Growing Adoption of Influencer Marketing Platform

Martech Outlook | Wednesday, October 27, 2021

Collaborating with influencers can help a company's brand gain traction online, and it can also help improve the brand's reputation, audience engagement, and conversion rates.

FREMONT, CA: The global influencer marketing platform market is expected to develop at a 32.0 percent compound annual growth rate (CAGR) from USD 6.0 billion in 2020 to USD 24.1 billion by 2025, as per Market sandMarkets (MNM), a global market research and consulting company. The deployment of the influencer marketing platform market is likely to be driven by several factors, including customers' shift toward video-based content throughout the OTT (Over-the-Top) space and an increase in the use of ad-blocking software.

The world has been stunned by COVID-19. Many firms are trying to stay afloat, and they are employing a variety of marketing methods to recoup their losses. According to one survey, over 80 percent of consumers in the United States and the United Kingdom said they consumed more content during COVID-19. This has provided an excellent chance for companies and influencers to reach out to their audiences with powerful messages. During the COVID-19 crisis, the importance of influencer marketing as a direct marketing approach has expanded. Companies should continue to rely on influencers to act as spokespersons and deliver their messages in a trustworthy and personable manner. COVID-19's effects will be long-term; thus, marketing techniques will need to be altered to fit the new climate in which smaller and larger businesses are now surviving. Influencers will continue to drive post-lockdown dialogues through their personal beliefs and the support of their following.

By component, the influencer marketing platform market has been divided into solutions and services. Because influencer marketing is quickly becoming a necessity for marketers, the solution section of the influencer marketing platform market is likely to grow fast in the coming years. Collaborating with influencers can help a company's brand gain traction online, and it can also help improve the brand's reputation, audience engagement, and conversion rates.

Fashion and lifestyle, agencies and public relations, retail and consumer goods, ad-tech, banking and finance, health and wellness, travel and tourism, and other end users make up the influencer marketing platform industry (gaming and pet care). In the influencer marketing platform market, the health and wellness end-user category is predicted to grow faster over the forecast period. When health and wellness brands collaborate with influencers on a long-term basis, they experience higher benefits from influencer marketing. Influencers now act as creative collaborators rather than paid advertisers as a result of this shift in thinking. The use of niche influencers by health and wellness businesses attracts a hyper-targeted, mobilized audience, which is crucial for the growth of influencer marketing in the health and wellness end-user segment.

Search and discovery, influencer relationship management, analytics and reporting, campaign management, compliance and fraud detection, and other applications are part of the influencer marketing platform market's application segment (workflow automation, time management, and third-party integration). Organizations collaborate with a variety of social media personalities to promote their brands on the accounts of influencers. Influencers' followers get brand recognition, consumer reach, and brand value as a result of this. Influencers play an essential part in influencer marketing initiatives, which has resulted in the emergence of influencer relationship management software.

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