Loyalty Management Market to grow from a market value of USD 2160.06 million in 2017 to USD 6823.01 million by 2023| Key Players - Aimia Inc., IBM Corporation, Oracle Corporation, Comarch SA, SAP SE, TIBCO Software, Martiz Holdings Inc., amongst others

Market Analysis:

France to witness Fastest Growth in the European Region
France has the lowest card penetration in Western Europe, with less than one payment card per person in circulation. However, the emergence of new channels, such as NFC payments, is expected to aid the market for loyalty management.

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In a shift from product-centric strategies, businesses across major industry verticals are gradually shifting toward customer-centric approaches. Loyalty management is adopted by key companies across various industry verticals, whose primary focus is on client retention and further building of sustainable customer relationships. Moreover, high cost of customer acquisition is forcing companies to develop their own business model, focusing on client retention. The market has been driven by the need for a customer centric strategies as well the increasing number of card holders across the globe. In a highly competitive, complex, and dynamic banking industry, slight differences in financial services and products can matter. This, together with an increasingly demanding customer base, has led to the transformation of the industry toward adopting loyalty management solutions. However, the lack of awareness about loyalty programs is expected to hinder the growth of the loyalty management market.

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Market Segments:
Loyalty Management Market is segmented by:
1. Type of Solution: B2C Solution, B2B Solution, Corporate
2. Industry Vertical: BFSI, Consumer Goods & Retail, Healthcare, IT & Telecom, Travel & Hospitality, Manufacturing, Others
3. Deployment: On-premise, On-demand
4. User-handling Capacity: Limited, Extended
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• October 2017- Tibco acquired Alpine Data to add collaborative project management for advanced analytics.
• October 2017- Aimia Inc. partnered with SuperValu, Ireland's leading grocery retailer, signed a multi-year contract with Musgrave, owner of SuperValu, Ireland's leading grocery retailer, to revamp its Real Rewards Program, underpinned by the Aimia Loyalty Platform.

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