New Delhi, March 09, 2023 (GLOBE NEWSWIRE) -- In recent years, there has been a significant increase in the popularity and effectiveness of influencer marketing as a marketing strategy. According to Astute Analytica, the global influencer marketing platform market is expected to reach US$ 118.0 billion in value by 2030 from 10.5 billion in 2022. Our survey also found that 89% of marketers say that ROI from influencer marketing is comparable to or better than other marketing channels.
The rise of social media platforms has made it easier for brands to connect with influencers, with Instagram being the most popular platform for influencer marketing campaigns. It has been found that over 78% of marketers use Instagram for influencer campaigns. In 2020, the average influencer marketing budget was $25,000-$50,000 per campaign, with some larger campaigns in the influencer marketing platform market exceeding $100,000. As the demand for influencer marketing has grown, there has been a need for better tools and platforms to manage influencer campaigns. This has led to the increasing popularity of influencer marketing platforms. These platforms provide a range of services, including influencer discovery, campaign management, and performance tracking.
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Search, Discovery, and Onboarding Generates the Highest 31% Revenue of the Influencer Marketing Platform Market
According to recent research, search, discovery, and onboarding are responsible for generating the highest 31% revenue of the influencer marketing platform market. This figure highlights the significant role that these functions play in driving revenue growth for platforms in this industry.
The study also revealed that platforms offering advanced search functionality, robust discovery tools, and efficient onboarding processes tend to be more successful in generating revenue. Specifically, platforms that offer advanced search functionality saw an average revenue growth of 23%, while those with robust discovery tools saw an average growth of 18%, and those with efficient onboarding processes saw an average growth of 14%.
As more brands adopt influencer marketing strategies, the demand for platforms that offer effective search, discovery, and onboarding tools is expected to continue to increase.
Key Insights of the segment
- Search: According to our report on the global influencer marketing platform market, 61% of marketers say that finding the right influencers to work with is their biggest challenge. This highlights the importance of search functionality in influencer marketing platforms, which can help brands easily find and connect with the right influencers.
- Discovery: 71% of marketers said that discovering the right influencers for their campaigns is a major challenge. Discovery tools, which use algorithms to identify influencers with high engagement rates and other desirable characteristics, can help brands overcome this challenge and find new influencers to work with.
- Onboarding: 32% of respondents said that the onboarding process is the most time-consuming aspect of influencer marketing. Efficient onboarding tools, such as those that offer contract management and payment processing, can help brands save time and streamline the process of working with influencers.
- Combined impact: Brands earn an average of $5.20 for every $1 spent on influencer marketing. However, when combined with effective search, discovery, and onboarding processes, the ROI of influencer marketing can be even higher, with some brands earning up to $18 for every $1 spent.
Emerging Trends Redefining the Future of Global Influencer Marketing Platform Market
- Growth in Micro and Nano-Influencers: As influencer marketing becomes more mainstream, brands are shifting their focus towards micro and nano-influencers who have smaller followings but high engagement rates. This trend is expected to continue in 2023, as brands realize that these influencers can be more effective in generating authentic engagement and driving conversions.
- Authenticity and Transparency: Consumers are becoming increasingly savvy and are demanding more authenticity and transparency from influencers and brands alike. To address this, platforms are implementing features that help ensure authenticity, such as verification badges, and disclosure tools to ensure transparency in sponsored posts.
- AI and Machine Learning: Most of the leading platforms in the global influencer marketing platform market are leveraging AI and machine learning to streamline influencer discovery and identify the best influencers for campaigns. This technology also helps to optimize campaigns and identify new opportunities for engagement and reach.
- Influencer Marketplaces: Influencer marketplaces are platforms that connect brands with influencers, making it easier to manage influencer marketing campaigns. These marketplaces are becoming increasingly popular as they offer more transparency and standardization in influencer pricing and help to reduce the time and cost of managing influencer campaigns.
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Consumer Goods and Services Segment Contribute More than 32.6% Revenue to Global Influencer Marketing Platform Market
The use of influencer marketing has been growing rapidly in recent years, with the consumer goods and services industry leading the charge. The report also states that the consumer goods and services industry is the largest consumer of influencer marketing, accounted for 32.6% of all influencer marketing spending in 2022.
One of the main reasons for the popularity of influencer marketing in the consumer goods and services industry is the high competition in the market. Brands in this industry need to constantly find new ways to differentiate themselves and stand out from their competitors. Influencer marketing provides a way for companies to reach their target audience in a more authentic and engaging way, and cut through the noise.
The highly visual nature of many consumer goods and services also makes them a great fit for influencer marketing platform market. Influencers can create high-quality content that showcases the products in use, and this can be more effective than traditional advertising methods. This is supported by a survey conducted by Influencer Marketing Hub, which found that 71% of marketers believe that the quality of customers acquired through influencer marketing is higher than those acquired through other marketing channels.
In addition to being more engaging, influencer marketing is also seen as more authentic and trustworthy than traditional advertising. A study by Adweek found that 92% of consumers trust recommendations from influencers more than traditional advertisements. This trust can translate into increased sales, with some brands reporting up to a 20% increase in sales after running an influencer marketing campaign.
Influencer Marketing Platform Market is Highly Competitive and Fragmented, With Top 10 Players Capturing Less than 25% Market Share
The influencer marketing platform market is highly competitive and fragmented. There are a large number of players in this market, including both established companies and startups. The report also states that the top 10 players in the market captured less than 25% of the market share in 2022. Wherein, BuzZoole is one of the key players in the market. This suggests that there is a lot of room for new players to enter the market and compete with the existing players. However, it also means that the competition is intense, and companies will need to differentiate themselves and provide unique value propositions to succeed in this market.
Factors such as the increasing use of social media, rising demand for authenticity and transparency in advertising, and the growing importance of influencer marketing in brand promotion are driving the growth of the influencer marketing platform market. As such, it is likely that the competition in this market will continue to intensify in the coming years.
As per Astute Analytica, BuzZoole is leading the global influencer marketing platform market. The company is engaged in offering a range of services for brands looking to create effective and engaging sponsored content on social media. One of its key features is its proprietary algorithm, which matches brands with influencers who have an audience that aligns with the brand's target audience and values. The company has gained immense popularity for its influencer discovery, campaign management, content creation, and performance tracking services. The platform also provides real-time analytics and reporting, which can help brands measure the success of their campaigns and optimize their influencer marketing strategies.
The platform's Creator Network is a unique feature that connects brands with over 50,000 content creators from around the world. This allows brands to tap into a diverse range of influencers and collaborate with them to create high-quality content.
Some of the Top Market Players Are:
- Activate
- Affable Technologies, Inc
- Anymindgroup (CastingAsia, Moindy)
- AspireIQ
- BrandBassador
- Brandwatch
- BuzZoole
- ChtrBox
- CollabAsia
- CreatorIQ
- FYI (For Your Influence)
- Grin
- Impact Tech, Inc.
- Other Prominent Players
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