Chicago, May 07, 2024 (GLOBE NEWSWIRE) -- The loyalty management market is projected to grow from USD 11.4 billion in 2024 to USD 25.4 billion by 2029 at a CAGR of 17.3% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "Loyalty Management Market"
326 - Tables
47 - Figures
275 - Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172873907
Loyalty Management Market Dynamics:
Drivers:
- Growing focus on reducing customer churn rates
- Integration of gamification into loyalty programs
- Companies and strategic investment in loyalty programs amid recession and inflation
- Emergence of loyalty management mobile applications
- Demand for advanced solutions to monitor customer scores and enhance customer engagement
- Rising adoption of omnichannel customer loyalty strategies
Restraints:
- Fragmentation of customer data across various systems and platforms
- Stringent government regulations
Opportunities:
- Increasing investments in loyalty system technologies
- Surging investments in customer success startup platforms
- Rising applications of big data and machine learning
List of Key Players in Loyalty Management Market
- Epsilon
- Oracle
- Comarch
- ICF Next
- Bond Brand Loyalty
- Merkle
- Capillary
- Jakala
- Kobie
- Giift Management
The notable shift towards personalization is significantly driving the growth of loyalty management market. Today's consumers increasingly expect customized experiences that align with their preferences and behaviors. Loyalty management solutions utilize sophisticated data analytics and segmentation techniques to deliver personalized offers, rewards, and content tailored to each individual customer. This personalized approach not only boosts customer satisfaction and engagement but also cultivates a stronger sense of loyalty and connection to the brand.
Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=172873907
Moreover, advancements in technology like artificial intelligence (AI) and machine learning have transformed loyalty management capabilities, empowering businesses to analyze extensive customer data in real-time and extract actionable insights to enhance their loyalty strategies.
The solution segment is expected to hold the largest market size during the forecast.
Loyalty management solutions empower businesses to segment their customer base, personalize interactions, and deliver targeted rewards and incentives tailored to individual preferences by leveraging advanced analytics, data-driven insights, and automation capabilities. They also gather data from customer engagement surveys to provide detailed performance metrics. Retailers can use this software as a CRM system or Customer Data Platform (CDP) in addition to the loyalty functionality.
Loyalty management solutions allow customers to use their rewards through any channel. The software provides a customer-facing interface; users can use this dashboard to manage their loyalty accounts. They can track their points, see their loyalty tier, and update their personal information. These solutions have wallet functionalities to streamline rewards and payments. Wallets can store points, coupons, discounts, and other rewards. They can also store a user’s payment information, allowing them to check out faster when logged in to their account.
The aviation vertical segment is expected to register the highest CAGR in the loyalty management market during the forecast period.
The aviation industry is the fastest-growing sector globally. Airline businesses are being restructured to operate in a customer-centric fashion. Deploying a loyalty solution allows businesses to build user-focused loyalty programs that can help improve customer engagement and marketing strategies. Travelers are increasingly driven by compelling airline loyalty programs, which drives airline businesses to adopt robust loyalty management solutions to deliver better and more personalized offers and targeted promotions. Currently, more airlines are shifting toward rewarding people who spend the most rather than those who frequently fly with them. Airline passengers generate a lot of data points, such as frequency of interaction, price of a booking, choice of checked bag or other ancillary services, seasonal booking trends, and popularity of individual flight times, among others.
Loyalty management solutions support B2C and B2B operations and enable operators to identify patterns using these data points with AI. This enables airlines to deliver more personalized loyalty programs that ascertain better customer experiences and improve brand loyalty.
Based on region, North America holds the second largest market size during the forecast period.
The North American region, including the US and Canada, commands a robust demand for loyalty management solutions thanks to its well-established infrastructures. Dominated by key contributors like the US and Canada, the loyalty management market in North America benefits from the substantial investments these countries make in pioneering technologies. Based on findings from North America Customer Loyalty Report, a significant majority of respondents, exceeding 80%, whose companies currently offer loyalty programs express intentions to boost their investments in customer loyalty within the upcoming three years. Similarly, an equivalent proportion of respondents within the same region, already engaged in loyalty programs, express a desire to revamp their existing programs within the next three years. These statistics suggest fertile ground for innovation in the loyalty landscape over the forthcoming years.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=172873907
Key players in the loyalty management market are Epsilon (US), Oracle (US), Comarch (Poland), ICF Next (US), Bond Brand Loyalty (Canada), Merkle (US), Capillary (Singapore), Jakala (Italy), Kobie (US), Giift Management (Singapore), Maritz Motivation (US), Cheetah Digital (US), Collinson (UK), Loyalty One (Canada), Punchh (US), Ebbo (US), Preferred Patron (US), Loopy Loyalty (China), Paystone (UK), LoyLogic (Switzerland), Ascenda (Singapore), Loyalty Juggernaut (US), Gratifii (Australia), SAP SE (Germany), Annex Cloud (US), Apex Loyalty (US), Sumup (UK), Kangaroo (Canada), Smile.io (Canada), SessionM (US), LoyaltyLion (UK), Yotpo (US), SailPlay (US), and Zinrelo (US). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative loyalty management market technologies and offerings owing to the emergence of new application areas for loyalty management markets. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
Browse Adjacent Markets: Software and Services Market Research Reports& Consulting
Related Reports:
Event Management Software Market
Digital Asset Management Market
