Influencer Marketing Platform Market Worth $22.3 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, July 1, 2019 /PRNewswire/ -- According to a new market research report "Influencer Marketing Platform Market by Component, Application (Search and Discovery, Campaign Management, Influencer Relationship Management, and Analytics and Reporting), Organization Size, End User, and Region - Global Forecast to 2024", published by MarketsandMarkets, the Influencer Marketing Platform Market 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.
The key factors driving the Influencer Marketing Platform Market include customers' shift toward video-based content across over-the-top space and rising adoption of ad-blocking software to enhance the need for new marketing technique.
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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.
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.