December 7th, 2022
Loyalty Management Market accounted for US$ 7.2 billion in 2020 and is estimated to be US$ 26.8 billion by 2029 and is anticipated to register a CAGR of 15.7%
The report "Global Loyalty Management Market, By Solution (B2C, B2B, and Corporate), By Deployment Type (On-premises and Cloud), By Industrial Vertical (BFSI, Consumer Goods and Retail, Healthcare, IT and Telecom, Travel and Hospitality, Manufacturing, and Other Industry Verticals), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In June 2019, Aimia Inc., an investment holding company, is pleased to announce that it has signed a definitive agreement with Grupo Aeromexico S.A.B. de C.V. to make certain changes to the Shareholders Agreement between them and the commercial agreement (CPSA) between Aeromexico and PLM Premier, S.A.P.I. (PLM), the operator of the Club Premier Loyalty program.
· In May 2019, Kobie Marketing declared the launch of Kobie Alchemy X. It’s a next generation real-time loyalty platform with interface to guide users through the creation and delivery of contextual, personalized customer interactions. Kobie Alchemy X is completely extensible for dealers to integrate into their current environments.
Loyalty management solutions are progressively getting adopted by B2C companies. B2C companies are trying to gain the real-life welfares of customer experience management for their bottom-line and reputation concurrently. The growing penetration of smartphones in B2C loyalty programs is also driving vendors to develop more enhanced smartphones oriented programmers. For example, as Starbucks examined that mobile orders and payment signify 11% of all its transactions in the U.S, it introduced its mobile app for leveraging loyalty programs.
Increasing need for competitive differentiation to improve market share is one of the important factor projected to fuel the demand of global loyalty management market over the forecast period. Moreover, rising number of cardholders and usage of rewards points as cash coupled with substantial growth in mobile technology are other factors anticipated to propel the demand of global market in the upcoming years.
Nevertheless, rising investments in card loyalty systems technology along with growth in application of big data and machine learning creates a growth opportunities for the global market. Additionally, growing superiority of online reward management solutions are also acting as opportunity factors in the growth of global market.
Key Market Insights from the report:
The global loyalty management market accounted for US$ 7.2 billion in 2020 and is estimated to be US$ 26.8 billion by 2029 and is anticipated to register a CAGR of 15.7%. The market report has been segmented on the basis of solution, deployment type, industrial vertical, and region.
· By solution, the global loyalty management market is segmented into B2C, B2B, and corporate.
· By deployment type, the target market is segmented into on-premises and cloud. Cloud segment is expected to grow at a higher CAGR in the upcoming years. The growing use of the internet coupled with the large-scale adoption of diverse technologies, such as mobile, social media, web have propelled the growth of digital content.
· By industrial vertical, the target market is classified into BFSI, consumer goods and retail, healthcare, IT and telecom, travel and hospitality, manufacturing, and other industry verticals. Retail & consumer goods segment is projected to lead the loyalty management market with maximum market share and is increasing at the highest CAGR during the forecast period 2019 to 2029.
· By region, North America accounts the highest share of the loyalty management market due to growing focus of leading industry verticals including BFSI and government among others on loyalty programs for good employee engagement, customer retention, and cross selling. Europe accounts for second highest revenue share market due to the growing number of customers choosing for a retail shop.
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The prominent player operating in the global loyalty management market includes Oracle Corporation, IBM Corporation, SAP SE, Comarch, Aimia Inc., ICF International, Inc., Bond Brand Loyalty, Epsilon, Kobie Marketing, Inc., and TIBCO (The Information Bus Company) Software, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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