clear communication, defined deliverables, and performance tracking, building trust between brands and influencers. Overall, it allows brands to focus on other marketing strategies while driving impactful results through targeted collaborations.

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270 - Tables
75 - Figures
299 - Pages

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Scope of the Report

Software segment to account for the largest market size during the forecast period.

Based on the offering segment, the software is anticipated to hold the largest market size during the forecast period. The adoption of influencer marketing software has surged, driven by the growing recognition of influencers' impact on consumer behavior. This software offers brands powerful tools to identify, collaborate with, and track the performance of influencers across various platforms. By leveraging data analytics and automation features, businesses can streamline campaign management, optimize influencer selection, and measure ROI more effectively. Additionally, this software often provides valuable insights into audience demographics and engagement metrics, enabling brands to refine their strategies for maximum impact. As influencer marketing platform continues to evolve as a key component of digital marketing strategies, the adoption of specialized software solutions is expected to remain on the rise.

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Managed service to account for higher CAGR during the forecast period.

Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. The burgeoning demand for managed services within influencer marketing platforms underscores a strategic paradigm shift among businesses aiming for comprehensive campaign solutions. Managed services furnish a hands-on approach, offering expert guidance and support across the entire influencer marketing spectrum. From devising strategies and selecting influencers to content creation and campaign execution, these services offload operational burdens from businesses, enabling a sharper focus on overarching marketing objectives. Additionally, managed services leverage industry expertise and established influencer relationships, ensuring seamless collaborations and superior content quality. As businesses increasingly appreciate influencer marketing's efficacy, the ascent of managed services within platforms is poised to persist, propelling innovation and operational efficiency within the market.

Asia Pacific to exhibit the highest CAGR during the forecast period.

The CAGR of Asia Pacific is estimated to be highest during the forecast period. The Asia Pacific region has witnessed a significant surge in the growth of the Influencer Marketing Platform Market. With the proliferation of social media and the increasing internet penetration across diverse demographics, brands are increasingly leveraging influencer marketing to reach their target audiences effectively. Countries across the region have emerged as hotspots for influencer marketing, driven by the massive user bases on platforms such as Instagram, and YouTube. The rise of local influencers who resonate with regional cultures and preferences further fuels this growth. This trend is expected to continue as businesses recognize the value of authentic influencer partnerships in driving brand awareness and engagement in the dynamic Asia Pacific market.

Top Key Companies in Influencer Marketing Platform Market:

Major vendors in the global Influencer Marketing Platform Market are Izea Worldwide (US), Launchmetrics (US), Triller (US), Traackr (US), Upfluence (US), Meltwater (US), Aspire.io (US), CreatorIQ (US), Later (US), Impact.com (US), Linqia (US), Onalytica (UK), Social Beat (India), GRIN (US), BazaarVoice (US), Pattern (US), Lefty (France), Sprout Social (US), Intellifluence (US), Insense (US), Captiv8 (US), InBeat (Canada), Heepsy (Spain), LTK (US), TRIBE Influencer (Australia), Skeepers (France), Influencity (Spain), Zefmo (India), Afluencer (US), HypeAuditor (US), MagicLinks (US), SocialBook (US), Creator.co (Canada), Glewee (US), and ArabyAds (UAE).

Recent Developments:

• IZEA announced the acquisition of Zuberance, an advocate marketing software platform, to enrich its ecosystem. Zuberance's features, including customer referrals, reviews, stories, and social sharing, will integrate into IZEA's platform, empowering influencers, and customers to cultivate a network of advocates. This strategic move aligns with IZEA's vision of leveraging influencer presence and authentic customer advocacy in its integrated marketing ecosystem.
• Lectra announced the signing of an agreement to acquire a controlling stake in the American company Launchmetrics, securing a majority of its capital and voting rights.
• Triller announced the complete acquisition of Julius, a leading influencer marketing solution, to enhance its creator platform, offering deep insights and streamlined ROI for customers, aligning with its creator-centric services model.
• Impact.com acquired SaaSquatch to enrich its partnership management platform, allowing brands to harness customer referrals alongside influencer and affiliate partnerships. This acquisition enhances Impact.com's capabilities with automated referral campaigns, tracking, reporting, and rewarding customer advocates, amplifying its value proposition for brands seeking comprehensive partnership solutions.
• Meltwater announced the acquisition of Klear, a leading social influencer marketing company. The acquisition complements Meltwater's existing social listening and analytics offerings, creating a unique integrated product for social listening, analytics, social management, and influencer marketing

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Influencer Marketing Platform Market Advantages:

• Influencer marketing platforms facilitate access to a diverse array of influencers belonging to various demographics and niches, so enabling brands to effectively communicate and distribute pertinent material to their intended audience.
• Brands can improve their exposure and visibility on social media channels by working with influencers on these platforms. This increases brand awareness and exposure among their target demographic.
• With their following, influencers have built credibility and trust. This has led to more genuine and interesting content that connects with the audience and increases engagement and interaction for companies.
• Compared to traditional advertising channels, influencer marketing platforms provide brands with a more affordable means of reaching their target demographic while also improving the tracking and measurement of campaign ROI.
• Influencers on these platforms are skilled at producing a wide range of imaginative and varied content formats, such as tales, photographs, videos, and live streams. This allows marketers to use a range of content kinds to effectively engage their audience.
• Influencer identification, contract negotiations, content clearance, and performance tracking are just a few of the features and tools these platforms offer for streamlined campaign administration, which helps marketers run and manage influencer campaigns more effectively.
• Influencer marketing platforms facilitate the connection between brands and influencers worldwide, enabling them to access a global audience and extend their market reach beyond national borders.

Report Objectives

• To define, describe, and predict the Influencer Marketing Platform Market by offering (software, and services), application, marketing type, end user, and region
• To provide detailed information about major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Influencer Marketing Platform Market

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