The increasing number of social media users is anticipated to grow adoption of influencer marketing platforms. Increasing usage of influencer marketing to satisfy the growing demand for expensive lifestyles and fashion brands to be better approachable to people. North America emerged as the largest market for the global influencer marketing platform market, with a 34.20% share of the market revenue in 2022.
Newark, Oct. 27, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global influencer marketing platform market is expected to grow from USD 10.54 billion in 2022 to USD 94.24 billion by 2030, at a CAGR of 31.50% during the forecast period 2022-2030.
The overall growth in influencer marketing, and the increasing significance of Instagram as a prominent social media channel, have led to a substantial boost in brands paying money to influencers operating there. 56% of marketers are expected to use Instagram for influencer marketing in 2022, followed by YouTube. In comparison, 42% signposted using online ads, 28% tv ads, 34% TikTok, 18% OOH ads, and 19.5% Twitch. Marketers anticipate the trend to continue in the future. Also, the strict regulations regarding advertising transparency and high brand awareness of influencer marketing have noticed remarkable growth in sponsored influencer posts. The posts rank between 2016 and 2017 at 2.65 million posts. These were further predicted to grow substantially to 6.13 million sponsored posts in 2021. With the growth in influencer marketing since the beginning of COVID-19, the figure is higher.
Competitive Strategy
To enhance their market position in the global influencer marketing platform market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In June 2021, Marriott International, Inc. included the services of Upfluence Inc. to improve influencer finding by tracking and marketing their worldwide campaign.
Market Growth & Trends
The advanced application of the internet for advertising has enormously changed different companies’ business models and delivered marketers with unique means to reach target audiences. Such promotional actions permit marketers to give personalized advertisements, improving the client experience. Social media platforms, including Facebook, Instagram, YouTube, and Pinterest, have achieved tremendous traction for such marketing objectives. These unique forms of branding and promotion are anticipated to improve the influencer marketing platform market view in the following years. Influencer marketing platforms reduce the action and save time in searching for the influencer on social media. Additionally, it offers a vast list of influencers with their statistics. Influencer marketing has various benefits, like it is incredibly focused and relevant, assisting in quicker client acquisition, providing value to the target audience, raising SEO, and improving brand awareness.
Key Findings
• In 2022, the search and discovery segment dominated the market with the largest market share of 28.5% and market revenue of 3.0 billion.
The application segment is divided into analytics and reporting, search and discovery, influencer management, campaign management, and others. In 2022, the search and discovery segment dominated the market with the largest market share of 28.5% and market revenue of 3.0 billion. The search and discovery application delivers advanced search options to locate appropriate and proper influencers for marketing campaigns. Institutions are adopting the influencer marketing platform to discover possible influencers who can improve brand exposure, increase client engagement, and promote their brands.
• In 2022, the large enterprises segment dominated the market with the largest market share of 54.5% and market revenue of 5.74 billion.
The organization size segment is divided into small and medium enterprises and large enterprises. In 2022, the large enterprises segment dominated the market with the largest market share of 54.5% and market revenue of 5.74 billion due to the rising demand for effective and cost-effective marketing techniques. Various large-scale enterprises limited their business activities during the pandemic.
• In 2022, the fashion and lifestyle segment dominated the market with the largest market share of 27.2% and market revenue of 2.86 billion.
The end-use segment is divided into travel and holiday, sport and fitness, food and entertainment, fashion and lifestyle, and others. In 2022, the fashion and lifestyle segment dominated the market with the largest market share of 27.2% and market revenue of 2.86 billion due to thegrowing adoption of influencer marketing to fulfil the increasing demand for extravagant lifestyles and fashion brands to be more approachable to people. Further, fashion companies employ influencers to publicize new clothes and accessories, keeping people alongside the latest fashion trends.
Regional Segment Analysis of the Influencer Marketing Platform Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global influencer marketing platform market, with a market share of around 34.20% and 3.60 billion of the market revenue in 2022. Due to the considerable number of COVID-19 cases resulted in working from home and an expansion in the adoption of social media for broadcasting products and benefits. Further, the North American region has talent pools based on Artificial intelligence, platform development, and digital marketing, which leads to the influencer marketing platform market growth.
Source: https://finance.yahoo.com/news/influencer-marketing-platform-market-grow-112700067.html
