Pune, India, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The global loyalty management market size is anticipated to reach USD 18.22 billion by 2028 and exhibit a CAGR of 22.4% during the forecast period. The rising Artificial Intelligence (AI) application to develop innovative solutions and the growing investments in customer rewarding solutions by retail, hospitality, BFSI, media & entertainment, and other industries are expected to bolster the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Loyalty Management Market, 2021-2028”. The market size stood at USD 3.65 billion in 2020.
Personalization features in loyalty programs help to enhance customer experience and attract their attention. It has been observed that customers show more interest in personalized promotions, coupons, and recommendations. The increasing customer preferences regarding personalized solutions are anticipated to create a growth spurt for the market.
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Key Players in the Global Loyalty Management Market are:
- Antavo Limited (London, U.K.)
- Capillary Technologies (Bangalore, India)
- Bond Brand Loyalty (Toronto, Canada)
- Comarch SA (Kraków, Poland)
- Epsilon Data Management, LLC (Texas, U.S.)
- IBM Corporation (New York, U.S.)
- Salesforce.com, Inc. (California, U.S.)
- Target Brands, Inc. (Minneapolis, U.S.)
- TIBCO Software, Inc. (California, U.S.)
- VeriPark (London, U.K.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 22.4 % |
| 2028 Value Projection | USD 18.22 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 4.43 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Size, Share, Component, Geography |
| Growth Drivers | Growing Application of Artificial Intelligence for Innovative Solution to Drive Market Growth |
| Growing Customer Preference for Personalized Solutions to Push Market Growth | |
| Drastic Change in Consumer Behavior During COVID-19 to Drive Market Opportunities | |
| Pitfalls & Challenges | Stringent Government Regulations May Affect the Adoption of Loyalty Programs |
COVID-19 Impact-
The unanticipated arrival of the humanitarian crisis has impacted the growth of several industries and markets. The purchasing patterns of consumers have drastically changed during the pandemic. Due to the stringent lockdowns and curfews, the disruption in carrying out business operations has created dynamic customer behavior. Hence, the businesses are investing heavily to retain existing customers and attract new customers. The market is expected to witness significant growth post-pandemic.
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Segmentation-
On the basis of components, the market is bifurcated into services and software. On the basis of deployment, the market is categorized into cloud and on-premises. On the basis of enterprise size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. On the basis of end-use, the market is fragmented into manufacturing, hospitality, retail, transportation, IT & telecommunications, BFSI, media & entertainment, and others. Geographically, the market is classified into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage-
- It envisages Porters’ Five Forces Analysis for an infallible market prediction.
- It showcases different market segments; components, deployment, end-use, and others.
- It explains strategies of growth for companies to wade through the COVID-19 pandemic.
- It assimilates the new product launches, latest industry developments, key market trends, and others.
Drivers & Restraints-
Rising AI Application in Ingenious Solutions to Propel Market Growth
The integration of advanced technologies such as machine learning and AI is helping in the transformation of loyalty management solutions. Retailers can get insights that help enhancing experience, interaction, and overall sales. Moreover, AI can monitor multiple transactions and detect and eliminate fraudulent attacks. Hence, the rising AI application to develop ingenious solutions is anticipated to bolster the global loyalty management market growth.
Key players are introducing personalization features in their loyalty platforms. Personalization features can attract more attention of customers and enhance the customer experience. Customers show more interest in personalized promotions, coupons, and recommendations. Hence, the rising customer interest regarding personalized solutions is anticipated to create a growth spurt for the market.
However, stringent government regulations are expected to restrain the market’s growth.
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Regional Insights-
Swift Loyalty Program Adoption to Boost Growth in North America
North America is projected to gain the largest portion of the global loyalty management market share due to the swift adoption of loyalty platforms over the past decade. Product discounts, cashback or rebates, free shipping, and free products are some monetary favors that are highly favored by the populace in the region. According to Oracle’s report for 2020, approximately 72% millennials redeemed loyalty programs.
Europe is anticipated to follow North America and acquire the second-highest growth in the global market. The well-established loyalty programs across European countries are ascribable to foster growth in the region. According to Nielsen’s loyalty sentiment survey, approximately 66% of Europeans have registered for more than one loyalty program.
Asia Pacific is expected to witness a high CAGR in the forthcoming years. The affordable pricing of these loyalty programs is anticipated to boost their adoption and stimulate market growth.
The Middle East & Africa, and Latin America are anticipated to gain substantial growth due to the growing adoption of loyalty programs across manufacturing, retail, consumer goods, hospitality, travel, and other end-use industries.
Competitive Landscape-
Key Players Focus on Product Portfolio Expansion to Accumulate Growth
The key players emphasize product portfolio expansion through continuous development. They focus on using advanced technologies such as AI, machine learning, cloud computing, and others to introduce advanced loyalty management solutions to the market. To strengthen their market positions globally, the key players adopt ingenious growth strategies, including technological advancements, patents, new product launches, partnerships, mergers, acquisitions, and others. For instance, in February 2020, Bond Brand Loyalty announced the acquisition of rDialogue, an Atlanta-based customer marketing company. The company aims to augment its growth in loyalty services and customer relationships through this acquisition.
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Industry Developments-
- June 2021: Antavo Limited announced the extension of its collaboration with Acxiom and MullenLoew Profero to provide loyalty solutions for its clients. The partnership provides combined solutions, including integration services, loyalty engagement, design concepts, and intelligence.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Loyalty Management Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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