Influencer Marketing Platform Market Size, Share & Trends Report

Influencer Marketing Platform Market Size, Share & Trends Analysis Report By Application (Campaign Management, Search & Discovery), By Organization Size, By End-use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-159-7
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 154

Report Overview

The global influencer marketing platform market size was valued at USD 7.68 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 30.3% from 2021 to 2028. The term influencer marketing has swiftly transitioned from a mere buzzword to being incorporated into mainstream branding strategies. It is an amalgamation of the idea of conventional celebrity endorsements and contemporary content-driven marketing campaigns. Over the last few years, brands have started looking beyond traditional celebrities and have collaborated with online celebrities/influencers for endorsing their products. This is a direct consequence of the increasing number of followers of these influencers on social media and their ability to impact the purchasing behavior of their followers/fans.

U.S. influencer marketing platform market size, by application, 2017 - 2028 (USD Billion)

The growing use of the internet for advertising practices has revolutionized companies’ business models and generated alternate revenue streams. The easy availability of high-speed and affordable internet services for customers offers marketers a new channel to reach out to target audiences, which has led to the rise of influencer marketing practices. Leveraging these promotion practices enables marketers and brands to create more personalized advertising campaigns, thereby enhancing customer experience and business relations.

Social media portals such as Facebook, Instagram, YouTube, and Pinterest are perceived as the ideal platforms for such marketing purposes. The continuously increasing user base of these social media apps has helped marketers to increase customer engagement and understand their pain points via influencers’ interactions. Social media empowers organizations to practice content-driven publicity by partnering with the most appropriate personality, thereby creating a digital identity for audiences, which eventually enables higher and closer engagement.

The ongoing COVID-19 pandemic has resulted in a significant rise in the adoption of influencer marketing campaigns. In 2020, lockdown implementations by several government bodies resulted in production houses and advertisement agencies halting the scheduled shooting of advertisements, thereby promoting SMEs and corporations to resort to newer methods of promotion. Furthermore, restricted business activities resulted in a dip in revenue generation, which further prompted companies to leverage more cost-effective advertising practices. The growing use of social media platforms for entertainment purposes during the lockdown has also encouraged enterprises to adopt such marketing strategies. These platforms are expected to continue to remain a significant medium for promotion even after the effects of the pandemic start to subside.

The emergence of influencer networks is also perceived as a critical differentiating factor in the promotion strategies of prominent market players. Influencers develop and create different types of content, which results in overlapping niches, thereby creating an influencer pool. The interconnectedness amongst these types of celebrities offers better opportunities for brands to find the right brand ambassadors who match their vision and value. Collaborating with the right ambassadors promotes branding teams to leverage specialized influencer marketing platforms and produce carefully created content.

Application Insights

The search and discovery segment accounted for a revenue share of over 35% in 2020, owing to an incremental need amongst brands and marketers to collaborate with the best-fit influencer for a particular campaign. Influencer search and discovery tools enable companies to find the right brand ambassadors using several filters such as audience demographics, effectiveness of content, and performance, thereby offering time and cost-saving opportunities in manual search activities. Platform providers also offer companies the opportunity to collaborate with several influencers on different social media platforms, depending on their advertising campaign and requirements. For instance, HypeAuditor offers search and discovery features for different social media platforms such as YouTube, Tik Tok, and Instagram to its clients, based on their needs and requirements.

The analytics and reporting segment is expected to offer significant growth opportunities for the market. This can be attributed to the need of the companies to analyze critical factors regarding such promotion campaigns, such as campaign effectiveness, engagement of influencers, and content penetration. These factors aid the company in changing the content according to their needs and requirements. Companies such as Smartfluence offer predictive analytics services to help clients mitigate potential risks in influencer campaigns, thus offering growth opportunities for the market.

Organization Size Insights

The large enterprises segment accounted for a revenue share of over 75% in 2020, owing to the need to deploy more cost-effective and efficient marketing strategies. The COVID-19 pandemic resulted in restricted business activities for several large enterprises, consequently shrinking their advertising budget. This created the need to use newer promotion tools and leverage the internet as their primary marketing channel. Additionally, large enterprises have significant social media following, which can be leveraged to create effective business relations with their customers and increase engagement via influencers.

The SME segment is expected to offer significant growth opportunities to the market. SMEs can collaborate with micro-and nano-influencers, which helps them in increasing brand awareness and traffic to the company website at affordable prices. Using nano-influencers who interact with niche audiences enables SMEs to penetrate the market more efficiently and build trust with customers. Companies such as IZEA and NeoReach offer unique marketing platform solutions to SMEs, which helps them create campaigns according to their budget and requirements.

End-use Insights

The fashion and lifestyle segment dominated the influencer marketing platform market with a revenue share of over 30% in 2020. The rising need for high-end lifestyle and fashion brands to be more approachable for people and create closer interactions with them is driving the adoption of such advertising practices. Fashion brands also employ influencers for advertising new accessories and clothes, thereby aiding people to stay abreast with fast fashion trends and ensure continual revenue generation. Additionally, fashion and lifestyle enthusiasts allow companies to develop new products through constant interaction with their audiences and promote them by uploading picture-perfect photos, videos, and sponsored posts.

Global influencer marketing platform market share, by end use, 2020 (%)

The food and entertainment sector has gained significant revenue share due to the increasing demand among people to gain access to newer and diverse entertainment forms. Lockdown implementations across several countries have resulted in a rise in the adoption of newer entertainment forms such as Over-The-Top (OTT) platforms, online music events, and mobile game tournaments. This rise in screen time in 2020, globally, has provided companies in the food and entertainment division an opportunity to leverage influencer marketing to promote events and new online content. Companies such as OnePlus, a subsidiary of BBK Electronics Corp. LTD, had engaged in extensive influencer marketing practices to promote the OnePlus Music Festival in 2019, enhancing its customer relations and generating awareness.

Regional Insights

North America dominated the global market in 2020 with a revenue share of 32.28%. The U.S. has been one of the worst-hit countries by COVID-19. This resulted in the deployment of Work-From-Home (WFH) and the subsequent adoption of social media and OTT platforms as means of entertainment by individuals, thereby offering corporations an opportunity to leverage influencer marketing as means of promoting their goods and services. Furthermore, the availability of a significant talent pool in platform development, AI-based analytics, and digital marketing in the region offers a conducive ecosystem for market growth.

Europe is expected to witness substantial growth over the forecast period as prominent fashion companies such as Christian Dior SE, Chanel, and Versace are among the forerunners in the adoption of such branding practices. This can be attributed to their need to penetrate the market more effectively and capture a more extensive customer base using micro-and nano-influencers compared to working with celebrities. Furthermore, the rising deployment of automated systems in the Nordics, which helps them find influencers and purchase traffic, contributes to the growth of the influencer marketing market.

Key Companies & Market Share Insights

Significant market players have started diversifying and enhancing their service offerings. This has helped clients and marketers to gain access to more detailed insights regarding product sales, thereby enabling them to make data-driven business decisions. For instance, companies such as AspireIQ now offer Shopify integrated data in their smart recommendations and segmentation tools. This has helped advertisers and organizations to identify top community members at a glance and enable customers to access customers’ purchase data.

Companies have also started engaging in development practices to enhance clients’ user experience and offer emerging brands influencer marketing services. For instance, in September 2020, Grapevine launched Grapevine Shops, an e-commerce platform for brands and influencers that follows an influencer-centric approach. Furthermore, Traackr has also launched influencer marketing performance solutions in May 2019, which offer Brand Vitality Score (VIT) and enhance data-driven insights. This helps clients gain a more in-depth understanding of influencer content's value and impact on a particular brand. Some prominent players operating in the global influencer marketing platform market are:

  • Upfluence Inc.

  • Speakr Inc.

  • AspireIQ

  • Grapevine Logic Inc.

  • Mavrck

Influencer Marketing Platform Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 10.24 billion

Revenue forecast in 2028

USD 84.89 billion

Growth Rate

CAGR of 30.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, organization size, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil; Mexico

Key companies profiled

Upfluence Inc.; Speakr Inc.; AspireIQ; Grapevine Logic Inc., Mavrck

Customization scope

Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growths at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global influencer marketing platform market report based on application, organization size, end-use, and region:

  • Application Outlook (Revenue, USD Billion, 2017 - 2028)

    • Campaign Management

    • Search & Discovery

    • Analytics & Reporting

    • Influencer Management

  • Organization Size Outlook (Revenue, USD Billion, 2017 - 2028)

    • Large Enterprises

    • SMEs

  • End-use Outlook (Revenue, USD Billion, 2017 - 2028)

    • Food & Entertainment

    • Sports & Fitness

    • Travel & Holiday

    • Fashion & Lifestyle

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • MEA

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.