Newark, NJ, Sept. 10, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global loyalty management market is expected to grow from USD 6.54 billion in 2019 and to reach USD 25.26 billion by 2027, growing at a CAGR of 16.2% during the forecast period 2020-2027.
Global loyalty management market is witnessing significant growth from the past years. This growth is attributed to the demand for advanced solutions to monitor customer scores and enhance customer engagement. Other factors driving the market include artificial intelligence and machine learning to enhance loyalty programs, growing customer preference for personalization to push loyalty program adoption. Personalization in loyalty program helps to enhance customer’s attention and experience. Artificial Intelligence and Machine learning offer retailers intelligent insights that help in enhancing customer conversation, experience, and overall sales. The advantages offered by AI and ML propel market growth.
Loyalty Management is designing rewards to customers for past purchases and also provides them with incentives to make a future purchase. It aims to provide strong value to the customers, followed by cross-selling and retention, and improved customer penetration. Large retailers and brands are focusing on integrated plans to maintain their customer base. Organizations are making a strong shift towards the adoption of loyalty solutions to gain repetitive sales for brands. Retailers largely adopt loyalty programs to expand their sales by maintaining a strong and loyal customer base. This loyalty program’s evolution has led to the creation of omnichannel platforms and encourages customers to earn and utilize points across multiple channels like applications, websites, or in-store.
Global loyalty management market is witnessing significant growth, owing to the intensified competition, increasing the cost of customer acquisition, implementation of a customer-centric approach across business, and rewarding schemes offered by organizations. The factors restraining the market growth are lack of knowledge about loyalty programs and lack of stringent regulations. Increasing investment in loyalty system technology, the growing importance of customer insights to predict the customer intents, and rising application of big data and machine learning provides market growth opportunities. Moreover, the lack of awareness of the benefits of the loyalty programs challenges market growth.
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Key players operating in global loyalty management market include Bond Brand Loyalty, ICF Next, Kobie Marketing, Capillary, Apex Loyalty, Brierley+Partners, Epsilon, Hashtag Loyalty, Aimia, FiveStars, Paystone, Yotpo, Comarch, Kangaroo, Oracle, Smile.io, Merkle, Maritz Motivation, SailPlay, Apptivo, Annex cloud, Loyalty Gator, Lacek, LoyaltyLion, TIBCO, and SpotOn. To gain a significant market share in the global loyalty management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Bond Brand Loyalty and Kobie Marketing are some of the leading players in the loyalty management market.
- For instance, In May 2019, a next-generation real-time loyalty program named Kobir Alchemy X was launched by Kobie Marketing under the Kobie loyalty platform.
- In October 2019, Oracle Corporation acquired CrowdTwist to offer personalized customer experience. This acquisition enabled the delivery of personalized customer engagement to all sized organisations.
The customer loyalty segment dominated the market and held the largest share of 38.61% in the year 2019
On the basis of type, the global loyalty management market is segmented into customer loyalty, customer retention, and channel loyalty. Customer loyalty segment dominated the market and held the largest share of 38.61% in the year 2019. This growth is attributed to growing competition among the brands and product offerings. Many brands and retail stores are conducting loyalty programs to retain their customers. Engaging customers and enhancing their loyalty towards brands propel the demand for these management platforms.
The SMEs segment dominated and held the largest market share of 62.8% in the year 2019
On the basis of organization size, the global loyalty management market is segmented into SMEs and large enterprises. SMEs segment dominated and held the largest market share of 62.8% in the year 2019. This growth is attributed to employment generation and economic growth. Large enterprises are expected to witness significant growth due to the diverse product range and multiple distribution channels.
The cloud segment dominated the market and held the largest market share of 59.14% in the year 2019
On the basis of deployment type, the global loyalty management market is segmented into on-premise and cloud. Cloud segment dominated the market and held the largest market share of 59.14% in the year 2019. This growth is attributed to the growing need for real-time and automated solutions to increase the demand for the cloud deployment model. Tools like web conferencing, Gmail, and various other platforms create opportunities for the brands to expand their loyalty services.
The mobile segment dominated and held the largest market share of 65.23% in the year 2019
On the basis of application, the global loyalty management market is segmented into mobile and web. Mobile segment dominated and held the largest market share of 65.23% in the year 2019. This growth is attributed to the increasing use of smartphones due to its easy accessibility to any data. Mobile-based reward programs enable customers to access their order history, special offers, loyalty cards, rewards, and special offers digitally.
The retail and consumer goods segment dominated the market and held the largest share of 25.96% in the year 2019
On the basis of verticals, the global loyalty management market is segmented into aviation, BFSI, automotive, retail and consumer goods, hospitality, media, and entertainment. Retail and consumer goods segment dominated the market and held the largest share of 25.96% in the year 2019. This growth is attributed to maintaining brand loyalty, improving repetitive purchases, and adopting various advanced loyalty programs.
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Regional Segment of Loyalty Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global dental loyalty management is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America accounted for a major share of 29.2% in the year 2019. This growth is attributed to the adoption of various advanced instruments in data analytics and real-time reporting and incorporating advanced technologies like AI and machine learning. Europe is the second-largest market for loyalty management, due to shipping discounts, product discounts, and offers by European business to customers. The market in the Asia-Pacific region is expected to witness significant growth in China, due to growing competition and penetration of leading brands.
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About the report:
The global loyalty management market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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