February 22, 2024
Influencer Marketing Platform Market

Growing Adoption Of Artificial Intelligence To Drive The Growth Of Influencer Marketing Platform Market

The global Influencer Marketing Platform Market is estimated to be valued at US$ 16.34 Bn in 2023 and is expected to exhibit a CAGR of 31% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The influencer marketing platform market consists of platforms that enable identification, campaign management, and measurement of influencer campaigns. These platforms feature tools for influencer recruitment, campaign management, performance tracking, and data analytics. Influencer marketing platforms bring brands, publishers and influencers together to execute effective influencer marketing campaigns. Companies use these platforms to find micro, mid-tier and mega social media influencers across Instagram, YouTube, TikTok and other platforms based on their interest, follower count and engagement rate.

Market key trends:

One of the key trends in the influencer marketing platform market is the growing adoption of artificial intelligence and automation. AI and machine learning capabilities are being incorporated by platform providers to streamline processes like influencer identification, campaign management and performance tracking. AI helps identify right influencers for campaigns based on brand’s target audience. It also automates tasks like contract drafting, content tagging and engagement tracking. This reduces manual effort and resources required for campaign management. AI is expected to make influencer marketing highly targeted and cost-effective going forward.

Porter’s Analysis

Threat of new entrants: Low startup costs and intellectual property barriers make threats of new entrants low in this industry.

Bargaining power of buyers: Buyers have moderate bargaining power in this industry as there are many influencer marketing platform options available.

Bargaining power of suppliers: Creators and influencers have moderate bargaining power as platform companies rely heavily on their content and endorsements.

Threat of new substitutes: Low as there are no direct substitutes for influencer marketing platforms yet that connect all key stakeholders effectively.

Competitive rivalry: High as the industry is fragmented with many players competing for platform clients and influencers.

Key Takeaways

The Global Influencer Marketing Platform Market Demand is expected to witness high growth, exhibiting CAGR of 31.% over the forecast period 2023 to 2030, due to increasing adoption of social media influencer marketing by brands. The market size for 2023 is US$ 16.34 Bn.

Regional analysis: North America dominates the influencer marketing platform market currently due to high social media penetration and influencer culture. Asia Pacific is expected to grow at the fastest rate owing to rising internet and smartphone users in countries like India and China.

Key players: 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. IZEA and Launchmetrics currently lead the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it