Loyalty Management Market:
Growth opportunities in the Loyalty Management Market look promising over the next six years. This is mainly due to the high penetration of smartphone applications and social media platforms and technological advancement with the introduction of artificial intelligence & machine learning mechanisms.
Loyalty Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting demand for progressive solutions to improve the customer involvement, the growing significance of customer insights to anticipate future purchase, accelerating penetration of social media platforms and smartphone applications along with the increasing demand to raise client interaction, brand awareness, and customer experience are some of the prominent drivers stimulating the growth of the global loyalty management market. Also, these solutions impart entire customer data such as membership accounts, fast access to transactional history, analyzed sale statistics, and new and existent clients with customized offers to achieve better business.
Furthermore, the continuous technological expansion and the launch of machine learning & artificial intelligence helps to identify exclusive patterns in client behavior, better understand customers’ needs, and provide an offer as per their preferences. This supports the mounting loyalty of program members, increasing product awareness, effective communication with customers through multiple channels, and simultaneous operation of multiple programs using a single and robust platform, thereby bolstering the market growth. Additionally, the deployment of hybrid loyalty solutions offers end-to-end service that blends consulting, program management services, and software as a service (SaaS) technology platforms to direct the programs thereby, impelling the market growth.
However, escalating consciousness associated with data safety and privacy coupled with inadequate knowledge about these programs will hamper the loyalty management market share.
Industry Vertical Segment Drivers
Based on the industry vertical, consumer goods and retail is predicted to expand at a faster CAGR over the forecast period. This is mainly attributed to the intensified utilization of these schemes to carry out various purposes, including rewarding loyal customers, creating more powerful information about customer purchase, and impacting consumer behavior. In accordance with the United Nations Conference on Trade and Development, the worldwide e-commerce sales in 2018 touched $25.6 trillion, with a rise of 8% from the previous year. Enlarging online sales and retailers allowing customers to start online accounts to track rewards will further add to the market growth.
Loyalty Management Market’s leading Manufacturers:
- FiveStars
- Comarch SA
- Bond Brand Loyalty Inc.
- Annex cloud
- Kobie
- Epsilon Data Management, LLC
- Capillary Technologies
- Apptivo, Inc.
- Kognitiv Corporation
- Apex Loyalty
Loyalty Management Market Segmentation:
Segmentation by Solution
- B2C
- B2C
Segmentation by Industry Vertical
- BFSI
- Consumer Goods and Retail
- Healthcare
- IT and Telecom
- Travel and Hospitality
- Manufacturing
- Others
Segmentation by Deployment
- On-Premise
- On-Demand
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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