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Artificial Intelligence

Loyalty Management Market to Reach USD 18.22 Billion by 2028; Rising AI Application in Innovative Solutions to Propel Market Growth: Says Fortune Business Insights™

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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.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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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

TOC Continued…!

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About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product

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TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families. 

Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks. Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.Password Manager: Creates and manages strong passwords and assists with their use.Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems.   The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance 
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected] 

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Artificial Intelligence

Amp Finalises Commercial Agreements for Cape Hardy Advanced Fuels Precinct

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ADELAIDE, Australia, May 21, 2024 /PRNewswire/ — Amp Energy (“Amp” or the “Company”) announced today it has finalised all required commercial agreements for the development of the Cape Hardy Advanced Fuels Precinct – one of the leading green hydrogen, green ammonia and advanced fuel projects in Australia. The agreements, which were executed with Iron Road Ltd, include the purchase of a 630-hectare parcel of land at Cape Hardy as well as finalised royalty structure and common user infrastructure agreement. Amp will continue to build upon development progress made since announcing the Strategic Framework Agreement with Iron Road Ltd in April 2023 to bring advanced fuel production capacity to Cape Hardy.

The Cape Hardy Advanced Fuels Precinct will provide production at scale with up to 10 GW of planned electrolyser capacity. Development will be structured to initially bring 1 GW online with incremental stages to reach 10 GW of total capacity.   The project will both cater to the domestic Australian market, supporting the Australian Government’s net zero goals, while also featuring global export capabilities.  To facilitate distribution, Cape Hardy will be equipped with Australia’s first purpose-built advanced fuels export terminal.   
Amp has been in discussions to develop the Cape Hardy Advanced Fuels precinct, in collaboration with Iron Road Ltd and The Government of South Australia, for the past two years. During that time, Amp has made significant development progress.  The project’s concept, design, and pre-Front End Engineering Design (FEED) phase have been studied and reviewed by two leading global engineering firms, Arup and Technip Technologies, as Amp targets completion of pre-FEED studies for the first 1 GW electrolyser phase over the next 9 months. FEED scoping and contracting is currently underway ahead of awarding the FEED contract in late 2024 or early 2025.
Desalinated water is to be sourced from the recently announced Northern Water Supply (NWS) seawater desalination plant that will be located at Cape Hardy to meet the project’s demand for electrolyser feed water, cooling water, process plant water, and fire water. Amp is co-funding pre-FID expenditures for the NWS project.
Additionally, Amp is working closely with the Barngarla Determination Aboriginal Corporation RNTBC (“BDAC”).  With continued support from the BDAC, Amp is confident the Cape Hardy Advanced Fuels Precinct will have a meaningful economic impact on the region.  Amp currently estimates this will include approximately 4,000 direct and 6,000 indirect jobs for the first gigawatt of electrolyser capacity alone.
“We are seeing growing demand for Advanced Fuels both in Australia and abroad. This includes green ammonia, liquid hydrogen, methanol, and sustainable aviation fuel. The Cape Hardy Advanced Fuels Precinct will allow for large-scale production of these fuels that will be critical to the energy transition and achieving net zero targets. We could not be more excited about the project’s potential impact, and we are grateful for the partnership and continued support from Iron Road Ltd, the South Australian Government and BDAC as we progress full steam ahead on development” said Paul Ezekiel, Amp President and Co-founder.
Minister for Trade and Investment, Joe Szakacs said “The State Government recognises the strategic importance of the Cape Hardy Advanced Fuels Precinct attracting investment into the state for domestic and export opportunities, as there is an increasing flight to quality for hydrogen projects worldwide.”
About AmpAmp Energy is a global energy transition development platform, which delivers renewables, battery storage, Advanced Fuels and green AI data centers at scale, together with proprietary AI-enabled grid flexibility through its Amp X platform. Since its inception 15 years ago, Amp has developed and built or contracted 14 GW of assets globally. Amp is backed by major investments from institutional capital partners including global private equity firm the Carlyle Group, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
For more information, please visit amp.energy

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Artificial Intelligence

GEEKOM A8 AI PC is now available for €799 and up.

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TAIPEI, May 21, 2024 /PRNewswire/ — The GEEKOM A8, a highly anticipated Next-Gen AI mini PC with an AMD HawkPoint Ryzen 8040 processor, is now available.

The A8 employs a metal housing with rounded corners and anodized matte finish, giving it a gorgeous and stylish look. Having a footprint smaller than the palm of a hand, the mini PC will conveniently fit in all types of desktop arrangement and instantly elevate the aesthetics of any workspace.
There are two variants of the GEEKOM A8, users have the option to choose between two processors from the same AMD HawkPoint family: Ryzen 7 8845HS and Ryzen 9 8945HS. Both chips feature 8 Zen 4 CPU cores, 16 threads, 16MB L3 cache, an AMD Radeon 780M integrated GPU as well as a Ryzen AI Engine NPU, but the Ryzen 9 8945HS is designed to offer slightly better performance, thanks to its higher CPU and GPU frequencies.
With a greatly enhanced NPU, the A8 can execute 60% more AI workloads than mini PCs with last-generation Ryzen 7040 chips, allowing users to embrace a new era of AI computing. For average consumers, the A8 will quickly find answers to all questions and turn texts into images and videos. For business users, the A8 will automatically summarize notes, transcribe calls, and take meeting minutes. For professional content creators, the A8 will bring much faster AI-powered photo editing, quicker video output, and speedier multi-tasking, helping bring the most ambitious ideas to life. With the new IceBlast 1.5 cooling technology, the A8 can stay cool and stable even when tasks are loaded.
Besides its powerful performance, the A8 also offers a wide array of ports, including four USB-A (including three USB3.2 Gen2), two HDMI2.0, a 40Gbps USB4, a multi-function Type-C, an SDXC slot, and a 3.5mm audio jack. Users can choose to connect the mini PC to an eGPU, ultra high-speed portable storage, or up to four 4K displays.
The A8 is now available on GEEKOM’s independent website. The 8845HS and 8945HS variants are priced at €799 and €949 respectively. Regardless of the CPU option, each unit is preinstalled with 32GB dual-channel SO-DIMM DDR5-5600 RAM, a fast 1TB M.2 2280 PCIe4.0*4 SSD, a wireless card that supports WiFi 7 and Bluetooth 5.4, and a licensed copy of Windows 11 operating system.
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