Europe accounts for the largest market share in Influencer Marketing Platform

• Published Month : Monday, 26 Aug 2019 11:41 am

According to Eurostat, approximately 47% of the enterprises in the EU used at least one social media platform in 2017. Also, over eight out of ten of them uses social media for marketing their products or for brand awareness.

The global influencer marketing platform market accounted at US$ 137.1 Mn in 2018 and is expected to grow at a CAGR of 12.3% during the forecast period 2019 - 2027, to account to US$ 373.5 Mn in 2027.

In 2018, Europe accounted for the largest market share, growing at a CAGR of 11.7%

In Europe, the penetration of social media users differs widely from county to country. For instance, as per Eurostat, approximately 65% of the population in Hungary (aged 16-74) use social networking sites. The statistics signify a much higher level in comparison to the EU average, as well as its neighboring countries. However, the highest social media penetration rate is acquired by Denmark (79%). Other key countries include Belgium, followed by Sweden and the U.K., as well as, Cyprus, Malta, Finland, and the Netherlands. Moreover, countries such as France, Italy, and Slovenia have below 50% of social media users. Further, as per Pew Research, merely 46% of internet users use social media in Germany.

Furthermore, according to Eurostat, approximately 47% of the enterprises in the EU used at least one social media platform in 2017. Also, over eight out of ten of them uses social media for marketing their products or for brand awareness. Also, the rate of social media usage by EU enterprises for marketing increased to 40% in 2017 from 22% in 2013. Also, the significant growth in the rest of Europe region is driven from countries including Denmark, Finland, Sweden, Norway, the Netherlands, Spain, and emerging economies of Eastern Europe.

Influencer marketing platform market is segmented on the basis of the offerings, application, organization size, and end-user. Marketing agencies is estimated to dominate the market in 2018, however fashion & lifestyle is projected to lead the market in 2027. Influencer marketing platforms offer various solutions such as influencer search and discovery, campaign management, third party analytics, reporting, influencer relationship management, payments, promotion and amplification of content, and account management to both brand as well as agencies. With all these solutions influencer marketing platforms enable marketing agencies to expand their influencer marketing offerings and simplify their workflow process. These platforms allow marketing agencies to quickly find the influencers based on client’s specific industry requirement.

Key findings of the study:

In 2018, search & discovery segment by application is expected to dominate the influencer marketing platform market. There are various influencer platforms companies such as Upfluence, NeoReach, AspireIQ, HYPR, Julius, Open Influence, Doveltale, Tapinfluence, and Onalytica, who are offering influencer search and discovery services to brands and agencies. Based on their specific requirements, several search criteria could be used by the brands to find the suitable influencers. Some of these criteria include- by audience reach, by industry, by demographics, by agency representation, and others.

China holds the largest share in the Asia Pacific influencer marketing platform market. A significant way the country’s influencer industry varies from the West is via the use of incubators that encourage new influencers, also known as KOLs. These KOLs commonly use local social media platforms such as WeChat, Weibo, Douyin, and Douban, among others to promote the brands. Moreover, the evolvement influencer-led creative studios in China in 2018 has resulted in disrupting traditional ad agencies.

Some of the key players operating in the influencer marketing platform market are HYPR (Mogimo Inc.), InfluencerDB (InfluencerDB Tech GmbH & Co. KG), IZEA Worldwide Inc., JuliusWorks Inc., Launchmetrics (Fashion Gps, Inc.), Lefty (Modern Agency SAS), Mavrck (Apifia Inc.), NeoReach, Traackr, Inc., Upfluence among others.