WASHINGTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Global Loyalty Management Market is valued at USD 7,829.4 Million in 2021 and is projected to reach a value of USD 13,946.0 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 10.10% over the forecast period 2022-2028.
One of the most significant economic areas is the Loyalty Management business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Loyalty Management, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some key factors are anticipated to accelerate the Loyalty Management Market growth over the forecast period. First, the growing use of smartphones globally and improved internet services that make it simple to access the internet have positively impacted the demand for Loyalty Management and encouraging market expansion across regions.
We predict that more than 50% of total sales in the Loyalty Management Market will come from the On-Premise segment. Companies take control of the entire system and data by managing personnel operations and deploying software On-Premise.
North America dominates the market, and this trend of dominance will continue during the projection period. Organizations in these economies can dominate the market by integrating cutting-edge technology like machine learning and AI. In addition, there are some Loyalty Management firms in North America. The two sectors contribute most to the region's requirement for fidelity management are the aerospace and BFSI sectors.
Market Dynamics
Rising Customer Preference for Personalized Solutions to Drive the Market
Key players have incorporated personalization capabilities to generate considerable growth from their reward programs. This feature helps draw clients' attention and enhance their overall experience. Customers expect businesses to earn from them by offering them personalized guidance, discounts, and promotions. As a result, such programs boost customer satisfaction, encouraging their implementation across industries. In addition, making program suggestions and offers based on data acquired via multichannel solutions can help brands get the attention and trust of their target audience.
Due to their many advantages, individual incentive programs are being used by many businesses. For example, personalized rewards programs are popular with retailers because they increase revenue, customer loyalty, site traffic, and profit. This is expected to accelerate the market share increase for Loyalty Management.
Penetration of Artificial Intelligence and Machine Learning to Promote Market Growth
Using data analytics to forecast customer purchase patterns and subsequently influence those behaviors, emerging technologies like machine learning and artificial intelligence are improving the consumer experience. The Loyalty Management Market has changed even more as a result. This analysis is intended for prospective buyers to enhance their shopping experience, promoting market expansion.
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Top Trends in Global Loyalty Management Market
- One trend that Vantage Market Research (VMR) expects to see in the Loyalty Management industry is the increasing usage of smartphones. Brands are considering mobile applications to foster and boost customer loyalty. Many companies are releasing special deals or products only accessible through mobile apps.
- Another trend that VMR predicts will continue in the Loyalty Management industry is growing in deploying advanced technologies. Loyalty Management solutions use big data analytics to automate customer experience activities. The most recent analytics tools have been designed to account for social media platforms and customer interactions with the business. If appropriately updated, this data should aid businesses in making better strategic choices regarding their products in light of the changing market dynamics.
Top Report Findings
- Based on Component, most of the Loyalty Management Market’s revenue is controlled by the Service segment. Services increase rapidly as more profitable platforms and solutions are deployed. Some of the services provided include client service, IT & customer service, technology service, and campaign management.
- Based on Organization Size, SMEs dominated the Loyalty Management Market. Small and medium-sized businesses (SMEs) are essential to an economy, employment, and individual industries. Small and medium-sized businesses are encouraged to choose cloud-based Loyalty Management solutions because of the benefits of cloud-based deployments, including cost savings and compatibility with their CRM system.
- Based on Deployment Type, the On-Premises segment dominated the Loyalty Management Market. The main reasons for the on-premise deployment of the software are concern about data security and employee and customer privacy.
- Based on Vertical, the BFSI category dominated the Loyalty Management Market, which is anticipated to continue. Technology development has forced BFSI organizations to concentrate on boosting client loyalty.
Top 10 Players Generate Most of the Global Loyalty Management Market Revenue
Oracle, Epsilon, Bond Brand Loyalty, Merkle, Brierley+Partners, Capillary, Comarch, Kobie, ICF Next, and Maritz Motivation are prominent worldwide participants in the Loyalty Management Market. With cutting-edge technologies like artificial intelligence (AI), machine learning, cloud computing, blockchain, and others, these players are concentrating on ongoing product design and portfolio expansion. Numerous industry players have started to offer mobile Loyalty Management solutions as smartphone adoption rises. Additionally, developing a customized and unique loyalty program is anticipated to strengthen the market position of essential companies. Cheetah Digital, Jakala, Annex Cloud, ProKarma, Apex Loyalty, Fivestars, LoyaltyLion, Smile.io, Yotpo, SailPlay, Kangaroo, ClarusCommerce, Preferred Patron Loyalty, Punchh, LoopyLoyalty, Paystone, SessionM, and Zinrelo are more market participants in this sector.
BFSI Segment in Loyalty Management Market to Generate Over 20% Revenue
BFSI will increase over the anticipated period. BFSI organizations are putting more of an emphasis on fostering stronger client loyalty as a result of technological advancements. Banks have adopted Loyalty Management solutions to engage clients, strengthen their ties with them, and draw in new ones due to the banking industry's intensifying rivalry. In addition, customers' preference for internet and mobile banking is expanding, giving banks new chances to attract clients and boost client loyalty. BFSI's commendable software includes EchoApp, Punchcard, SailPlay, JustBilling, and others.
Banks employ these solutions to increase and maintain their customer base due to increased competition in the banking sector. Additionally, online and mobile banking platforms are creating new opportunities for gaining the interest and loyalty of customers.
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Top Players in the Global Loyalty Management Market
- Epsilon (US)
- Oracle (US)
- Bond Brand Loyalty (Canada)
- Kobie (Russia)
- Brierley+Partners (US)
- Merkle (US)
- Capillary (Singapore)
- Comarch (Poland)
- ICF Next (US)
- Maritz Motivation (US)
- Cheetah Digital (US)
- ProKarma (US)
- Jakala (Italy)
- Annex Cloud (US)
- Apex Loyalty (US)
- Fivestars (US)
- Kangaroo (Canada)
- LoyaltyLion (UK)
- Smile.io (Canada)
- Yotpo (US)
- SailPlay (US)
- Zinrelo (US)
- Punchh (US)
- ClarusCommerce (US)
- Preferred Patron Loyalty (US)
- LoopyLoyalty (US)
- Paystone (UK)
- SessionM (US)
Global Loyalty Management Market Segmentation
By Component
- Software
- Service
By Organization
- SMEs
- Large Enterprises
By Deployment Type
- On-Premises
- Cloud
By Operator
- B2B
- B2C
By Vertical
- BFSI
- Aviation
- Automotive
- Media & Entertainment
- Retail & Consumer Goods
- Hospitality
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Loyalty Management Market Forecast Report (2022-2028).
Recent Developments:
- April 2022 - Universal Drugstore chose Comarch SA to launch the new wellness rewards loyalty program. Universal Drugstore partnered with Comarch on Loyalty Program. The wellness rewards loyalty program allows members to earn points with every purchase, which can be used to discount future orders march loyalty program is a go-to choose due to its extensive experience developing loyalty-specific software and services.
- January 2022 - SAP SE and Dunnhumby formed a strategic partnership. The partnership will help retailers make faster, customer-led decisions and deliver a more personalized shopper experience at home and in-store. Retailers can benefit from this by better knowing customer insights and turning them into clear actions to simplify and elevate everyday business processes and look ahead to build better connections.
Regional Analysis:
- North America dominates the loyalty management market due to established economies such as the U.S. and Canada and growing fondness for loyalty-based retail brands. The concept of cashback, rebates and discount on every product is another important factor determining the dominance of this region.
- Asia-Pacific region is showing a promising potential and is set to grow with the highest growth rate during the forecast period. This is because of the growth and expansion of the e-commerce industry, growing number of credit card and debit card users and increasing per capita income.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 7,829.4 Million |
| Revenue Forecast by 2028 | USD 13,946.0 Million |
| CAGR | 10.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Epsilon, Oracle, Bond Brand Loyalty, Kobie, Brierley+Partners, Merkle, Capillary, Comarch, ICF Next, Maritz Motivation, Cheetah Digital, ProKarma, Jakala, Annex Cloud, Apex Loyalty, Fivestars, Kangaroo, LoyaltyLion, Smile.io, Yotpo, SailPlay, Zinrelo, Punchh, ClarusCommerce, Preferred Patron Loyalty, LoopyLoyalty, Paystone, SessionM |
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