Press Release

Referral Marketing Software Market Size, Overview, Segmentation And Geographical Forecast Till 2026| Fortune Business Insights

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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The coronavirus pandemic has caused unprecedented upheavals in the global economy. Governments are trying to design and implement strategies that will minimize the likelihood on infections, whilst bringing the economy back on track. The private sector, too, is exploring alternatives to navigate through these challenging times. At Fortune Business Insights™, we are taking constant efforts to provide you with comprehensive market intelligence and aid your business to emerge successfully from this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.

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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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 Insights

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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Competitive Landscape

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.

Industry Developments:

  • 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:

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Detailed Table of Content:

  1. Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  2. Key Takeaways
  3. Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  1. Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • PESTLE Analysis
    • Porter’s Five Force Analysis
    • Supply chain Analysis
  2. Global Referral Marketing Software Key Players Market Share Insights and Analysis, 2019
  3. Key Market Insights and Strategic Recommendations
  4. Primary Interviewee’s Key Responses
  5. Companies Profiled (Covered for key 10 players only)
    • Overview
      • 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
  1. Annexure / Appendix
    • Global Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
      • By Deployment (Value)
        • Cloud
        • On-premises
      • By Enterprise Size (Value)
        • Large Enterprise
        • SMEs 
      • By End-user (Value)
        • BFSI
        • Retail
        • E-Commerce
        • Education
        • Hospitality
        • Others (Healthcare, Media & Entertainment, etc.)
      • By Region (Value)
        • North America
        • South America
        • Europe
        • Middle East & Africa
        • Asia Pacific

Continued…..!

 

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Ruby Arterburn

Ruby is leading the team writing for artificial intelligence. She is a newcomer in the organization and has already made her base and reputation with her hard work and her efficiency towards her field. Being a student of computer science it has become easier for her to understand the objectives and the expected results of this column. She is also an excellent cook, and now and then, and we get the opportunity to taste her deliciously baked cookies.

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