LONDON, June 30, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the loyalty management market, investing in analytics and business intelligence tools for relevant rewards and incentive schemes is gaining popularity among loyalty management market trends. Companies in loyalty management are investing in analytics and business intelligence tools for a targeted customer approach. Collecting engagement data throughout a company’s clients' buying journeys can help the company gain a better understanding of how they behave and how to communicate with them most effectively. For instance, in May 2021, US-based software company, Salesforce, introduced new CDP (Customer Data Platform) improvements to guarantee that customer data becomes smarter and more linked, making it simpler for businesses to act on it in a more trustworthy manner. CDPs guarantee that all addressable channels have access to a uniform profile and that personalization and relevance are implemented.
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The global loyalty management market share is expected to grow from $7.26 billion in 2021 to $8.44 billion in 2022 at a compound annual growth rate (CAGR) of 16.3%. The global loyalty management industry growth is expected to reach $15.58 billion in 2026 at a CAGR of 16.5%.
The rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market. Businesses utilize customer loyalty cards to encourage clients to return to their stores for repeat business. Customer loyalty cards also provide insight into customer purchasing habits, allowing businesses to evaluate customized incentives. For instance, according to a 2019 survey on Loyalty Programs & Brand Loyalty conducted on 1,049 respondents by Wirecard across the geographic area of the United States, 75% of customers reported that after obtaining any form of incentive, they were more inclined to make another transaction with a brand. Also, in India, the banking system reported nearly 1.1 million new credit card additions in September 2021, with a 57% increase in credit card spending over the previous year. Therefore, a rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market.
Major players in the loyalty management market are AIMIA Inc., Bond Brand Loyalty Inc., IBM Corporation, Oracle Corporation, Comarch SA, SAP SE, Epsilon Data Management LLC, ICF International Inc., Kobie Marketing Inc., TIBCO Software Inc., MicroStrategy Inc., The Lacek Group Inc., Capillary Technologies, Brierley Partners, Fidelity National Information Services Inc., Lumata Group, Fivestars, Maritz Holdings Inc., Antavo Limited, Apex Loyalty, Sailplay, Paystone Inc., Annex Cloud, Blue Ocean and Salesforce Inc.
The global loyalty management market is segmented by component into software, services; by deployment into cloud, on-premises; by organization type into small and medium-sized enterprises, large enterprises; by end-use into BFSI, IT, telecommunication, transportation, retail, hospitality, media and entertainment, others.
North America was the largest region in the loyalty management market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global loyalty management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Loyalty Management Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide loyalty management market overviews, loyalty management market analyze and forecast market size and growth for the whole market, loyalty management market segments and geographies, loyalty management market trends, loyalty management market drivers, loyalty management market restraints, loyalty management market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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