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Global Loyalty Management Industry

Global Loyalty Management Industry

  • February 2022
  • 379 pages
  • ID: 5799029
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

Abstract:

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-Global competitiveness and key competitor percentage market shares
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Global Loyalty Management Market to Reach $8.5 Billion by 2024

Loyalty management programs enhance customer retention, customer penetration and cross selling and are therefore important for businesses intending elevate to higher levels. In the recent years, loyalty management has emerged as an imperative strategy for organizations owing to its positive impact on the brand value along with the ability to retain and attract potential consumers. Loyalty management is being increasingly used by companies to meet their goals, manage routine activities, and maintain consumer data. These platforms allow businesses to offer incentives, gift coupons and gift cards for encouraging customers to purchase different products and services. Amid the COVID-19 crisis, the global market for Loyalty Management is projected to reach US$8.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 7.4% over the analysis period. United States represents the largest regional market for Loyalty Management, accounting for an estimated 29.9% share of the global total. The market is projected to reach US$2.6 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 9.5% over the analysis period.

The global market for loyalty management platforms continues to be influenced and propelled by changing customer demographics and behavior. Changing consumer preferences, desires and purchasing patterns have played an important role in shaping loyalty management solutions available in the market. The market growth is expected to be also propelled by increasing focus on online reward management solutions, rising adoption of mobile phones, incorporation of client-retention policies, changing end-user demographics, and implementation of machine learning and big data. In the coming years, increasing need to enhance customer experience and maintain an edge over competitors are expected to augment the market growth. The market growth is also facilitated by increasing adoption of multi-channel and omni-channel programs along with availability of advanced loyalty management solutions. The US dominates market growth, owing to advanced technology infrastructure, numerous loyalty programs and the presence of notable number of organizations in the region. Majority of adults in the US have participated in customer loyalty programs offered by retailers, credit card providers, and hotel chains. All businesses in the country issue over US$50 billion worth of reward miles and points per year. The Asia-Pacific market for loyalty management is spurred by changing customer demographics, increasing need for data management and increasing penetration of the Internet.

The increasing awareness and popularity of cloud-based solutions have enabled the cloud to emerge as the leading deployment option for loyalty management platforms. The cloud segment is forecast to grow the fastest over the analysis period, due to continuous migration of organizations to public or private clouds and strong focus of solution providers on cloud-based offerings. Cloud-as-a-service allows enterprises to manage costs and achieve higher levels of agility.

Select Competitors (Total 92 Featured) -
  • Aimia Inc.
  • Antavo
  • Blue Ocean Contact Centers, Inc.
  • Bond Brand Loyalty Inc.
  • Capillary Technologies.
  • Comarch SA.
  • Epsilon Data Management, LLC.
  • Fidelity Information Services Inc.
  • International Business Machines Corporation
  • ICF International Inc.
  • Kobie Marketing
  • Maritz Motivation Inc.
  • Oracle Corporation
  • SAP SE
  • TIBCO Software Inc.

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