The global Influencer Marketing Platform Market is expected to grow from USD 5.5 billion in 2019 to USD 22.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period. Major growth factors for the market include customers’ shift toward video-based content across over-the-top (OTT) space and rising adoption of ad-blocking software to enhance the need for new marketing technique.
Search and discovery application segment to hold the largest market size during the forecast period
With the rising adoption of social media and increasing ad-blocking activities, marketing strategies have gone through a tremendous transformation. Therefore, marketers are moving towards influencer marketing platform to find potential influencers that can promote their brand, enhance brand exposure, and create a higher level of customer engagements. Search & discovery tool provides complete information of every influencer including, personal, geographic, and professional details, interest areas, and several followers across different media channels. Therefore, the growth of this application would continue to grow during the forecast period.
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Fashion and lifestyle end user to hold the largest market size during the forecast period
The influencer marketing platform market by end-users covers major end users: fashion & lifestyle, agencies & PR, retail & consumer goods, health & wellness, ad-tech, banking & financial institutes, travel & tourism, and others. The fashion & lifestyle end-user is estimated to account for the largest size in the influencer marketing platform market in 2019. Increasing deployment of cloud-based influencer marketing platform has enabled fashion and lifestyle SMEs to gain a competitive advantage over the big players.
The influencer marketing platform market comprises leading solution providers, such as IZEA (US), HYPR (US), Traackr (US), InfluencerDB (Germany), Launchmetrics (US), Julius (US), Klear (US), Upfluence (US), AspireIQ (US), Mavrck (US), Onalytica (UK), Lumanu (US), Lefty (France), Linqia (US), and Social Beat (India). The study includes an in-depth competitive analysis of the key players in the influencer marketing platform market with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand presence and their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate on their offerings and broaden their customer base.
Launchmetrics (US) is among one of the leaders in the influencer marketing platform market. It adopts a balanced approach towards growth strategies and continues to enhance its expertise through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, in March 2019, Launchmetrics partnership with Japan Fashion Week Organization (JFWO) to feature Amazon Fashion Week TOKYO 2019 A/W season in the GPS Radar app of Launchmetrics and promote the event.
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HYPR (US) is another established player in the influencer marketing platform market. The company has a directory of more than 10 million influencers working across industry verticals. The company has adopted various organic and inorganic strategies to strengthen its product portfolio and expand its presence in various geographical regions. For instance, in August 2017, HYPR opened a new office in London to enter the European market.
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