Influencer Marketing Platform Market Size, Share & Industry Analysis, By Component (Software and Services), By Application (Campaign Management, Brand Reputation Management, Influencer Management, and Others), By End-User (Enterprises, Influencer Marketing Agencies, and E-commerce), By Industry (Food & Beverages, Fashion & Lifestyle, Health & Fitness, Beauty & Personal Care, Travel & Holiday, Apparel & Accessories, and Others), and Regional Forecast, 2024 – 2032

The global influencer marketing platform market size was valued at USD 17.40 billion in 2023. The market is projected to grow from USD 20.24 billion in 2024 to USD 71.04 billion by 2032, exhibiting a CAGR of 17% during the forecast period.

Influencer marketing is a form of social media marketing that involves product promotions from influencers, individuals, and organizations who possess a certain level of expertise or social influence in their respective fields. An influencer marketing platform is a software solution designed to help brands and marketers streamline and optimize their influencer marketing campaigns. These platforms provide a comprehensive suite of tools and features that facilitate every aspect of influencer marketing, from discovering and managing influencers to executing campaigns and measuring their performance.

The onset of the COVID-19 pandemic played a major role in the growth of the market. With the rise of new social media channels and more creator-driven content, brands leveraged influencer marketing platforms during the pandemic to connect with their audiences in more meaningful ways and avoid the negativity caused by this period.

IMPACT OF GENERATIVE AI

Increased Need for Generative AI for Content Creation to Drive Market Growth

By leveraging generative AI, brands can take influencer marketing to the next level by creating engaging content that connects more deeply with consumers. This form of AI delivers content to users at their command or direction. Users can be anyone, from marketing professionals to social media influencers and advertisers, who can use AI to create content. Moreover, AI can also help brands improve customer experience and provide excellent customer service by recommending highly personalized products.

MARKET DYNAMICS

Market Drivers

Growing Dependence on Social Media for Brand Promotion and Customer Engagement to Fuel Market Growth

The increasing adoption of social media as a primary channel for brand promotion and consumer engagement is fueling the market expansion. As brands recognize the power of influencers in shaping consumer opinions and driving purchasing decisions, these platforms become essential for efficient collaboration and campaign management. The exponential growth of social media platforms, including Instagram, TikTok, and YouTube, has created vast opportunities for influencer marketing. Brands are leveraging these platforms to connect with influencers who have built a substantial follower base, ensuring that their message reaches a diverse and engaged audience. For instance, a fashion brand partnering with a prominent Instagram fashion influencer can swiftly amplify its reach and impact. The rise of social e-commerce, where consumers can directly purchase products through social media marketing, further underscores the importance of such platforms in facilitating seamless collaborations that harness the potential of social media-driven brand promotion.

Influencer Marketing Platform Market Trends

Incorporation of Artificial Intelligence (AI) and Data Analytics into Influencer Marketing Platforms to Surge Market Growth

A crucial trend in the market is the integration of data analytics and AI-driven insights into influencer marketing platforms to enhance campaign effectiveness and measurement. These platforms are increasingly leveraging advanced analytics tools to provide brands with in-depth data on campaign performance, audience demographics, and engagement metrics. For instance,

• In October 2023, PROphet announced two new features to its platform: AI-powered campaign management & influencer discovery and machine learning-based news monitoring. These tools will assist brands and agencies in leveraging proprietary AI for influencer discovery & management and advanced news monitoring and analytics.

This data-driven approach enables brands to make informed decisions about their influencer partnerships and refine their strategies for optimal results. This trend empowers brands to target their audience more effectively and helps influencers customize their content for maximum impact.

Market Restraints

Complexity in Measuring Impact and ROI of Influencer Campaigns Can Hamper Market

The complexity of measuring the actual impact and Return on Investment (ROI) of influencer campaigns can negatively impact the market growth. While influencer marketing offers unique opportunities for brand exposure and engagement, deriving specific outcomes, such as sales or conversions from influencers’ efforts can be complicated. These complexities of attribution models arise from multiple touchpoints in a consumer’s journey. Furthermore, the prevalence of influencer fraud and fake followers creates a credibility risk, with brands contending to differentiate authentic influence from inflated metrics. Navigating these measurement challenges is essential for fostering trust and sustaining enduring partnerships in the dynamic landscape of the market. Addressing these complexities is vital in showcasing the tangible value derived from influencer collaborations as the industry continues to evolve.

Market Opportunities

Increasing Popularity of Smartphones and 4G & 5G Networks to Create Great Market Opportunities

Video consumption has increased due to the rising popularity of smartphones and 4G & 5G networks. Therefore, companies are initiating marketing strategies to stream video content through digital channels. In recent years, television viewership has declined considerably, with many viewers shifting to social media channels, such as YouTube, Facebook, and Instagram. These factors are creating great opportunities for the market.

The above graph indicates mobile subscriptions for 5G technology for the years 2021 to 2027. In 2021, 5G technology subscriptions were USD 0.53 billion and is expected to grow USD 4.07 billion in 2027. As 5G mobile subscriptions are expected to increase in the coming years, the market is going to experience a major boost.

SEGMENTATION

By Component Analysis

Increasing Need for Expert Services to Fuel Services Segment Growth

Based on component, the market is divided into software and services.

The services segment will record the highest growth rate during the forecast period as the market necessitates expert services for strategic planning, data interpretation, and continuous optimization. This will surge the demand for specialized consulting, influencer matchmaking, and performance analysis services.

The software segment holds the market maximum share owing to its crucial role in facilitating algorithm-driven analytics, real-time campaign management, and sophisticated data processing. The intricate software architecture enables precise influencer identification, performance tracking, and optimization, making it an indispensable component for brands seeking data-driven insights and seamless execution of influencer marketing strategies.

By Application Analysis

Need to Maintain and Enhance Brand Image to Boost Brand Reputation Management Segment Growth

Based on application, the market is divided into campaign management, brand reputation management, influencer management, and others.

The brand reputation management segment holds the maximum share of the market, as preserving and enhancing a brand’s image is paramount in today’s competitive digital landscape. Influencers, as trusted voices, directly impact how audiences perceive and engage with a brand. Leveraging such platforms for brand reputation management allows businesses to strategically collaborate with influencers who align with their values and target audiences, fostering positive associations.

The influencer management segment is expected to register the highest growth rate over the study period. As influencer marketing continues to gain prominence, businesses are recognizing the need for a more systematic and strategic approach to influencer relationships. Influencer management offers comprehensive solutions for identifying, engaging, and maintaining collaborations with influencers and streamlining the entire process. This factor is expected to fuel the influencer marketing platform market growth.

By End-User Analysis

Focus on Data-driven Decision-Making for Brand Recognition Boosts Use of Influencer Marketing Platform in Enterprises

Based on end-user, the market is segregated into enterprises, influencer marketing agencies, and e-commerce.

The enterprise holds the maximum market share as large enterprises often have substantial marketing budgets, allowing them to invest significantly in these marketing strategies. Businesses leverage these platforms to engage with a broad audience, enhance brand visibility, and drive sales. In addition, enterprises prioritize data-driven decision-making, and influencer marketing platforms offer advanced analytics and performance-tracking features. This allows them to measure the effectiveness of campaigns, understand consumer behaviors, and optimize strategies for maximum impact.

The e-commerce segment is expected to record the highest CAGR over the forecast period. This segment is growing as e-commerce businesses are increasingly recognizing the importance of marketing in driving online sales and engaging with their target audiences. Influencers play a crucial role in promoting products or services, providing authentic reviews, and creating compelling content that resonates with online consumers.

By Industry Analysis

Rising Individual Interest in Fitness and Well-Being to Accelerate Health & Fitness Segment Growth

On the basis of industry, the market is segmented into food & beverages, fashion & lifestyle, health & fitness, beauty & personal care, travel & holiday, apparel & accessories, and others.

The health & fitness segment is expected to register the highest CAGR over the forecast period owing to the increasing focus of individuals on health and fitness. People are actively seeking guidance in fitness routines to improve their overall well-being. Health and fitness influencers play a crucial role in providing valuable insights, advice, and motivation, making them highly sought after by brands in the health & fitness industry.

The fashion & lifestyle segment holds the largest market share as brands in this industry often leverage such platforms to reach and engage their target audience effectively. The platforms play a crucial role in facilitating these collaborations, offering brands tools for influencer discovery, campaign management, and performance analytics.

INFLUENCER MARKETING PLATFORM MARKET REGIONAL OUTOOK

Based on geography, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

North America

North America holds the highest influencer marketing platform market share due to increasing social media platform and growing technological advancement in North American countries, such as the U.S., Canada, and Mexico.

South America

South America will record a considerable CAGR owing to the region’s cultural diversity to offer a broad spectrum of influencers, enabling brands to engage authentically across the region. For instance,

• According to industry analysis, Brazil has over half a million social media influencers, which is more than the number of engineers and dentists in the country.

Europe

Europe holds a significant share as these platforms play a vital role in facilitating refined collaborations between brands and influencers in the region. These platforms provide a vast pool of influencers, allowing businesses to tailor their campaigns to specific demographics and cultural contexts. Furthermore, these advanced tools for campaign management, audience targeting, and performance analytics are catering to the region’s tech-savvy consumer base. For instance,

• As per tech-savvy U.K. consumers in Europe, more than a third (36%) of people have increased their use of digital technology outside of work. 

Middle East & Africa

The Middle East & Africa are expected to grow at an average rate during the forecast period. As digitalization accelerates in MEA countries, these platforms are becoming integral components of marketing strategies, offering valuable tools for targeted campaigns, analytics, and performance measurements.

Asia Pacific

Asia Pacific is expected to grow at a rapid rate over the forecast period, propelled by the region’s extensive digital landscape and diverse consumer markets. These platforms play a crucial role in connecting brands with influencers who resonate with the unique preferences and local audiences. As e-commerce continues to thrive in the region, these platforms provide essential tools for campaign optimization and performance analytics.

KEY INDUSTRY PLAYERS

Key Market Players Are Focusing on Partnership and Acquisition Strategies to Expand Their Marketing Solution Worldwide

Key players are focusing on expanding their global geographical presence by presenting industry-specific platform. Major players are strategically focusing on acquisitions and collaborations with regional players to maintain dominance across regions. For instance,

• In March 2022: Brandwatch acquired Paladin, a complete influencer marketing platform. This initiative helps deliver complete influencer marketing functionality within the Brandwatch suite, as well as more ways for brands to create meaningful connections with consumers.

List of Influencer Marketing Platform Market Players Profiled:

• Grin Technologies (U.S.)


• Upfluence (U.S.)


• AspireIQ, Inc. (U.S.)


• Later (U.S.)


• Traackr, Inc. (U.S.)


• Klear (Israel)


• SocialEdge (U.S.)


• Brandwatch (U.K.)


• Captive8 (U.S.)


• Neoreach (U.S.)


• Mavrck (U.S.)


• Speakr, Inc. (U.S.)


• Webfluencial (U.S.)


• Hypetap Pty Ltd. (Australia)


• Moloco, Inc. (U.S.)


• BrandMentions (Romania)


• inBeat (Canada)


• Talent Village Ltd. (India)


• Aspire Systems (Singapore)


• HypeAuditor (U.S.)

KEY INDUSTRY DEVELOPMENTS:

July 2024: Captiv8 expanded its partnership with TikTok, which includes TikTok Shop. As per the recent statement of Branded Storefronts, Captiv8 is capable of providing services that support a full-funnel method of social commerce.

May 2024: Meltwater announced integration between its influencer marketing solution, Klear, and Engage, its social media management solution. This offering will help clients unify their social media marketing strategies in a single platform and deliver cohesive social strategies.

October 2023: CreatorIQ, a platform assisting major brands in monitoring influencer initiatives, announced its entry into the artificial intelligence realm. The company would integrate AI tools into its software platform, aiming to enhance its capability to monitor trends and mentions for over 9,000 brands.

August 2023: Animeta, an AI-driven creator tech firm, unveiled its influence marketing platform, ‘Animeta Brandstar.’ The platform is designed to assist brands in effectively executing campaigns by connecting them with the most suitable creators.

June 2023: Mavrck, the all-in-one enterprise influencer marketing platform, introduced enhanced AI-driven search capabilities, providing brands with a more efficient way to discover suitable creators and influencers for partnerships.

INVESTMENT ANALYSIS AND OPPORTUNITIES

The players need to expand beyond traditional influencers to include micro, macro, and nano influencers, which often yield higher engagement rates. Furthermore, investments in robust analytics tools will help players provide brands with actionable insights on campaign performance and audience engagement. Delving into these areas can lead to ultimate growth and sustainability in a competitive market.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product types, and leading applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

REPORT SCOPE & SEGMENTATION

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 17% from 2024 to 2032
Unit	Value (USD Billion)
Segmentation	By Component Software Services By Application Campaign Management Brand Reputation Management Influencer Management Others (Fraud Detection and Compliance Management, etc.) By End User Enterprises Influencer Marketing Agencies E-commerce By Industry Food & Beverages Fashion & Lifestyle Health & Fitness Beauty & Personal Care Travel & Holiday Apparel & Accessories Others (Banking and Finance, etc.) By Region North America (By Component, Application, End-User, Industry, and Country) U.S. (By Application) Canada (By Application) Mexico (By Application) South America (By Component, Application, End-User, Industry, and Country) Brazil (By Application) Argentina (By Application) Rest of South America Europe (By Component, Application, End-User, Industry, and Country) U.K. (By Application) Germany (By Application) France (By Application) Italy (By Application) Spain (By Application) Russia (By Application) Benelux (By Application) Nordics (By Application) Rest of Europe Middle East & Africa (By Component, Application, End-User, Industry, and Country) Turkey (By Application) Israel (By Application) GCC (By Application) North Africa (By Application) South Africa (By Application) Rest of the Middle East & Africa Asia Pacific (By Component, Application, End-User, Industry, and Country) China (By Application) India (By Application) Japan (By Application) South Korea (By Application) ASEAN (By Application) Oceania (By Application) Rest of Asia Pacific
Companies Profiled in the Report	Grin Technologies Inc.(U.S.), Upfluence (U.S.), AspireIQ, Inc. (U.S.), Later(U.S.), Traackr, Inc. (U.S.), Klear (Israel), SocialEdge, Inc. (U.S.), Brandwatch (U.K), Captiv8 (U.S.), and NeoReach (U.S.)