The global referral marketing software market size is projected to reach USD 713.3 million by 2027, exhibiting a CAGR of 15.5% during the forecast period. Increasing utilization of referral marketing strategies by big brands is expected to stimulate growth of this market, shares Fortune Business Insights™ in its report, titled “Referral Marketing Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-Premises), By Enterprise Size (Small & Medium Enterprises, and Large Enterprises), By End-user (BFSI, Retail, E-Commerce, Education, Hospitality, And Others), and Regional Forecast, 2020-2027”. Despite having a well-established presence in their respective domains, several prominent brands and companies are leveraging the power of referrals to gain more customers. For example, the note-making platform, Evernote, has designed a referral program that not only rewards users for successfully referring others to their platform, but also rewards them when their referred friend upgrades to a premium account. Similarly, the cab company, Uber, offers free rides to friends and referrals of existing riders, thus encouraging more riders to sign up. Further, Uber also offers incentives to their drivers to recruit more drivers for the company using their referral system. As a result of the widespread usage of referral platforms by big brands, the demand for referral marketing software by small and medium-sized companies is steadily rising, broadening the scope of the market in the process.
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According to the report, the global market value stood at USD 226.9 million in 2019. The main features of the report include:
- Granular insights into the regional prospects of the market;
- Holistic analysis of the market drivers and challenges;
- In-depth profiling of key market players and careful study of their strategies; and
- Actionable research into the different market segments.
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Extensive Adoption of Social Media Platforms by Companies to Boost Growth
The influence of social media platforms has grown astronomically in the past few years. Today, Facebook has 2.45 billion users, while Twitter boasts of 152 million daily active users. Numerous companies with novel products are utilizing these platforms to amplify the visibility of their offerings and attract new customers. For example, Girlfriend Collective is an ecommerce company that produces leggings and bodysuits for women made entirely from recycled plastic drinking bottles. The company adopted a word-of-mouth referral marketing strategy at outset and today has a massive social media following of 187,000 on Instagram and 66,000 on Facebook. Similarly, Hawkers, a sunglasses company, has been effectively using Facebook Ads and micro-influencers in combination with their referral marketing strategy that incentivized their customers to share promo codes through their Instagram pages. Constant presence on social media is, therefore, aiding companies to swell their customer numbers, which bodes well for the referral marketing software market growth.
Presence of Strong Ecommerce Companies to Support Market Growth in North America
In 2019, the North America market size stood at USD 77.7 million and the region is expected to lead the market during the forecast period, primarily owing to the strong presence and operations of ecommerce giants such as Amazon in the region. Using ecommerce platforms, brands across the US and Canada are promoting their referral marketing software and services in a bid to broaden their customer base.
Europe is expected to strengthen its position in the referral marketing software market share in the near future on account of the speedy growth of digital retail platforms in the region. The market in Asia Pacific is anticipated to experience lucrative prospects as a result of the growing adoption of referral marketing software by small & medium enterprises (SMEs) in China and India.
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Key Players to Forge Partnerships to Bolster Market Presence
With word-of-mouth publicity strategies gaining traction worldwide, the adoption of referral marketing solutions is on the rise. Key players in this market are capitalizing on this trend and to further deepen their market footprint, these companies are forging alliances to diversify their offerings and broaden their customer base.
- August 2020: Mention Me and Ometria entered into a partnership to enable brands to promote personalized referrals in the marketing technology domain. Without needing clients to set up any hardware, the integration of the two platforms is aimed at enabling online retailers to deliver seamless purchase experience to customers and maximize referral conversions.
- August 2020: Influitive Corporation announced the advancement of its pledge to provide technological support to not-for-profit organizations fighting against racial inequality. The company will extend its customer engagement solutions, such as referrals and reviews, to these entities to strengthen their fights for human rights.
List of Key Companies Profiled in the Referral Marketing Software Market Report:
- Buyapowa (London, England)
- Referral SaaSquatch (Victoria, British Columbia)
- InviteReferrals (Bangkok, Thailand)
- Extole (California, United States)
- Influitive (Toronto, Canada)
- Annex Cloud (California, United States)
- Tapfiliate (Amsterdam, Netherlands)
- Viral Loops Ltd (London, England)
- ReferralCandy (Anafore Pte. Ltd.) (Singapore)
- Referral Rock Inc. (Virginia, United States)
- Friendbuy (California, United States)
- OmniStar (Florida, United States)
- Refersion (New York, United States)
- Rocket Referrals (IA, United States)
- Invitebox (South Holland, Netherlands)
- Mention Me (London, England)
- Hello Referrals (Wisconsin, United States)
- Genius Referral (Florida, United States)
- Impartner (Amplifinity) (Utah, United States)
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Detailed Table of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply chain Analysis
- Global Referral Marketing Software Key Players Market Share Insights and Analysis, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Annexure / Appendix
- Global Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Deployment (Value)
- By Enterprise Size (Value)
- By End-user (Value)
- Others (Healthcare, Media & Entertainment, etc.)
- By Region (Value)
- North America
- South America
- Middle East & Africa
- Asia Pacific
- Global Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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