According to the latest report by IMARC Group, titled “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 refers to innovative data-driven tools that aid in acquiring, engaging, and holding on to customers. They are usually utilized with the campaign management system that sends out short message services (SMSs) and automated emails. Loyalty management helps in enhancing the customer experience, raising brand awareness, and providing information about relevant offers, including revenue, points, miles, discounts, coupons, etc. These tools are reliable, convenient to use, and enable the operator to collect, manage, and leverage customer data.
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Market Trends:
The rising need for client retention and expanding sustainable customer relationships across various industries are primarily driving the global loyalty management market. Besides this, these tools are increasingly being employed in business-to-customer (B2C) companies to study and predict consumer behavior, which is also propelling the market growth. Additionally, the escalating demand for loyalty management across numerous sectors, such as retail, hospitality, manufacturing, transportation, etc., is further augmenting the global market. Moreover, the incorporation of blockchain and artificial intelligence (AI) technologies with loyalty management systems for auto-analyzing and recording of accurate information is also catalyzing the loyalty management market. In line with this, the rapid development of improved technological solutions, such as smartphone-oriented programs, is further bolstering the product demand. Additionally, extensive applications of loyalty management in the telecom and information and technology (IT) sector are further projected to fuel the loyalty management market over the forecasted period.
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
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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