Referral Marketing Software Market to grow at a CAGR of 15.5% [2023-2027]

Posted on Aug 14 2023 6:15 AM

"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 "

The global “Referral Market Size” is expected to rise with an impressive CAGR and generate the highest revenue by 2030. Fortune Business Insights™ in its latest report published this information. The report is titled "Referral Market Size, Share and Revenue Forecast, 2023-2027". The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period.

Worldwide Referral Marketing Software Market size stood at USD 226.9 Million in2019 and is expected to reach USD 713.3 Million by2027, register a revenue CAGR of 15.5% during the forecast period.

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Report Highlights:

  • A comprehensive overview of the Referral Market
  • Significant factors boosting, restricting, challenging and providing an opportunity to the market
  • Key insights and major industry developments
  • Significant players functioning in the Referral Market
  • Major strategies adopted by players such as the launch of new products for better revenue generation, company collaborations, and others
  • Other market trends

Driving Factor:

Driving Factor

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.

Regional Analysis for Referral Market:

  • North America (the USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)

The Referral Market research report offers a complete assessment of the industry. The projections included in the report have been determined utilizing demonstrated research philosophies and presumptions.

Referral Market Segments:

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 Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia Pacific

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Top Smart Referral Market Size Manufacturers covered in the Market Report include:

  • 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 (Zuid-Holland, Netherlands)
  • Mention Me (London, England)
  • Hello Referrals (Wisconsin, United States)
  • Genius Referral (Florida, United States)
  • Impartner (Amplifinity) (Utah, United States)

Some of the Key Questions Answered in this Report:

  • Detailed Overview of the Referral Market will help deliver clients and businesses making strategies.
  • Influencing factors that are thriving demand and latest trends running in the market.
  • Referral Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
  • What trends, challenges and barriers will impact the development and sizing of the Global Referral Market?
  • SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
  • What is the Referral Market growth momentum or market carries during the forecast period?
  • Which region may tap the highest market share in the coming era?
  • Which application/end-user category or Product Type may seek incremental growth prospects?
  • What focused approach and constraints are holding the Referral Market demand?

Research Methodology:

We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.

The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.

Major Table of Contents for Referral Market Research Report:

  • Introduction
  • Executive Summary
  • Market Dynamics
  • Key Referral Market Insights
  • Global Market Analysis, Insights and Forecast
  • North America Market Analysis, Insights and Forecast
  • Europe Market Analysis, Insights and Forecast
  • Asia Pacific Market Analysis, Insights and Forecast
  • The Middle East and Africa Market Analysis, Insights and Forecast
  • Latin America Market Analysis, Insights and Forecast
  • Competitive Landscape
  • Global Referral Market Revenue Share Analysis, By Key Players, 2023
  • Company Profiles
  • Conclusion

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