The global lead generation solution market is expected to grow from US$ 3,103.8 million in 2021 to US$ 9,589.1 million by 2028; it is estimated to grow at a CAGR of 17.5% from 2021 to 2028.
The major players profiled in the market study of The lead generation solution market include Agile CRM Inc.; Belkins Inc.; Bitrix, Inc.; Cience Technologies; Cloudtask; HubSpot, Inc.; Leadfeeder; WebiMax.com; Martal Group; and callboxinc.com. In addition to these players, several other essential market players have been studied and analyzed to get a holistic view of the global lead generation solution market and its ecosystem.
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Impact of COVID-19 Pandemic on Lead Generation Solution Market
The COVID-19 outbreak has negative impact on the global lead generation solution market. Several regions witnessed a considerable decline in revenue as the government authorities imposed stringent containment measure. Considering travel limitations and restrictions, movement of people from one place to another was reduced drastically. This restriction hampered the overall automotive sector in Europe. Similarly, COVID-19 pandemic adversely affected APAC as major industries such as automotive, construction, and tourism remained closed due to lockdown. Thus, the following developments, directly affected the companies providing lead generation software with lowered demand. However, post lockdown market is booming with increased demand for digital solution for marketing, which supported the market growth. The healthcare and insurance sectors are helping to stabilize the growth of the lead generation solutions market as people are getting aware and conscious about health expenses and family responsibilities, which is propelling the requirement for medical and life insurance. Thus, demand for software and tools required for generating leads for medical and life insurance is growing worldwide. The insurance companies acquire qualified leads quickly with the use of respective lead generation platform. After the situation returns to normalcy, the lead generation solution market is estimated to propel globally.
Lead generation solutions are increasingly being used by online coding institutes, which are increasing in number. High popularity and awareness about distance learning is another factor that boosts the demand for lead generation solutions. Employees working 5 days a week are approached by respective institutes for certification programs whose training and teaching sessions are conducted on weekends. Lead generation services help such institutes in approaching candidates whose conversion probability is considerably high. Advanced lead generation software can also suggest suitable course for such candidates on the basis of their qualification and preferences. Potential leads are approached via cold calling, messaging, e-mails, and other respective media. This advanced method of lead generation is feasible and time-saving and delivers desired results.
Rising Count of Internet Users in Developing Countries Fuels Growth of Lead Generation Solution Market
With the continuous developments in internet infrastructure and growing reach of the internet, the count of internet users is increasing rapidly in developing countries in Asia and Africa. Moreover, with the growth in the technology sector, the penetration of mobile phones and computers has also risen significantly. Lead generation software requires information such as name, address, bank credentials, specific preferences, and educational qualification of the candidates being sourced. With the surge in access to internet, the number of people responding to various online feedback processes and participating in surveys has also increased, voluntarily sharing their information. Primitive credentials can be recorded whenever users are subscribing or downloading any mobile app. Data collected from internet in the form of questionnaires is discrete, which makes its processing and analysis easy and accurate. Collected facts, details, and specifics are useful for mobile network operators, small retail stores, food apps, and various online e-commerce websites. Based on internet data usage and call duration, different mobile network operators can offer specific plans for the particular segment of customers. As per the surveys submitted by consumers, small retail stores can generate leads by informing potential customers about latest schemes and offers. Also, many food apps can use lead generation services to increase their users. Based on the searches for different products and services, lead generation software assists e-commerce websites in identifying potential lead for the particular searched product. Thus, surge in the number of internet users, especially in developing countries, is accelerating the growth of the lead generation solution market.
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