The influencer marketing platform market is set to reach US$373.5 million
Despite general market scepticism, the influencer marketing platform (IMP) market is set to reach US$373.5 million, or 12.3 per cent, by 2027, a new report predicts.
According to Insights Partners, about 60 per cent of brands with an influencer marketing budget intend to increase spending year-on-year, and influencer marketing was expected to surpass US$6 billion by the end of 2019.
The report found Asia-Pacific is expected to be the fast growing IMP market thanks to rapid urbanisation, the high number of young people, increasing disposable income, advancements in technology, and increasing purchasing power. In response, vendors of influencer marketing platforms are strategically expanding their footprint in the Asia-Pacific to tap the opportunity.
In 2018, Europe accounted for the largest market share of IMPs, after growing at 11.7 per cent, with Mavrck, Launchmetrics and Intertek considered big players in this region.
Some notable movements in the IMP market included: InfluencerDB announcing the acquisition of Australia-based Lumio Analytics to enable a gold standard solution for analytics in the influencer market; Traackr, raising US$9 million in in Series B funding; Upfluence securing US$3.6 million in Series A funding; and Boksi.com successfully raising US$1 million to expand service in central Europe.
Insights Partner' report also found video content is expected to have a positive impact on the IMP market; big data analytics and AI are expected to further grow the IMP market; and players in the IMP market are concentrating on mergers and acquisitions.
According to the report, fashion and lifestyle brands use influencer marketing the most, and this is expected to continue.
Recently, global beauty brand, L’Oréal, selected Australia’s Social Soup, as its retained partner across the entire L’Oréal Luxe group of brands. The appointment by L’Oréal extends a three-year relationship with Social Soup, who work with L’Oréal across its YSL, Lancôme and Kiehl’s brands. Last year, Tourism NT chose influencers for its marketing campaign.
Rakuten similarly reports nearly nine of 10 global consumers have been inspired to purchase products because of what they saw from an influencer, and it is increasingly important influencers bring a sense of authenticity to their content.
Read more:
How to engage in influencer marketing: The controversy and the opportunity
Is the proof of influencer marketing in the puddling?
3 ways brand can harness influencer marketing
How Sony used influencer marketing to drive up conversion rates
Why influencer marketing proved the answer for this brand's awareness challenge
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