In 2021, the global Referral Marketing Software Market was estimated to be worth around US$ 302 million. With a projected CAGR of 13.3% over the next ten years, the market is expected to be worth nearly US$ 1.2 billion by the end of 2032.
Large Industries to continue being Growth Axis for Referral Marketing Software Revenue
Large industries are the key contributors to demand, having experienced a CAGR of 15%, with a forecasted CAGR of 12.8% for the next decade. They can afford higher rewards and require automation to manage large volumes of customers and referrals they receive. Small businesses will also provide growth to the market since they benefit from the scalability, efficiency, retention rates and improved ROIs.
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Niche influencers and integration with social media to boost demand
Companies are looking to integrate their referral marketing with social media to benefit from word-of-mouth and the phenomena of social proof. Businesses are also looking to harness the rise of niche influencers, who are closely associated with their markets and have a following who are also highly likely to be a part of the target market for the product.
Community driven referral marketing to be a driver for demand
Community driven marketing, through which a company ties up with community centres, non-profits or causes that support societal good to combine the referral process with the idea of a positive social contribution, is expected to drive demand.
United States to Command the Larger Proportion of Demand for Referral Marketing Software throughout the Analysis Period
The United States leads the Referral Marketing software demand with over 30% share in 2021 and a projected market size of US$ 431.8 Mn in 2032, which is largely owing to a large number of companies that use this software in the area. The market in the US is projected to grow at a CAGR of 13.1% during the forecast period.
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Referral Marketing Software Market: Competition Insights
Referral Marketing Software companies are focused on increasing their presence and reach. The key companies operating include Impartner, Referral Candy, Genius Referral, Viral Loops Ltd, Hello Referrals, Tapfiliate, Mention Me, Annex Cloud, Invitevox, InfluitivE, Rocket Referrals, Extole, Refersion, InviteReferrals, OmniStar, Referral SaaSquatch, Friendbuy, and Buyapowa.
Some of the recent developments in Referral Marketing Software are as follows:
- In January 2022, Radancy announced plans to acquire Austria’s Firstbird. FirstBird is a provider of SaaS based employee referral programs.
- In May 2022, Actofit acquired Adkitty, an affiliate-marketing startup. The acquisition comes at the cost of US$ 1 Mn as a cash and product mix. Actofit plans to use the acquisition to launch CoachPro, a platform for fitness instructors.
- In January 2022, MentionMe, a customer referral marketing startup raised US $ 25 Mn in Series B funding following the US $7 Mn they had raised in Series A funding.
- In August 2019, Impartner acquired Amplifinitya, a provider of partner management software.
Key Segments Covered in Referral Marketing Software Industry Survey
Referral Marketing Software Market by Deployment:
- Cloud-Based Referral Marketing Software
- Web-based Referral Marketing Software
Referral Marketing Software Market by Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises
Referral Marketing Software Market by Industry:
- BFSI
- Retail
- E commerce
- Education
- Hospitality
- Others
Referral Marketing Software Market by Region:
- North America Referral Marketing Software Market
- Latin America Referral Marketing Software Market
- Europe Referral Marketing Software Market
- Asia Pacific Referral Marketing Software Market
- Middle East & Africa Referral Marketing Software Market
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