Higher trust of potential customers on influencer reviews of products/services across the globe will lead to increased demand for Influencer Marketing Platform

Influencer Marketing Platform Category - Procurement Intelligence

The influencer marketing platform category is anticipated to witness growth at a CAGR of 31.9% from 2023 to 2030. In 2022, North America accounted for 30% of the market share followed by Europe and Asia-Pacific. Europe witnesses the fastest growth rate owing to wider adoption of branding practices and concentrating on expanding their market penetration and gaining a sizable consumer base through micro & nano-influencers.

In 2022, the fashion and lifestyle segment held substantial industry share in terms of end-usage owing to the growing number of high-end lifestyle and fashion brands trying to be more approachable to consumers. Influencers are used by a number of fashion brands to promote new apparel and accessories, keeping the public up to date on the newest trends. The potential of influencer marketing to build brand awareness in the fashion sector is one of its greatest benefits. Due to the proliferation of social media, it is difficult for companies to differentiate themselves from the competition because consumers are continually exposed to marketing from multiple brands. However, influencers have the ability to break through the clutter and connect with a niche audience.

Technologies such as virtual influencers, artifical intelligence, and data analytics are expected to strengthen influencer marketing platforms. In order to target the ideal customers, a virtual influencer gives more creative freedom and cost-effective customization. Several brands and businesses are having trouble evaluating the platform's outcomes even after it has been widely adopted. As a result, rising smartphone adoption, increased use of high-speed internet, rising numbers of social media accounts, falling data streaming costs, and the incorporation of cutting-edge technologies like artificial intelligence (AI) are all contributing to the growing demand for video content and live interactive sessions.

Influencer marketing platforms saw a huge increase in popularity after the outbreak of COVID-19 pandemic. The advertising agencies and production companies were compelled to postpone the planned commercial shoots due to the government-mandated lockdown limitations, which prompted the businesses to turn towards alternative promotion strategies such as influencer marketing. Influencer marketing was also made more prevalent by the increased social media activities during the lockdown. This trend is being continued even after there are no further lockdowns and the pandemic is in control. As a result, the outbreak of pandemic supported the global category in several ways such as increased number of live streams, bringing platforms like TikTok and Instagram Reels into popular culture, fueling emergence of micro influencers, creation of authentic content in an unusual timeframe, discovering other paths to purchase, redistribution of media & advertising budgets, and higher consumption of content.

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Influencer Marketing Platform Intelligence Highlights

• The global influencer marketing platform category is moderately fragmented, with majority of the key market players offering comprehensive solutions with a wide variety of features.

• India is the preferred low-cost/best cost country for sourcing influencer marketing. As the nation's digital infrastructure is getting better and more Indians have access to the internet, numerous opportunities are opening up for both businesses and marketers.

• The threat of new entrants is anticipated to stay low and it is relatively easy for new companies to start up and compete with established players.

• License cost / subscription fee, personnel, maintenance & upgradation, training & certification costs, and support are the major cost components of Influencer Marketing Platforms. Other costs include utility costs, administrative expenses, renewal costs, data migration costs, and security.

Influencer Marketing Platform Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Category Intelligence along with emerging technology and regulatory landscape

• Category estimates and forecasts from 2022 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Category report in PDF, Excel, and PPT and online dashboard versions 

Cost Intelligence Highlights

Grand View Research has identified the following key cost components for the Influencer Marketing Platform Category:

• License Cost / Subscription Fee

• Personnel

• Maintenance & Upgradation

• Training & Certification Costs

• Support

• Others

  • Utility Costs

  • Administrative Expenses

  • Renewal Costs

  • Data Migration Costs

  • Security

License Cost / Subscription Fee, and Personnel Cost forms the largest key cost component of the Influencer Marketing Platform category. 

List of Key Suppliers in the Influencer Marketing Platform Category

• AspireIQ, Inc.

• CreatorIQ

• Grin Technologies Inc.

• JuliusWorks, LLC

• Klear.com Ltd.

• Kolsquare

• Mavrck LLC

• NeoReach

• Onalytica Ltd

• Traackr, Inc.

• Upfluence

• Webfluential Global Limited