Influencer Marketing Platform Market Size Worth $23.52 Billion By 2025
The global influencer marketing platform market size is anticipated to reach USD 23.52 billion by 2025, exhibiting a CAGR of 26.8% over the forecast period, according to a new report published by Grand View Research, Inc. Technological proliferation in marketing practices is expected to offer significant growth opportunities to the market. Advanced technologies such as Artificial Intelligence (AI), Artificial Neural Networks (ANN), Natural Language Processing (NLP), and Machine Learning (ML) provides better search results and analytics, which is expected to guide marketers in taking better decisions.
Increasing adoption of AI-enabled influencer marketing platforms is expected to create an automated environment for marketers to establish efficient collaborations. ANN and NLP can be leveraged to offer essential insights to influencers by analyzing several image attributes, posts, and thus helping brands in simplifying workflow process. Furthermore, adoption of these technologies assists marketers in choosing which influencer to collaborate with, thus contributing to the market growth. For instance, CurationEngine offered by IZEA uses ML to process high volumes of information for programmatic analysis on influencer networks within the company database to improve network quality and identify influencers who meet brand safety requirements.
Cord-cutting is another important factor driving the influencer marketing platform market. The declining TV viewership and increased screen time provide an opportunity for marketers to focus more on social media marketing. Further, as more users have joined different social media platforms in the last few years, marketers are investing heavily to cater to the online masses by facilitating the next wave of brand deals.
The sports and fitness segment is expected to provide growth opportunities to the influencers over the next few years. The growth can be attributed to the need for better loyalty and increasing merchandise and ticket sales. Additionally, the rising trend of adopting a healthy lifestyle amongst sports enthusiasts and players is expected to provide an impetus to the growth of the market for influencer marketing platform. Furthermore, product innovations and access to affordable equipment have made sports more attainable to consumers. The integration of fashion and beauty into sports and fitness is promoting companies to venture out new lines of businesses, such as athleisure production, which is expected to further stimulate the growth.
The emergence of hybrid influencer is expected to promote market growth. Hybrid influencer enables brands to put social media ad spend on influencer posts either via social media or a branded content tool to get deeper insights and better interactions. For instance, Scrunch, a media and advertising firm, assists marketing teams to scale businesses using a hybrid influencer marketing platform.
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Further key findings from the report suggest:
- Influencer management is expected to be the fastest-growing segment over the forecast period owing to greater demand of brands to maintain efficient influencer relationships for longer and healthier collaboration
- Small and Medium Enterprises (SMEs) are expected to benefit from the adoption of influencer marketing platform owing to cost-effectiveness and higher engagement rates
- The sports and fitness segment is expected to witness significant growth over the forecast period, attributed to the rising consumer awareness regarding the benefits of maintaining a healthy and active lifestyle
- Asia Pacific is expected to dominate the market by 2025, owing to increasing mobile penetration, which makes it easier to reach out to a larger number of people via social media
- The key players dominating the influencer marketing platform market are AspireIQ Inc.; Grapevine Logic Inc.; Upfluence, Hypetap Pty Ltd.; and Speakr Inc.