Referral Marketing Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Referral Marketing Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Referral Market

The referral market size was valued at USD 226.9 million in 2019, and the market is now projected to grow from USD 713.3 million by 2027, exhibiting a CAGR of 15.5% during the forecast period of 2020-2027.

The COVID-19 pandemic has altered the way people shop and the things that they consume as consumers now rely on online shopping. The sales of brands were down, but referral marketing was presented as a reliable method of reaching consumers. Referral software increases the ability of businesses to customer retention, increase brand promotion and establish the right brand image. Various sectors, including fashion and beauty, along with basic home requirements, witnessed the high usage of such tools. This trend emphasizes the use of digital commerce and referral marketing which can improve the potential of the referral market growth.

The availability of social media tools such as Twitter, Facebook and Instagram has added to brand awareness and customer participation. Users often share their experience with a particular product, increasing its popularity among consumers. By working with popular blog platforms or engaging users of different forums, the internet allows referral marketing to reach millions quickly and easily. This trend opens up a huge possibility for brand promotion through social media platforms for products. This way, the referral market share will increase the demand, which is expected in the future.

Also, digitalization and more extended technologies in the e-commerce industry enable brands to improve the customers’ experience and increase penetration depth. Increasing brand rivalry to reach more customers is also expected to contribute to expanding referral marketing software. Cashback, discounts and one-time offers are common ways businesses employ to attract customers through word-of-mouth referrals. These efforts are improving the overall client attraction and visibility of brands. Therefore, this marketing approach increases the demand for referral software solutions and services.

Comprehensive Analysis of Referral Market

The referral market and information & communication technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the information & communication technology industry. These segmentations are methodically segregated by deployment, by enterprise size and by end-user. The deployment includes, Cloud and On-Premises. The enterprise size includes, Small & Medium Enterprises and Large Enterprises. The end-user includes, BFSI, Retail, E-Commerce, Education, Hospitality and Others.

North America dominates the global thermal imaging camera market and marks the highest revenue growth in the coming years. Rapid growth in the sales of merchandisable goods through electronic platforms remains one of the main regional factors stimulating the demand for referral marketing software. Therefore, brands are putting their resources into referral software to increase sales. The U.S. is expected to have the largest contribution to the region with the presence of different market players. This service provider businesses which are customer-oriented sectors such as e-commerce, BFSI organization, retail and others is expected to fuel the market growth.

The top players in the market play a crucial role in the information & communication technology industry assuring industrial prospectus growth and setting market standards. These players include, Referral Rock Inc. (Virginia, United States), Impartner (Amplifinity) (Utah, United States), ReferralCandy (Anafore Pte. Ltd.) (Singapore), Genius Referral (Florida, United States), Viral Loops Ltd (London, England), Hello Referrals (Wisconsin, United States), Tapfiliate (Amsterdam, Netherlands), Mention Me (London, England), Annex Cloud (California, United States), Invitebox (Zuid-Holland, Netherlands), Influitive (Toronto, Canada), Rocket Referrals (IA, United States), Extole (California, United States), Refersion (New York, United States), InviteReferrals (Bangkok, Thailand), OmniStar (Florida, United States), Referral SaaSquatch (Victoria, British Columbia), Friendbuy (California, United States), Buyapowa (London, England). These market players provide a level-playing competitive landscape.

In October 2020, Buyapowa announced that it had tied up with T-Mobile in the U.S. in a refer-a-friend program. T-Mobile used Buyapowa’s referral marketing software because of the numerous existing clients it wished to attract.

Segmentation Table

Global Referral Market Scope

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Growth Rate CAGR of 15.5% from 2020 to 2027

Historical Period 2016-2018

Unit Value (USD Billion)

Segmentation By Deployment, Enterprise Size, End-user and Geography

By Deployment

Cloud

On-premises

By Enterprise Size

Large Enterprise

SMEs

By End-user

BFSI

Retail

E-Commerce

Education

Hospitality

Others (Healthcare, Media & Entertainment, etc.)

By Geography

North America (By Deployment, By Enterprise Size, By End-user and By Country)

United States (By End-user)

Canada (By End-user)

Mexico (By End-user)

South America (By Deployment, By Enterprise Size, By End-user and By Country)

Brazil (By End-user)

Argentina (By End-user)

Rest of South America

Europe (By Deployment, By Enterprise Size, By End-user and By Country)

U.K. (By End-user)

Germany (By End-user)

France (By End-user)

Italy (By End-user)

Spain (By End-user)

Russia (By End-user)

Benelux (By End-user)

Nordics (By End-user)

Rest of Europe

The Middle East & Africa (By Deployment, By Enterprise Size, By End-user and By Country)

Turkey (By End-user)

Israel (By End-user)

GCC (By End-user)

North Africa (By End-user)

South Africa (By End-user)

Rest of the Middle East & Africa

Asia Pacific (By Deployment, By Enterprise Size, By End-user and By Country)

Japan (By End-user)

China (By End-user)

India (By End-user)

South Korea (By End-user)

ASEAN (By End-user)

Oceania (By End-user)

Rest of Asia Pacific