According to the latest report by IMARC Group “Loyalty Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global loyalty management market size reached US$ 2.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.1 Billion by 2027, exhibiting a growth rate (CAGR) of 21.47% during 2022-2027.
Loyalty management is an innovative data-driven tool that helps businesses acquire, engage, and retain customers. It is designed to promote repeat business, providing individuals rewards for store loyalty. It is integrated with the campaign management system that automates the sending of emails and short message services (SMS). In addition to this, it increases brand awareness, improves the customer experience, and offers relevant benefits, such as miles, discounts, revenue, points, coupons, or cash back. Since it is highly reliable, convenient, and easy to use and enables the management, collection, and use of customer data, loyalty management is gaining immense popularity among businesses across the globe.
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Market Trends:
The market is primarily driven by the expanding e-commerce and retail sector. In addition, the growing shift toward a customer-centric approach by business organizations and the increasing penetration of improved internet services, leading to easy access to the internet through smartphones, tablets, and laptops are contributing to market growth. Moreover, various technological advancements, such as the introduction of machine learning (ML), artificial intelligence (AI), and big data in loyalty management programs to analyze large amounts of data from survey forms, wearable devices, smartphones, and cookies while assessing consumer perception and making effective loyalty programs, represent other major growth-inducing factors. Besides this, the widespread adoption of loyalty management in the hospitality, information and technology (IT), transportation, media and entertainment, manufacturing, retail, and banking, financial services, and insurance (BFSI) industries for client retention and sustainable customer relationships is creating a positive market outlook.
Breakup by Type:
- Customer Retention
- Customer Loyalty
- Channel Loyalty
Breakup by Organization Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Industry Vertical:
- BFSI
- Retail
- Travel and Hospitality
- Manufacturing
- IT and Telecom
- Media and Entertainment
- Healthcare
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Annex Cloud
- Bond Brand Loyalty Inc.
- Comarch SA
- Epsilon Data Management LLC
- Fidelity Information Services Inc.
- ICF International Inc.
- Kobie Marketing Inc.
- LoyaltyLion
- Oracle Corporation
- Paystone Inc.
- SAP SE
- TIBCO Software Inc.
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