MarketsandMarkets forecasts the global loyalty management market size from USD 10.2 billion in 2023 to USD 22.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period. The growing penetration of the internet and smartphones in businesses is leading to the growth of online loyalty management programs to monitor the customer base.
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By organization size, large enterprises estimated to account for largest market share in 2023.
The adoption of loyalty management solutions in large enterprises is comparatively high for SMEs, and this trend is expected to continue during the forecast period. Loyalty management solutions are deployed by large enterprises to decrease customer attrition, boost customer re-purchase, and improve the overall customer retention rate, experience, and satisfaction. Also, as compared to SMEs, loyalty management solutions were adopted earlier by large enterprises, which became a driving factor in the growth of the market.
By component, services expected to register fastest growth rate during forecast period.
With the growing adoption of loyalty management solutions, their services ensure the proper implementation and integration of different solutions. Their services also assist end users in reducing overall costs, increasing overall revenues, and improving business performance, thus helping organizations to track, evaluate, and analyze the demands of their business to make appropriate decisions.
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The major loyalty management vendors like Giift Management (Singapore), 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), Sumup (UK), Kangaroo (Canada), LoyaltyLion (England), Smile.io (Canada), Yotpo (US), SailPlay (US), Zinrelo (US), Punchh (US), Ebbo (US), Preferred Patron (US), Loopy Loyalty (China), Paystone (UK), and SessionM (US) have adopted various strategies to grow in the global loyalty management market.
Oracle is one of the leading vendors that provide loyalty management solutions. It is a computer technology corporation best known for its software products & services, such as Java. Oracle’s loyalty management solutions help improve, attract, retain, and grow the most important customer relationships. It enables end users to attain rich customer insights and advance the overall customer experience through dynamic, differentiated, and cost-effective loyalty initiatives, and minimize attrition. It is integrated with the Siebel CRM application to drive the complete package of the loyalty program life cycle. It possesses capabilities and has embedded the best practices that support the loyalty staff of the company’s clients. It also rapidly adapts to changing customers’ behavior and competitive trends, which enables them to deliver a personalized, value-driven, and unique loyalty program.
Brierley+ Partners offers a Sfull breadth of services to drive unprecedented loyalty success through program designs, strategies, research, analytics, customer insights, and digital solutions. The company offers platforms and services for loyalty management. Its intuitive platform, Loyalty OnDemand, empowers everything a loyalty program demands to engage customers across every channel and touchpoint. The key features of this platform include customer profile management, loyalty accrual, and rules engine, as well as rewards. It also offers loyalty program design and loyalty strategy service as a part of its loyalty management portfolio. Its loyalty quotient enables it to analyze both rational and emotional loyalty and then use the information to design strategies and increase customer value.
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