Influencer Marketing Platform Market is Estimated to Witness High Growth Owing to Opportunity to Identify Nano-Influencers
Influencer marketing platforms facilitates businesses and brands to identify, monitor and collaborate with influencers across various social media platforms. Influencer marketing has evolved as an effective digital marketing strategy, as it helps establish credibility and trust among target audience. Such platforms enable identification of nano and micro-influencers who have highly engaged niche audience and can promote products and services with higher effectiveness.
The global Influencer Marketing Platform Market is estimated to be valued at US$ 18.83 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Identifying relevant nano-influencers with authentic engaged audience has emerged as a major opportunity within the influencer marketing platform market. Nano-influencers are individuals who have lesser number of followers in the range of 1,000 to 10,000 followers but have highly engaged niche audience. They are considered more authentic and trustworthy compared to celebrity influencers or macro-influencers. With the growing popularity of niche micro-influencers and nano-influencers, platforms enabling identification and collaboration with such influencers having niche expertise are witnessing increasing demand. Influencer marketing platforms that can leverage AI and big data to accurately map influencer profiles with product categories and identify nano-influencers with high relevance are expected to gain wider acceptance among brands. This presents significant growth opportunity for leading players in the influencer marketing platform market over the forecast period.
Porter's Analysis
Threat of new entrants: High level of capital requirement to enter the market acts as a deterrent for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple options but switching costs make them remain loyal to customer favoring brands. Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials are perishable in nature but demand of key inputs keep their bargaining power intact. Threat of new substitutes: Low risk of new substitutes emerging as there are no close substitutes and customer loyalty keeps threat low. Competitive rivalry: Intense competition exists between brands regarding innovation, product quality, brand image and prices.
SWOT Analysis
Strengths: Wide range of product portfolio, strong brand image and loyal customer base. Weaknesses: High production and operating costs, vulnerability to supply chain and climate risks. Opportunities: Expanding into new markets and product categories. Threats: Stringent regulations and rising input costs.
Key Takeaways
The Global Influencer Marketing Platform Market Size is expected to witness high growth.
Regional analysis shows North America dominating the market currently due to high adoption of new technologies. Europe and Asia Pacific also offer lucrative growth opportunities.
Key players operating in the influencer marketing platform market are Influencerdb, Mavrck, Creatoriq, Impact, Dynamic Signal, Launchmetrics and Hipster.
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