CHICAGO, April 26,
2024 /PRNewswire/ -- Blockchain technology,
sustainability-focused initiatives, subscription-based business
models, and digital transformation will all have a significant
impact on the Loyalty Management Market in the future. Data
analytics will also drive personalised experiences in this
market. In order to increase consumer engagement and loyalty,
ecosystem collaborations, gamification, and voice-activated loyalty
programmes will all be crucial. For firms to adjust to changing
market trends and consumer tastes, regulatory compliance and
ongoing innovation are crucial.
The Loyalty Management Market is expected to reach
USD 25.4 billion by 2029 from
USD 11.4 billion in 2024, at a CAGR
of 17.3 % during 2024–2029, according to a new report by
MarketsandMarkets™.
Browse in-depth TOC on "Loyalty Management Market"
326 – Tables
47 - Figures
275 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2018-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD)
Million/Billion
|
Segments
Covered
|
By Offering, Solution,
Services, Operator, Vertical and Region
|
Region
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
The major 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).
|
Loyalty management has evolved into a crucial component of
business strategy worldwide. Businesses across various industries
are increasingly adopting sophisticated loyalty management
solutions to enhance customer engagement, drive repeat purchases,
and foster brand loyalty. With the proliferation of digital
channels and the rise of personalized customer experiences, loyalty
programs have become more targeted and data-driven, leveraging
advanced analytics and artificial intelligence to deliver tailored
rewards and incentives.
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The professional services segment contributed the largest
market share in the Loyalty Management Market during the forecast
period.
Professional service providers manage a part or the entire
loyalty management lifecycle for enterprises, thereby comprehending
business constraints and providing major insights that help these
companies optimally utilize all available resources and make the
most of their technological investments. The growth in the
professional services segment is governed by the complexity of
operations and the deployment of loyalty management solutions. It
also provides support services throughout the business tenure and
creates a relationship with the organization. These services help
the marketing and operations teams enhance customer experience and
raise ROIs as they are customized, easily applicable, and assure
availability and performance to the maximum extent.
The BFSI vertical segment is estimated to hold the largest
market size during the forecast.
The BFSI vertical requires loyalty management solutions to
analyze data based on touchpoints, enabling brands to offer a
personalized experience. A study by Accenture found that 75% of
consumers expect brands to personalize their experiences,
highlighting the growing demand for tailored interactions. This is
particularly true in the BFSI sector, where customers expect
products, services, and communication to be relevant to their
individual needs and financial goals. This sector has incorporated
data analytics and AI to deliver loyalty programs and increase
customer engagement. There has been a continuous technological
revolution in the banking sector in the form of Automated Teller
Machines (ATMs), core banking, eBanking, and mobile banking, which
gave rise to various services, such as Real-Time Gross Settlement
(RTGS), Centralized Funds Management System (CFMS), National
Electronic Funds Transfer (NEFT), and the use of credit, debit, and
smart cards. Hence, banking and financial institutions are expected
to invest greater resources in the market to focus on providing
better loyalty programs to their customers.
Based on region, Asia
Pacific is projected to register the highest CAGR during the
forecast period.
Asia Pacific, home to nearly
40% of the world's population, is witnessing diverse
implementations of loyalty management technologies. The
Asia Pacific region is undergoing
a notable surge in adopting loyalty management, driven by the
flourishing economies of India,
China, Japan, Australia, and New
Zealand. The rising prevalence of internet access and the
escalating per-user engagement online have prompted organizations
to bolster their presence in the loyalty management sector by
leveraging digital channels, including social media, websites,
emails, virtual assistants, and call centers. Loyalty
management solutions are adopted by many companies across industry
verticals, whose primary focus is on client retention and further
building sustainable customer relationships through these programs.
Increasing customer retention also boosts profit margins and brings
a stable source of income. Deploying a loyalty program entails an
investment; however, strategies aimed at customer retention are
more cost-effective than efforts directed at acquiring new
customers. The surge in social media usage, the proliferation of
internet access, and the expansion of the eCommerce sector
constitute significant catalysts propelling the adoption of loyalty
programs across Southeast Asia.
Vietnam and Thailand emerged as the primary drivers within
the region, with Malaysia,
the Philippines, Singapore, and Indonesia following suit.
Top Key Companies in Loyalty Management Market:
The report profiles key players such as 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).
Recent Developments:
- In March 2024, Epsilon launched
the next generation of its retail media platform. Epsilon Retail
Media applied AI and person-first identity in the ad server,
unlocking opportunities to drive stronger outcomes with shoppers on
retailers' properties, across the open web or in tandem.
- In May 2023, Bond Brand Loyalty
announced a strategic investment in its business from Colorado-based private equity firm,
Mountaingate Capital. The announcement followed a substantial
period of growth for Bond and reflected the potential for further
expansion in both reach and offerings to serve clients better.
- In April 2023, Capillary
Technologies acquired Brierley to expand its portfolio.
- In January 2023, Giift acquired a
strategic majority interest in InTouch, a loyalty solutions
provider based in Indonesia.
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Loyalty Management Market Advantages:
- By rewarding consumers for their recurring business, fostering
brand loyalty, and lowering attrition rates, loyalty management
solutions assist companies in keeping customers.
- By providing customers with individualised offers, incentives,
and prizes based on their preferences and behaviour, loyalty
programmes encourage greater customer engagement and increase
repeat business and brand advocacy.
- With the help of loyalty management tools, businesses can make
well-informed decisions and effectively target their marketing
efforts by gaining vital insights about consumer behaviour,
preferences, and spending habits.
- By providing individualised prizes, exclusive benefits, and VIP
treatment, loyalty programmes raise customer satisfaction and
foster enduring connections with clients.
- By encouraging consumers to spend more, upsell and cross-sell
goods, and recommend the brand to others, loyalty management
solutions generate more sales and income and boost profitability
and business expansion.
- By providing distinctive benefits, experiences, and value-added
services that customers find appealing, loyalty programmes assist
companies in standing out from the competition and enhancing
customer loyalty and market placement.
Report Objectives
- To determine and forecast the global Loyalty Management Market
by offering, solution, services, operator, vertical, and region
from 2024 to 2029, and analyze the various macroeconomic and
microeconomic factors affecting market growth.
- To forecast the size of the market segments concerning five
central regions: North America,
Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
- To provide detailed information about the major factors
(drivers, restraints, opportunities, and challenges) influencing
the growth of the Loyalty Management Market.
- Analyze each submarket concerning individual growth trends,
prospects, and contributions to the overall Loyalty Management
Market.
- To analyze the opportunities in the market for stakeholders by
identifying the high-growth segments of the Loyalty Management
Market.
- To profile the key market players; provide a comparative
analysis based on business overviews, regional presence, product
offerings, business strategies, and key financials; and illustrate
the market's competitive landscape.
- Track and analyze competitive developments in the market, such
as mergers and acquisitions, product developments, partnerships and
collaborations, and Research and Development (R&D)
activities.
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