Referral Marketing Software Market Poised to Surge, Expected to Hit US$ 1.2 Billion by 2032

The Global referral marketing software market was valued at US$ 302 Million in 2021 and is expected to reach US$ 1.2 Billion by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, Referral Marketing Software Market through the BFSI industry will remain pivotal for the market as the bulk of revenue will be generated through this category.

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, and 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 centers, 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 Million 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.

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.

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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 Million 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 Million in Series B funding following the US$ 7 Million they had raised in Series A funding.
• In August 2019, Impartner acquired Amplifinitya, a provider of partner management software.