Pune, India, June 09, 2021 (GLOBE NEWSWIRE) -- The global loyalty management market size is projected to reach USD 10.02 billion by 2027, exhibiting a CAGR of 19.9% during the forecast period. Rising importance of loyalty management during the current COVID-19 pandemic will be a crucial factor driving the market growth, states Fortune Business Insights™ in its report, titled “Loyalty Management Market Size, Share and Covid-19 Impact Analysis, By Type (Customer Retention, Customer Loyalty, and Channel Loyalty), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Industry (Banking, Finance, Security and Insurance (BFSI), IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment, and Others) and Regional Forecast, 2020-2027”.
Viewing the on-going crisis as a lucrative opportunity, companies, brands, and retailers across the board are designing attractive loyalty solutions in the form of discounts, free shipping, and virtual proximity to retain customers. For instance, the Italian luxury fashion retailer, LuisaViaRoma modified its return policy, changing it from 30 days to 60 as the coronavirus ravaged the country. In the UK, a beer company called BrewDog converted its bars into virtual pubs to maintain visibility and closeness of its brand to its loyal customers. The COVID-19 outbreak, therefore, is generating unique opportunities for businesses to launch novel loyalty programs to retain their customers and attract new ones.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/loyalty-management-market-101166
As per the report, the market value stood at USD 2.47 billion in 2019. The report also shares the following:
- Exhaustive study of all market segments;
- Careful analysis of the market drivers, trends, and growth opportunities;
- Comprehensive assessment of the challenges facing the market; and
- Detailed examination of the regional developments and competitive landscape of the market.
Market Driver
Blending of Loyalty Programs with Artificial Intelligence to Open New Growth Dimension
Artificial Intelligence (AI) and technologies related to it are being rapidly adopted in multiple industries to optimize their most essential processes. The domain of loyalty management occupies central place in most sectors, primarily those where customer interface is frequent. Integration of AI with loyalty platforms is one of the top trends in this market as AI aids companies to analyze customer behavior and predict their purchase patterns. This ability of AI also allows businesses to offer personalized products and services to their customers. For example, UK-based HSBC Holdings leveraged AI to offer reward points for customers, aligned with their purchase behavior. Similarly, the US pharmacy franchise, Walgreens, personalizes its offers based on customers’ purchase history and also keeps them posted about relevant events and discounts of the company. Increasing adoption of AI by brands to ensure customer loyalty is, thus, expected to fuel the loyalty management market growth in the forthcoming years.
Request To Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/loyalty-management-market-101166
Regional Insights
North America to Have a Tight Hold on Market Share; Europe to Display Considerable Growth
North America boasted a market size of USD 0.81 billion in 2019 and is expected to lead the loyalty management market share during the forecast period. The foremost reason for the region’s commanding hold on the market is the presence of a robust retail sector in the US and Canada. Retail giants such as Walmart and Costco are actively adopting AI and Machine Learning (ML) to enhance customer satisfaction and ensure customer retention, which is fueling the regional market.
In Europe, personalized loyalty management programs are gaining popularity, especially in France, Italy, and the UK, with brands in these countries increasingly investing in AI for improved customer engagement. The market in Asia Pacific is expected to grow at an impressive CAGR as retailers in the region are focused on enhancing customer experience through advanced loyalty programs.
Competitive Landscape
Leading Players to Focus on Optimizing Customer Satisfaction
Key players in this market are accomplishing the challenging task of retaining loyal customers by launching novel loyalty management programs and offerings. These programs comprise of various discounts, cash-back offers, attractive exchange and return options, and enhanced services for frequent buyers.
Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/loyalty-management-market-101166
Industry Developments:
- April 2020: US-based ACI Worldwide announced the provision of its ACI Issuer solution to financial institutions during the COVID-19 pandemic. The product is card management system that supports all types of card payments and features advanced analytics, along with loyalty management and reporting.
- September 2019: The US retail bigwig, Target Corp., declared the expansion of its customer loyalty program, Target Circle, across the country. Intended to capitalize the upcoming holiday season, the program is available for free for all customers and offers 1% redemption on purchases, early access to sales, and personalized offers and deals.
List of Players Profiled in this Market Report:
- VeriPark
- Target Brands, Inc.
- Oracle Corporation
- Kobie
- IBM Corporation
- Comarch SA
- Bond Brand Loyalty
- Antavo
- TIBCO Software, Inc.
- Maritz Motivation, Inc.
- ICF International, Inc.
- Epsilon Data Management, LLC.
- Capillary Technologies
- Blue Ocean Contact Centers, Inc.
- Aimia, Inc.
Quick Buy- Loyalty Management Market: https://www.fortunebusinessinsights.com/checkout-page/101166
Major 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
Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/loyalty-management-market-101166
Have a Look at Related Research Insights:
EdTech and Smart Classroom Market Size, Share & COVID-19 Impact Analysis, By Instructional Aids (Smart Classroom, and Mobile Learning), By Smart Classroom Hardware (Interactive Projectors, Interactive whiteboards) By Educational Tools (Admission Automation Tools, Administration Tools, Learning Management Tools), By Technology (Gamification, Analytics, Enterprise Resource Planning (ERP)), By End-User, and Regional Forecast, 2021-2028
Machine Learning (ML) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2021-2028
Vertical Farming Market Size, Share & COVID-19 Impact Analysis, By Type (Hydroponics, Aeroponics and Aquaponics), By Structure (Building-Based Vertical Farm and Shipping-Container Vertical Farm), By Component (Lighting System, Irrigation & Fertigation System, Climate Control, Sensors, and Others), and Regional Forecast, 2021-2028
Internet of Things (IoT) Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, Solution & Services), By End Use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, Others), and Regional Forecast, 2021-2028
Talent Management Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Solution (Performance Management, Talent Acquisition, Learning Management, Compensation Management, and Others), By Enterprise Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (IT and Telecommunication, BFSI, Government, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2021-2028
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release https://www.fortunebusinessinsights.com/press-release/loyalty-management-market-9232
"loyalty" - Google News
June 09, 2021 at 04:51PM
https://ift.tt/3ctHvjB
Loyalty Management Market Worth $10.02 Billion at 19.9% CAGR - GlobeNewswire
"loyalty" - Google News
https://ift.tt/2VYbPLn
https://ift.tt/3bZVhYX
Bagikan Berita Ini
0 Response to "Loyalty Management Market Worth $10.02 Billion at 19.9% CAGR - GlobeNewswire"
Post a Comment