The global Influencer Marketing Platform Market size is anticipated to reach USD 84.89 billion by 2028, exhibiting a CAGR of 30.3% over the forecast period, according to a new report by Grand View Research, Inc. The growing deployment of Computer-Generated Imagery (CGI)-based virtual influencers has offered new growth prospects for the market.
Virtual influencers offer more accurate results based on demographic and audience data captured by various platforms and consumer forums. Their ability to stay abreast with the fast fashion trends coupled with higher creative freedom is expected to lead to their rapid growth in the fashion and lifestyle industry.
Changing content consumption trends are also offering promising growth opportunities to the market for influencer marketing platforms. The rise in the adoption of Over-The-Top (OTT) media services and the subsequent collaboration of OTT media providers with influencers to advertise and promote their content offers new growth avenues to the market. Additionally, OTT media production houses have started offering acting or post-production roles to digital influencers owing to the similarity in their nature of work in content creation and the digital media ecosystem. This helps influencers to reach larger audiences and add value to their presence, thereby offering brands the opportunity to expand their reach and improve penetration via influencer marketing.
The gradual acceptance of the 5G delivery model is also expected to offer an impetus to the market. 5G promises to enhance automation of marketing practices and improve connectivity, resulting in higher media consumption and more interactive users. Pairing 5G technology with extensive and accurate datasets is expected to help marketers reach the target audience more effectively and help deliver hyper-localized content.
Furthermore, digital video advertising is expected to become more popular due to greater bandwidth and connectivity. This will help influencers offer improved Return on Investment (RoI) for brands by creating high-resolution 4K video content, improved click-through rate, and faster page loading.
Related Press Release @ Influencer Marketing Platform Market Report
Influencer Marketing Platform Market Report Highlights
- The influencer management segment is expected to witness the fastest growth over the forecast period, attributed to the increasing adoption of influencer marketing practices by corporations and the need to manage several influencers for different marketing campaigns
- The SMEs segment is expected to register the highest CAGR over the forecast period owing to the rising demand among SMEs to leverage more affordable and efficient marketing strategies
- The sports and fitness segment is expected to capture the highest CAGR over the forecast period owing to the increased need for collaborations with fitness influencers in different countries
- The Asia Pacific is expected to dominate the market over the forecast period, attributed to the emergence of several influencer marketing startups in India and China, thus offering growth opportunities to the regional market