The affiliate marketing industry is going through a boom period. We’re seeing an increasing number of brands and businesses launch their own affiliate programs. There are plenty of influencers and content creators looking to get involved. The affiliate software market is particularly healthy and is undergoing incredible growth.
In this guide, we take a closer look at the growth of the affiliate software market and discuss what it means for the wider affiliate marketing industry.
Affiliate Software Market Figures
A recent study published by Prophecy Market Insights outlined the state of the current affiliate software market and gave a forecast for its future potential.
According to the report, the sector generated $2 billion in 2022 and is predicted to reach a value of $8.3 billion by the year 2032, representing a CAGR of 14.4%.
What is driving this growth? The explosion of the affiliate marketing industry in recent years has been a key factor. As more businesses look to launch their own affiliate programs, demand for tools and services such as affiliate software has skyrocketed.
Technological advancements have also proved important. We’re seeing a proliferation of AI-powered software tools that allow for automation and optimisation of processes. This means affiliate software is more powerful than ever, and it’s being utilised by an ever-increasing number of brands, businesses, and entrepreneurs.
What is Affiliate Software Used For?
An enormous range of affiliate software tools are out there, and they cover a variety of different purposes.
There are comprehensive affiliate platforms and portals that brands can use to develop, launch and manage affiliate programs. More specialised tools that can be used by affiliate partners to manage specific aspects of their campaigns, for things like customer relationship management, lead generation, compliance and content creation.
Affiliate marketing is driven by technology. As tools become more sophisticated, both affiliates and program managers can improve results and ensure they are maximising the reach and impact of campaigns and programs.
What Does This Mean for the Industry Moving Forward?
The growth of the affiliate software market exemplifies the health of the wider affiliate marketing industry. According to expert forecasts, the affiliate marketing industry is expected to exceed a value of $36.9 billion by 2030.
Ecommerce platforms are growing rapidly, and we’re seeing many social platforms introduce their own online shopping features. This has further driven the expansion of the affiliate marketing industry. Which, in turn, bolstered the growth of the affiliate software market.
Affiliate software is becoming more powerful. These tools are now indispensable for anyone looking to get involved with affiliate marketing, from content creators to major brands. As software continues to develop, we can expect to see further automation opportunities that will streamline processes and make affiliate marketing more accessible for everyone.
There’s never been a more exciting time to be involved with affiliate marketing. The incredible growth of the software market is a testament to the health and future potential of the industry. This serves as a clear indication that there is plenty to look forward to.