IMARC Group, a leading market research company, has recently released a report titled “Loyalty Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global loyalty management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest developments in the market.
What Are The Growth Prospects Of The Loyalty Management Industry?
According to the report, The global loyalty management market size reached US$ 3.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 21.17% during 2023-2028.
What is Loyalty Management?
Loyalty management is an innovative data-driven tool that corporations employ to engage, acquire, and retain customers effectively. It encourages business activities by rewarding customers for loyalty to a particular store or brand through campaign management systems and automated communication through emails and short message services (SMS). In addition, it enhances brand awareness, elevates the customer experience, and provides valuable benefits such as miles, discounts, revenue opportunities, points, coupons, or cashback incentives. Moreover, it is highly reliable, convenient, and user-friendly, allowing for efficient customer data management, use, and collection. As a result, loyalty management is widely adopted in retail, manufacturing, information and technology (IT), banking, financial services, and insurance (BFSI) sectors across the globe.
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What are the growth prospects and trends in the loyalty management industry?
The market is primarily driven by the significant expansion in the e-commerce and retail industry. Additionally, the widespread adoption of a customer-centric approach by corporate organizations to keep the customer retention rate high by rewarding and pleasing customers is contributing to market growth. In line with this, the growing penetration of enhanced internet services led to easy access to the internet through smartphones, laptops, and tablets which is influencing the market growth. Moreover, emerging technological advancements, such as the introduction of big data, artificial intelligence (AI), and machine learning (ML) in loyalty management programs that help analyze large amounts of data from survey forms, smartphones, wearable devices, and cookies while assessing consumer perception and making effective loyalty programs represent another major growth-inducing factor. Besides this, the growing shift toward loyalty programs offering personalized recommendations that helps in customer conversion, is also accelerating the product adoption rate. Along with this, the popularity of gamification in loyalty management programs that employs visuals based on cartoons or video games to extract insights and increase customer engagement is propelling market growth. Apart from this, the loyalty management market is growing at different rates in numerous regions, with North America being one of the largest markets due to the widespread adoption of loyalty management software, several technological advancements, and the increasing demand for these programs for improved customer services across the region. Moreover, the Industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in March 2021, Comarch SA introduced a new webpage for its loyalty and marketing solutions, such as its Loyalty Marketing Cloud, to enhance functionality and navigation that allow businesses of all sizes and industries to easily initiate their loyalty program. Furthermore, the widespread adoption of loyalty management in healthcare, media and entertainment, travel, and hospitality industries for client retention and sustainable customer relationships is creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Customer Retention
- Customer Loyalty
- Channel Loyalty
Breakup by Organization Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Industry Vertical:
- BFSI
- Retail
- Travel and Hospitality
- Manufacturing
- IT and Telecom
- Media and Entertainment
- Healthcare
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Annex Cloud
- Bond Brand Loyalty Inc.
- Comarch SA
- Epsilon Data Management LLC
- Fidelity Information Services Inc.
- ICF International Inc.
- Kobie Marketing Inc.
- LoyaltyLion
- Oracle Corporation
- Paystone Inc.
- SAP SE
- TIBCO Software Inc.
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