Influencer Marketing Platform Market Worth $50.3 billion by 2028, Growing At a CAGR of 37.1% Report by MarketsandMarkets™

Chicago, March 22, 2024 (GLOBE NEWSWIRE) — The global Influencer Marketing Platform Market size 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 serve as the central hub for brands, facilitating global exploration of influencers for collaboration, hiring, and payment, while empowering influencers to seek brand partnerships. It acts as an invaluable assets for brands overseeing multiple influencers on a single project, automating tasks from result measurement to campaign monitoring. Ultimately, these platforms streamline operations, saving brands considerable time and effort.

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Influencer Marketing Platform Market Dynamics:

Drivers:

  1. Growing landscape of social media platforms.
  2. Rising adoption of AI-driven solutions
  3. Growth of micro-influencers

Restraints:

  1. Complexity in RoI measurement.
  2. Issues related to fake followers and engagement

Opportunities:

  1. Growing imperative to leverage influencer marketing platforms for deeper consumer connections.
  2. Rising shift toward OTT platforms and social media channels

List of Key Players in Influencer Marketing Platform Market:

  • Izea Worldwide (US)
  • Launchmetrics (US)
  • Triller (US)
  • Traackr (US)
  • Upfluence (US)
  • Meltwater (US)
  • Aspire.io (US)
  • CreatorIQ (US)
  • Later (US)
  • Impact.com (US)

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Despite the abundance of influencer marketing platforms, each offers unique features for engagement, leaving room for growth and improvement within the industry. As brands continue to harness the power of influencer marketing, the evolution and enhancement of these platforms will remain pivotal in maximizing campaign effectiveness and ROI.

Based on offering, the market is further categorized into software and services. The software segment is further divided into software and services. The software segment is further divided into type, and deployment mode. Further, the type segment is bifurcated into web-based, and mobile-based. Based on deployment mode, the software is divided into cloud, and on-premises. Also, the services segment is further divided into managed services and professional services. Further, the professional services is divided into consulting, integration & deployment, and support & maintenance.

Based on application the market is further bifurcated into search & discovery, campaign management, analytics & reporting, content creation, influencer relationship management, compliance management, payment processing, product seeding, social listening, and other applications (marketing outreach, fraud management, affiliate linking, performance tracking). These applications empower businesses to effectively reach and engage their target audience, drive brand awareness and loyalty, and ultimately, achieve their marketing objectives in a dynamic and competitive market landscape.

Based on marketing type the market is further divided into thought leadership & industry expertise, content marketing & distribution, event promotion & attendance, product launches & announcements, lead generation& sales enablement, employee advocacy & brand endorsement, and other marketing types (product reviews & demonstrations, user-generated content campaigns). These marketing types allows businesses to prioritize and allocate resources effectively, tailor messaging and tactics to the unique needs of each segment, and maximize the impact of their marketing efforts in a competitive market landscape

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Based on end user, the influencer marketing platform market is bifurcated into retail & e-commerce (fashion & lifestyle, health & wellness, sports & fitness, food & beverages, and others), travel & hospitality, media & entertainment (gaming, advertising & marketing agencies, and  PR, and others), BFSI, automotive & transportation, education, healthcare & life sciences, and other end users (government, real estate, telecommunication). The influencer marketing platforms benefit end users by amplifying brand reach, driving sales, enhancing engagement, and fostering credibility through authentic endorsements across diverse industries.

The influencer marketing platform market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The influencer marketing platform market has experienced exponential growth across all regions, driven by the increasing digitalization of consumer behavior and the rising demand for authentic brand engagement. Businesses across all regions are leveraging influencer partnerships to reach targeted audiences effectively. This growth is propelled by the accessibility of social media platforms, advancements in technology, and the expanding influencer ecosystem. As businesses recognize the power of influencer marketing in building brand awareness, driving sales, and fostering customer loyalty, the market continues to expand rapidly, offering opportunities for innovation, collaboration, and strategic partnerships across the globe.

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