Influencer Marketing Platform Market Future Prospects, Trends, Growth, Key Player SWOT Analysis by 2031|
Brands are increasingly turning to micro-influencers who boast highly engaged audiences, fostering a more authentic connection with their followers. The expansive reach of social media platforms has paved the way for influencers to establish meaningful connections with their audiences. To capitalize on this trend, influencer marketing platforms offer brands a streamlined approach to identify and collaborate with influencers across various platforms.
Influencers possess a dedicated and engaged follower base that values their opinions and perspectives. Brands capitalize on this trust to forge genuine connections with consumers, a cornerstone of influencer marketing's effectiveness. Equipped with adept content creation skills, influencers craft compelling and relatable content that resonates with their audience. The growing consumer preference for authenticity further propels the growth of the influencer marketing platform market.
The market growth is further bolstered by an uptick in product launches by major players in the industry. For instance, on September 28, 2021, One Impression unveiled a new platform tailored to address brands' influencer marketing needs. Currently in its beta stage, the platform is designed to streamline complex influencer marketing processes, contributing to market expansion.
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Market Dynamics :
Rise in Consumer Preference for Video-based Content
Videos serve as a visually captivating and immersive medium for conveying information, storytelling, and showcasing products or services. With its engaging nature, video content has emerged as one of the most favored forms of online media. Customers exhibit a greater inclination towards watching videos over consuming lengthy text-based content, rendering video content a potent tool for brand communication. Leveraging influencer-generated video content enables brands to forge creative and authentic connections with their target demographics.
According to a survey conducted by HubSpot, Inc., 91% of businesses are utilizing video as a marketing tool, highlighting the growing significance of video content in brand strategies. Consumer reliance on marketing videos from brands is on the rise, with a preference for shorter video formats. Globally, the digital survey viewer base is projected to reach approximately 3.5 billion, with individuals consuming an average of 17 hours of online videos per week by 2023. Moreover, 75% of consumers opt for short video formats on their devices, underscoring the dominance of video-based content consumption trends.
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Market Segmentation :
By Component Solution : Services Consulting, Support and Maintenance, Deployment and Integration.
By Organization : Size Small and Medium-Sized Enterprises, Large Enterprises.
By Application : Search and Discovery, Campaign Management, Influencer Relationship Management, Analytics and Reporting, Compliance Management and Fraud Detection.
By End-User : Fashion and Lifestyle, Agencies and Public Relations, Retail and Consumer Goods, Health and Wellness, Ad-Tech, Banking and Financial Institutes, Travel and Tourism.
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Competitive Landscape
The major global players include LINQIA, INC., Impact Tech, Inc., IZEA globally, Inc., JuliusWorks, LLC., Quotient Technology Inc., Traackr, Inc., Launchmetrics, ExpertVoice, Inc., Tagger Media Inc. and Talent Village Ltd.
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