Pune, India, May 24, 2021 (GLOBE NEWSWIRE) -- The global loyalty management market size is anticipated to witness staggering growth and reach USD 10.02 billion by 2027, registering a CAGR of 19.9% during the forecast period. The market is projected to grow dynamically due to several reasons like increasing adoption by B2C companies and increasing smartphone penetration. Fortune Business Insights™ has presented this information in a report titled, “Loyalty Management Market, 2020-2027”. The market size stood at USD 2.47 billion in 2019.
The market is gaining momentum and is expected to flourish in the forthcoming years due to several reasons. For instance, the escalating competition amongst various brands and products is leading businesses to enhance their customer experience in order to retain the customer base. As a result, innovation in loyalty programs through cloud-based loyalty programs. This is expected to boost the market growth in the approaching years.
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COVID-19 Impact-
The global pandemic has inflicted a positive impact on the loyalty management market growth. Since the lockdowns, social distancing norms, and curfews have limited the direct sale of products, the online sales are boosting. This has caused businesses to attract new customers and also retain them in the long run. Strategic pricing of products by businesses is attracting more customers. Though, only the supply of essential products and services is allowed in some countries as they are experiencing second wave of the pandemic, the market is gradually gaining traction and is expected to return to pre-pandemic levels soon.
Segmentation-
Based on type, the market segments into channel loyalty, customer retention, and customer loyalty. Based on deployment, the market divides into cloud and on-premise. Based on enterprise size, the market bifurcates into small & medium enterprises (SMEs) and larger enterprises. Based on the industry, the market fragments into retail, BFSI, transportation, IT and telecommunications, media & entertainment, manufacturing, etc. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Report Coverage-
- The report highlights information on various segments at the global, regional, and country level.
- The report contains various details like market share, growth rate, product and their pricing by region/country.
- The report elucidates the market dynamics that are expected to drive the market growth in the forthcoming years.
- The report encompasses the details in relation to application, distribution channel, product type, business strategies, etc.
- The report also covers the COVID-19 impact on the prospected market.
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Drivers & Restraints-
AI and ML to Influence Market Growth
Customer experience and loyalty are closely interrelated. The advancements in technology have successfully enabled us to deploy artificial intelligence (AI) and machine learning (ML) to understand and predict consumer behavior through advanced algorithms. The use of AI and ML in loyalty programs can be used to enhance the customer experience and also influence their purchasing pattern. Moreover, the AI can monitor loyalty point accounts and keep a check on fraudulence. These benefits are expected to augment the market growth.
The growing adoption of personalized loyalty programs is likely to boost the market growth. They help to increase customer loyalty, online traffic, and sales by offering personalized experience for customers.
However, government regulations like trading stamp laws, privacy law, gift certificate laws, etc., are likely to restrain the market growth.
Regional Insights-
North America to Hold the Lion’s Share
North America is anticipated to hold dominance in the global loyalty management market share. The growth is attributable to the rapid adoption of loyalty programs by the retail sector in the region. Scanning cards are most commonly used loyalty program in the region. The rising adoption of AI-based loyalty programs is also expected to boost the market growth in the region as they are returning significant returns on investment.
High adoption rate of personalized loyalty management programs in countries like France, Spain, Italy, and Belgium is expected to boost the market growth in Europe. Increasing investment in AI based loyalty programs are expected to significantly drive the growth in Europe.
Increasing focus of businesses in Asia Pacific for enhancing customer experience and the growing competition in the region is expected to drive the regional market growth. Rapid digitization and improving return on investment through loyalty programs are anticipated to boost the market growth significantly.
Growing customer interest regarding discounts and rewards is leading businesses to invest and adopt loyalty programs in countries like Saudi Arabia, UAE, etc. Rising adoption of loyalty programs by airlines, banks, travel agencies, etc., are expected to help the Middle East & Africa gain significant growth in the forthcoming years.
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Competitive Landscape-
Optimal use of Technology by Companies to Bolster Market Growth
The market comprises several global and regional players which are continuously emphasizing on product development through AI, ML, cloud computing, etc. Due to the growing smartphone users, several key players have initiated mobile loyalty management programs for enhanced customer experience. Moreover, cloud-based solutions and personalized loyalty programs are being adopted by key players. New product launches, acquisitions, strategic partnerships, are being adopted by key players for strengthening their market presence. For instance, Kobie Marketing launched their latest real-time loyalty program called Kobie Alchemy X.
Industry Developments-
- October 2019: XO Lab was launched by Bond Brand Loyalty for delivering personalized loyalty programs for their customers and clients.
- January 2019: DealHunt was launched by Capillary Technologies to provide deals and offers to customers under categories of travel, health, food, fashion, etc.
Key Players in the Global Loyalty Management Market:
- Aimia Inc. (Canada)
- Antavo (U.S.)
- Blue Ocean Contact Centers Inc. (Canada)
- Bond Brand Loyalty (Canada)
- Capillary Technologies (India)
- Comarch SA (Poland)
- Epsilon Data Management LLC (U.S.)
- IBM Corporation (U.S.)
- ICF International Inc (U.S.)
- Kobie (U.S.)
- Maritz Motivation Inc. (U.S.)
- Oracle Corporation (U.S.)
- Salesforce.com Inc. (U.S.)
- Target Brands Inc. (U.S.)
- TIBCO Software Inc. (U.S.)
- VeriParl (Belgium)
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Table Of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Key Industry Developments – In Response to the COVID-19 Impact
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Loyalty Management Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size and Forecast – By Type (Value)
- Customer Retention
- Customer Loyalty
- Channel Loyalty
- Market Size and Forecast – By Deployment (Value)
- On Premise
- Cloud
- Market Size and Forecast – By Enterprise Size (Value)
- Large Enterprises
- Small & Medium Enterprises
- Market Size and Forecast – By End User (Value)
- BFSI
- IT and Telecommunications
- Retail
- Transportation
- Hospitality
- Manufacturing
- Media & Entertainment
- Others
- Market Size and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Loyalty Management Market to Exhibit a CAGR of 19.9% by 2027 - GlobeNewswire
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