Growing Influence of Micro and Nano Influencers driving Demand for Advanced Influencer Marketing Tools in Global Influencer Marketing Platform Market
The Influencer Marketing Platform Market is estimated to be valued at USD 10.39 billion in 2023 and is expected to exhibit a CAGR of 33.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The influencer marketing platform market enables brands and companies to identify, connect, and collaborate with the right influencers for promoting their products and services online. These platforms offer a variety of tools for influencer recruitment, campaign management, reporting, and payments. They help streamline the overall influencer marketing process.
Market Dynamics:
Two major drivers influencing the growth of influencer marketing platform market are rising preference for micro and nano influencers among brands and adoption of advanced analytics for influencer identification and recruitment. Micro and nano influencers with follower base of less than 50,000 are considered more relatable by target audiences which is prompting brands to involving them for campaigns. Moreover, influencer marketing platforms are offering sophisticated analytics capabilities powered by AI and machine learning to analyze influencer networks, demographics, engagement rates, and relevance for pinpointing right influencers.
Market key trends:
Some of the key trends influencing the growth of the influencer marketing platform market include:
1) Rise in influencer marketing budgets: With the growing popularity of influencer marketing, companies are allocating higher budgets for these marketing campaigns. According to several reports, brands are expected to double their influencer marketing budgets by 2022.
2) Increased use of analytics and campaign measurement: Platforms are introducing advanced analytics tools to help marketers track campaign performance, measure influencer engagements and return on investment. This is allowing marketers to gain deeper insights and optimize future campaigns.
3) Focus on micro-influencers: Along with celebrity influencers, the use of micro-influencers with niche audience is growing. Micro-influencers have high engagement and credibility which helps drive better results for brands.
SWOT Analysis
Strengths: Ability to reach targeted niche audience, higher engagement and credibility of influencer marketing campaigns, performance tracking and data-driven optimization.
Weaknesses: Over-reliance on few social media platforms, issues with influencer identification, authenticity and vetting, higher costs compared to traditional advertising.
Opportunities: Expanding to newer platforms, analytics for non-influencer ads, focus on micro and nano influencers, regional expansion.
Threats: Data privacy regulations, influencer burnout, fake followers and engagement, platform algorithms changes negatively impacting organic reach.
Key Takeaways
The Global Influencer Marketing Platform Market is expected to witness high growth, exhibiting CAGR of 33.4% over the forecast period of 2023 to 2030, due to increasing influencer marketing budgets.
Regional analysis
North America is currently the largest and fastest growing regional market. This is attributed to early adoption of social media and influencer marketing in the region. However, Asia Pacific is also expected to emerge as a high potential market, driven by growing internet and social media penetration in countries like India and China.
Key players
Key players operating in the influencer marketing platform market include IZEA, HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence, AspireIQ, Mavrck, Lumanu Inc., LINQIA, INC, InfluencerDB, ONALYTICA, Lefty, Social Beat, and Grapevine. IZEA and Launchmetrics collectively capture over 30% of the global market share owing to their comprehensive solutions and global client base.
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