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May 24, 2021, Pune, India (GLOBE NEWSWIRE)-Global Loyalty Management Market The scale is expected to show an astonishing growth, reaching 10.02 billion U.S. dollars by 2027, with a compound annual growth rate of 19.9% during the forecast period. Due to a number of reasons, such as the increasing adoption of B2C companies and the popularity of smartphones, the market is expected to grow dynamically.Fortune Business Insights™ Has been named “The Loyalty Management Market in 2020-2027″. The market size in 2019 was USD 2.47 billion.
Due to a variety of reasons, the market is booming and is expected to flourish in the next few years. For example, increasing competition between various brands and products is leading companies to enhance their customer experience in order to retain their customer base. As a result, loyalty programs have been innovated through cloud-based loyalty programs. This is expected to promote market growth in the next few years.
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COVID-19 Impact-
The global pandemic has had a positive impact on the growth of the loyalty management market. Due to blockades, social distance regulations and curfews restricting direct sales of products, online sales are growing. This has led companies to attract new customers and retain them in the long run. The company’s strategic pricing of products has attracted more customers. Although only basic products and services are allowed in some countries/regions when they are experiencing the second pandemic, the market is gradually gaining popularity and is expected to return to pre-pandemic levels soon.
segmentation-
The market is divided into channel loyalty, customer retention rate and customer loyalty based on type. Based on deployment, the market is divided into cloud and on-premises deployment. According to the size of the enterprise, the market is divided into small and medium enterprises (SME) and large enterprises. According to the industry, the market is segmented into retail, BFSI, transportation, IT and telecommunications, media and entertainment, manufacturing, etc. By region, the market is divided into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Report scope-
- The report focuses on information in various subdivisions at the global, regional and national levels.
- The report contains various details such as market share, growth rate, products and their pricing by region/country/region.
- The report shed light on market dynamics that are expected to drive market growth in the coming years.
- The report contains detailed information about applications, distribution channels, product types, business strategies, etc.
- The report also covers the impact of COVID-19 on the potential market.
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Drivers and constraints
Artificial intelligence and machine learning will affect market growth
Customer experience and loyalty are closely related. Advances in technology have successfully enabled us to deploy artificial intelligence (AI) and machine learning (ML) to understand and predict consumer behavior through advanced algorithms. The use of AI and ML in loyalty programs can enhance the customer experience and influence the way they buy. In addition, AI can monitor loyalty points accounts and check for fraud. These benefits are expected to promote market growth.
The increasing popularity of personalized loyalty programs may promote market growth. They help increase customer loyalty, online traffic and sales by providing customers with a personalized experience.
However, government regulations, such as stamp law, privacy law, gift certificate law, etc., may limit market growth.
Regional Insights
North America will hold shares in Lions
The North America region is expected to occupy a dominant position in the global loyalty management market share. The increase was attributed to the rapid adoption of loyalty programs in the retail sector in the region. Scan card is the most commonly used membership program in the region. As the adoption of AI-based loyalty programs continues to increase, they are also expected to receive a considerable return on investment, thereby driving market growth in the region.
It is expected that the adoption rate of personalized loyalty management programs in countries/regions such as France, Spain, Italy and Belgium is high, which will promote the growth of the European market. It is expected that increased investment in AI-based loyalty programs will greatly promote growth in Europe.
The Asia-Pacific region is increasingly focusing on businesses that improve customer experience, and increased competition in the region is also expected to drive market growth in the region. Through loyalty programs, rapid digitization and improved return on investment are expected to significantly drive market growth.
Customer interest in discounts and incentives is increasing day by day, which has led companies to invest and adopt membership programs in Saudi Arabia, UAE and other countries. Airlines, banks, travel agencies, etc. have been increasing the adoption rate of membership programs, which is expected to help the Middle East and the Middle East. Africa has achieved significant growth in the next few years.
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Competitive landscape-
Companies use technology in the best way to promote market growth
This market includes multiple global and regional players, who constantly emphasize product development through AI, ML, cloud computing, etc. Due to the growth of smartphone users, some major players have launched mobile loyalty management programs to enhance the customer experience. In addition, key players are adopting cloud-based solutions and personalized loyalty programs. Major players are adopting new product launches, acquisitions, and strategic partnerships to strengthen their market share. For example, Kobie Marketing launched their latest real-time loyalty program, Kobie AlchemyX.
Industry development
- October 2019: XO Lab was initiated by Bond Brand Loyalty to provide its customers and customers with a personalized loyalty program.
- January 2019: DealHunt was initiated by Capillary Technologies and aims to provide customers with deals and offers in travel, health care, food, fashion and other categories.
Major players in the global loyalty management market:
- Aimia Inc. (Canada)
- Antavo (United States)
- Blue Ocean Contact Center Corporation (Canada)
- Bond brand loyalty (Canada)
- Capillary Technology (India)
- Comarch SA (Poland)
- Epsilon Data Management Co., Ltd. (United States)
- IBM Corporation (United States)
- ICF International Inc (United States)
- Kobie (United States)
- Maritz Motivation Inc. (United States)
- Oracle Corporation (United States)
- Salesforce.com Inc. (United States)
- Target Brands Inc. (United States)
- TIBCO Software Corporation (United States)
- VeriParl (Belgium)
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Contents of the table:
- Introduction
- Definition, subdivided
- research method
- source
- executive Summary
- Market dynamics
- Drivers, constraints and opportunities
- Emerging trends
- Important insights
- Macro and micro economic indicators
- The impact of COVID-19
- Short-term impact
- Long-term impact
- Key industry developments-responding to the impact of COVID-19
- Comprehensive SWOT analysis of key players
- Porter’s Five Forces Analysis
- 2016-2027 Global Loyalty Management Market Analysis, Insights and Forecast
- Main findings/summary
- Market size and forecast-by type (value)
- Customer retention rate
- Customer Loyalty
- Channel loyalty
- Market size and forecast-by deployment (value)
- Market size and forecast-by business size (value)
- large enterprise
- SME
- Market size and forecast-by end user (value)
- BFSI
- IT and telecommunications
- retail
- transport
- Hospitality
- manufacturing
- Media and entertainment
- other
- Market size and forecast-by region (value)
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- Latin America
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