Analysing the Role of Influencer Marketing Platforms Market and the Impact of COVID-19

 

Influencer Marketing Platforms Market 

Influencer marketing platforms are specialized online solutions designed to assist brands in their influencer marketing campaigns. These platforms play a crucial role in establishing a positive brand image and reaching the target audience. Influencer marketing has emerged as a contemporary marketing approach that helps brands boost their sales. By leveraging influencer marketing platforms, influencers can monetize their social media channels, while brands can effectively reach potential customers and engage with existing ones. These platforms offer a range of applications, including analytics and reporting, influencer relationship management, campaign management, and fraud detection, among others. These factors are anticipated to drive market growth in the foreseeable future.

The global influencer marketing platform market is expected to experience significant growth between 2020 and 2027. This growth is primarily attributed to the increasing number of social media users, which has created a higher demand for influencer marketing platform solutions. For example, according to Coherent Market Insights' analysis, the number of active social media users worldwide increased from 3,312 million in 2019 to 3,830 million in 2020. Additionally, the number of mobile phone users rose from 5,110 million in 2019 to 6,450 million in 2020. Notably, social media platforms such as Facebook, Instagram, and Twitter are witnessing substantial growth during this forecast period. Instagram, for instance, boasts 1,000 million monthly active users globally, with 22.0% of the world's 4,530 million internet users accessing the platform monthly. TikTok, another prominent social media platform, has experienced remarkable growth, attracting users between the ages of 15 and 30 with its user-generated short videos. In 2020, TikTok's user base reached 45,200 million, compared to 35,400 million in 2019, in the U.S. The increasing popularity and user base of social media platforms contribute significantly to the growth of the Influencer Marketing Platform Market.

However, certain challenges may hinder the market's growth during the forecast period. These include a lack of technological awareness, a limited pool of professionals skilled in influencer marketing, and campaigns with less impact. Additionally, government initiatives to ban certain social networking applications like TikTok, which is particularly popular among youth, could also impede market growth. The market is projected to experience growth during the forecast period, largely driven by the COVID-19 pandemic. The pandemic has had a significant impact on the Influencer Marketing Platform Market. With the closure of office spaces worldwide due to COVID-19, companies have turned to digital platforms to promote their businesses. As a result, digital platforms have gained substantial traction, leading to new collaborations between brands. Additionally, as people are staying at home and practicing social distancing, the demand for social media platforms has increased. This increased usage of social media has provided influencers with an opportunity to engage their target audiences through creative and positive content.