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| Global Influencer Marketing Platform Market |
The global 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 from 2023 to 2030, as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
The Influencer Marketing Platform market facilitates companies and brands to
engage with social media influencers to promote products and services. It helps
brands to identify and collaborate with relevant influencers for promoting
specific campaigns. Influencer marketing is gaining popularity as it provides
several advantages over traditional marketing such as higher engagement rates,
building authenticity and boosting organic reach. With rapid growth of social
media platforms, influencer marketing has become an effective strategy for
brands to target niche audiences.
Market key trends:
One of the key trends in the influencer marketing platform market is the
integration of artificial intelligence and data analytics. Platforms are
integrating AI capabilities to help brands identify ideal influencers based on
campaign goals. AI helps analyze huge amount of data related to influencers
like content performance, engagement rate, demographic data etc. This helps
brands to choose the most relevant influencers. Another major trend is the
growth of micro-influencers. Most brands are focusing on collaborating with micro-influencers
who have engagement rates of 1-10% with their niche follower base of
1000-100000. Micro-influencers are considered more reliable compared to
celebrities and provide authentic endorsements. Their personalized approach
helps in better conversion of followers into customers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the influencer marketing
platform market is moderate. Influencer marketing is gaining widespread
popularity and requires specialized knowledge and skills. Established players
have strong brand recognition and client relationships.
Bargaining power of buyers: The bargaining power of buyers is high in this
market. Buyers have many options to choose influencer marketing platforms and
can switch between platforms easily. Buyers demand sophisticated features,
competitive pricing and data security.
Bargaining power of suppliers: The bargaining power of suppliers is low in this
market. Platforms work with a large network of influencers and content
creators. Switching costs are low for influencers.
Threat of new substitutes: The threat of substitutes is moderate. Alternate
online marketing channels like search ads, display ads, and social media ads
can be substituted for influencer campaigns. However, influencer marketing
provides more credibility and authentic promotions.
Competitive rivalry: The competitive rivalry is high among established players
to increase their market share and win new clients. Players compete based on
technology, features, pricing, and customer service.
Key Takeaways
The Global
Influencer Marketing Platform Market is expected to witness high
growth, exhibiting CAGR of 33.4%
over the forecast period, due to increasing social media engagement and shift
to digital advertising. The market was valued at USD 10.39 billion in 2023.
Regionally, North America dominated the influencer marketing platform market in
2023 with largest market share owing to early adoption of digital technologies.
Asia Pacific is expected to be the fastest growing market during the forecast
period supported by rapidly growing digital population in countries like India
and China.
Key players operating in the influencer marketing platform market are IZEA,
HYPR-DRIVE Ltd., Traackr, Launchmetrics, JuliusWorks, Inc., KLEAR, Upfluence,
AspireIQ, Mavrck, Lumanu Inc., LINQIA, INC, InfluencerDB, ONALYTICA, Lefty,
Social Beat, and Grapevine. Players are focusing on developing advanced
features like analytics, campaign management, and better identification of
influencers.
Read More: https://www.trendingwebwire.com/global-influencer-marketing-platform-market-spending-large-share/