Overview and Scope
Loyalty management refers to a set of operations aimed at providing superior customer service. The concept analyzes how businesses may attract, engage, and retain customers. Loyalty management provides benefits, experiences, and rewards that drive long-term engagement with customers.
Sizing and Forecast
The loyalty management market size has grown rapidly in recent years. It will grow from $9.55 billion in 2023 to $11 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to customer retention focus, card-based loyalty programs, competitive differentiation, data-driven insights, e-commerce growth, customer experience enhancement, globalization of markets.
The loyalty management market size is expected to see rapid growth in the next few years. It will grow to $20.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, real-time engagement, gamification elements, voice and conversational interfaces, environmental and social responsibility. Major trends in the forecast period include personalization and ai, blockchain for loyalty programs, subscription-based models, digital wallet integration, cross-industry collaboration, voice and conversational interfaces.
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Segmentation & Regional Insights
The loyalty management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Organization Type: Small & Medium-Sized Enterprises, Large Enterprises
4) By End Use: BFSI, IT, Telecommunication, Transportation, Retail, Hospitality, Media And Entertainment, Other End-Users
North America was the largest region in the loyalty management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the loyalty management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market. Businesses utilize customer loyalty cards to encourage clients to return to their stores for repeat business. Customer loyalty cards also provide insight into customer purchasing habits, allowing businesses to evaluate customized incentives. For instance, according to a 2022 Customer Loyalty Data Survey conducted on 1,276 U.S. consumers by Clarus Commerce, 61% of customers reported that after obtaining better incentives, they’ve switched from a brand they regularly use to a brand that offered better incentives. Also, in India, the banking system reported nearly 1.1 million new credit card additions in September 2021, with a 57% increase in credit card spending over the previous year. Therefore, a rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market.
Key Industry Players
Major companies operating in the loyalty management market report are Kobie Marketing Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Fidelity National Information Services Inc., CF International Inc., ICF International Inc., TIBCO Software Inc., Maritz Holdings Inc., MicroStrategy Inc., Comarch SA, AIMIA Inc., Blue Ocean Systems, VeriPark, The Lacek Group Inc., Annex Cloud, Capillary Technologies, Kognitiv Corporation, Antavo Limited, Paystone Inc., Apex Loyalty, Bond Brand Loyalty Inc., Brierley Partners, FiveStars Loyalty Inc., Lumata Group, Sailplay, Epsilon Data Management LLC
The loyalty management market report table of contents includes:
1. Executive Summary
2. Loyalty Management Market Report Structure
3. Loyalty Management Market Trends And Strategies
4. Loyalty Management Market – Macro Economic Scenario
5. Loyalty Management Market Size And Growth
…..
27. Loyalty Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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