Influencer marketing platforms facilitate collaboration between brands and social media personalities to promote products and services. These platforms allow identification of relevant influencers, campaign management, and performance analysis. Influencer marketing provides an opportunity for brands to create authentic product endorsements. Growing digitization and time spent on social media by consumers has increased the need for brands to connect through influencers. Various industries including fashion & lifestyle, FMCG, electronics, and automobiles leverage influencer marketing for customer acquisition and retention.
The global influencer marketing platform Market is estimated to be valued at US$ 18.83 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the influencer marketing platform market is the integration of artificial intelligence and data analytics capabilities. Platforms are increasingly adopting AI tools to analyze large volumes of customer data and provide recommendations about relevant influencers. AI helps in influencer segmentation, campaign optimization, and performance tracking. It also enables identification of micro-influencers who have highly engaged niche followers. Platforms are also focusing on data-driven personalization to improve campaign ROI for brands. Integration of technologies like computer vision and natural language processing further enhances influencer discovery and engagement analysis. With growing data sets, AI-powered influencer platforms are expected to drive higher ROI for brand campaigns in the forecast period.
Porter’s Analysis
Threat of new entrants: Low. The influencer marketing platform market is dominated by well-established players and requires high initial investments.
Bargaining power of buyers: High. Buyers have many options to choose from and can negotiate on price and services.
Bargaining power of suppliers: Low. There are many influencer marketing platform providers.
Threat of new substitutes: Medium. Other new social media advertising and marketing models can emerge as substitutes.
Competitive rivalry: High. Major players compete intensely on technology, offerings, and pricing.
Key Takeaways
The Global Influencer Marketing Platform Market Size is expected to witness high growth over the forecast period.
The Asia Pacific region is expected to grow at the fastest pace owing to increasing social media penetration and growing influencer marketing industry.
Key players operating in the influencer marketing platform market include Cereal Base Ceba AB (Oatly). Regional analysis shows that North America currently holds the largest share of the influencer marketing platform market owing to widespread adoption among enterprises. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it