The global influencer marketing platform market size to grow from USD 6.0 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 32.0% during the forecast period. Various factors such as the customers’ shift toward video-based content across the OTT space and an increase in the adoption of ad-blocking software are expected to drive the adoption of the influencer marketing platform market.
COVID-19 has shocked the entire world. Many businesses are fighting to survive and are using different marketing strategies to recover the loss. As per the Global Web Index survey, over 80% of consumers in the US and UK say they’ve consumed more content during COVID-19. This has posed a good opportunity for brands and influencers to engage with their audiences with impactful messaging. The importance of influencer marketing as a core marketing strategy has grown during the COVID-19 crisis. Companies must continue to depend on influencers to act as their spokespeople and execute their messaging in a trustworthy and human way. The effects of COVID-19 will be long-term, and as a result, marketing strategies must be revised to suit the new environment in which smaller and larger companies are surviving currently. Through the personal views and support of followers, influencers will continue to shape the conversations occurring in the post-lockdown world.
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The solution segment to hold a larger market size during the forecast period
The influencer marketing platform market, by component, has been segmented into solutions and services. The solution segment is expected to grow rapidly in the coming years in the influencer marketing platform market as influencer marketing is increasingly becoming a necessity for marketers. Collaborating with influencers can help create online buzz about the company’s brand. In addition, it can strengthen the brands reputation, improve audience engagement, and increase conversions.
According to MarketsandMarkets, influencer marketing refers to the idea of celebrity endorsement, and this idea places it into a modern-day content-driven marketing campaign. The main differentiator in the case of influencer marketing is that the campaign results are collaborations between brands and influencers. However, influencer marketing does not just involve celebrities. Instead, it revolves around influencers, many of whom would never consider themselves famous in an offline setting. One of the biggest mistakes that traditional media makes is a failure to see the difference between celebrities and online influencers. Influencer marketing involves a brand collaborating with an online influencer to market one of its products or services.
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Some of the key players operating in the influencer marketing platform market include IZEA Worldwide (US), Quotient Technology Inc. (US), Launchmetrics (US), JuliusWorks, Inc. (US), Traackr, Inc. (US), Upfluence Inc. (US), Klear (US), AspireIQ (US), CreatorIQ (US), Mavrck (US), Impact Tech, Inc. (US), Brandwatch (UK), Linqia, Inc. (US), Onalytica (UK), Social Beat Digital Marketing LLP (India), ExpertVoice Inc. (US), Lefty (France), Lumanu Inc. (US), InfluencerDB (Germany), Taggermedia (US), Heepsy (Spain), Fourstarzz Media LLC (US), Juulr B.V. (The Netherlands), Intellifluence (US), Insense Ads, Inc. (US), Talent Village Ltd. (UK), The Room (UK), Blogmint (India), Zine Ltd. (UK), and Captiv8 Inc. (US). These influencer marketing platform vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global influencer marketing platform market.
IZEA Worldwide was founded in 2006 under the name PayPerPost, Inc and is headquartered in Florida, US. Effective from August 20, 2018, the company changed its name from IZEA, Inc. to IZEA Worldwide, Inc. It connects marketers with creators through its technology platform. IZEA Worldwide created its first technology platform in 2006 to pay bloggers to create content for brands. It is a NASDAQ-traded company that serves the world’s top marketers and creators. IZEA Worldwide provides insight, innovation, and entrepreneurial drive required for sustaining long-term growth. Its customers include the world’s biggest brands, agencies, top media organizations, and the world’s largest newspaper publisher, including Wendy’s, Marriot International, Petco, Toyota, Mercedes Benz, PayPal, Kohler, and NBC. It provides services to customers in multiple industry segments, including consumer products, retail/eTail, lifestyle, technology, and travel. It also partners with Fortune 500 companies and startups. In the influencer marketing platform market, IZEA Worldwide offers IZEAx Unity Suite, IZEAx Discovery, Shake, and BrandGraph. IZEAx Unity Suite is an influencer marketing platform that helps build a brand with content and growing it through influence. IZEAx Discovery helps in influencer discovery, while BrandGraph helps analyze the social media performance of brands.
Quotient Technology was founded in the year 1998 and is headquartered in California, US. It specializes in CPG and retail marketing, and its connected technology platforms share proprietary shopper data, enabling brands to integrate multiple strategies into a single objective: measurable, incremental sales. It uses advanced ad technology to deliver personalized, high-quality ad campaigns that drive measurable results for CPG and retail marketers. Approximately 700 CPGs, representing approximately 2,000 brands, use the platforms provided by Quotient Technology to manage and distribute digital promotions and advertising, target shopper audiences, and measure campaign performance and sales results. The solutions offered by Quotient Technology in the influencer marketing platform market are Quotient’s Ahalogy Social-Influencer Marketing solution, Ahalogy Muse, Ahalogy Brandables, Ubimo Digital Out-of-Home (DOOH), Coupons.com, Quotient Audiences, Retailer iQ (RiQ) Platform, and Quotient Retail Performance Media (Quotient RPM).
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