Influencer Marketing Platform Market to Be Worth $24.1 Billion by 2025
Research firm MarketsandMarkets projects the influencer marketing platform market to grow from $6 billion in 2020 to $24.1 billion by 2025, at a compound annual growth rate (CAGR) of 32 percent. It cites various factors, such as customers' shift toward video-based content across the over-the-top space and an increase in the adoption of ad-blocking software, as drivers of adoption of influencer marketing platforms.
influencer marketing is increasingly becoming a necessity for marketers, the firm concluded, noting that collaborating with influencers can help create online buzz, strengthen brand reputation, improve audience engagement, and increase conversions.
With influencer marketing, companies work with social media personalities to promote their brands through influencers' social media accounts. This enhances brand awareness, customer reach, and brand value among the influencers' followers, it said further.
Influencer marketing platforms include applications for search and discovery, campaign management, influencer relationship management, analytics and reporting, compliance and fraud detection, workflow automation and time management, and third-party integration, according to MarketsandMarkets.
The research firm expects the health and wellness industry to hold higher CAGR, pointing out that health and wellness companies have seen better results from influencer marketing on a long-term basis. This mindset shift sees influencers act like creative partners rather than paid sponsors. Health and wellness companies opting for niche influencers attract a hyper-targeted, mobilized audience, it said in the report.
Some of the prominent players identified in MarketsandMarkets' report include IZEA Worldwide, Quotient Technology, Launchmetrics, JuliusWorks, Traackr, Upfluence, and Klear.