Press release
Global Loyalty Management Market 2021 Trends, Market Share, Industry Size, Opportunities, Analysis And Forecast To 2028
Loyalty Management Market 2021-2028
New study report " Loyalty Management Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview:
The global loyalty management market size is anticipated to reach USD 18.22 billion by 2028 and exhibit a CAGR of 22.4% during the forecast period. The rising Artificial Intelligence (AI) application to develop innovative solutions and the growing investments in customer rewarding solutions by retail, hospitality, BFSI, media & entertainment, and other industries are expected to bolster the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Loyalty Management Market, 2021-2028”. The market size stood at USD 3.65 billion in 2020.
Personalization features in loyalty programs help to enhance customer experience and attract their attention. It has been observed that customers show more interest in personalized promotions, coupons, and recommendations. The increasing customer preferences regarding personalized solutions are anticipated to create a growth spurt for the market.
Key Players in this market are:
Antavo Limited (London, U.K.)
Capillary Technologies (Bangalore, India)
Bond Brand Loyalty (Toronto, Canada)
Comarch SA (Kraków, Poland)
Epsilon Data Management, LLC (Texas, U.S.)
IBM Corporation (New York, U.S.)
Salesforce.com, Inc. (California, U.S.)
Target Brands, Inc. (Minneapolis, U.S.)
TIBCO Software, Inc. (California, U.S.)
VeriPark (London, U.K.)
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COVID-19 Impact-
The unanticipated arrival of the humanitarian crisis has impacted the growth of several industries and markets. The purchasing patterns of consumers have drastically changed during the pandemic. Due to the stringent lockdowns and curfews, the disruption in carrying out business operations has created dynamic customer behavior. Hence, the businesses are investing heavily to retain existing customers and attract new customers. The market is expected to witness significant growth post-pandemic.
Competitive Landscape-
Key Players Focus on Product Portfolio Expansion to Accumulate Growth
The key players emphasize product portfolio expansion through continuous development. They focus on using advanced technologies such as AI, machine learning, cloud computing, and others to introduce advanced loyalty management solutions to the market. To strengthen their market positions globally, the key players adopt ingenious growth strategies, including technological advancements, patents, new product launches, partnerships, mergers, acquisitions, and others. For instance, in February 2020, Bond Brand Loyalty announced the acquisition of dialogue, an Atlanta-based customer marketing company. The company aims to augment its growth in loyalty services and customer relationships through this acquisition.
Segmentation-
On the basis of components, the market is bifurcated into services and software. On the basis of deployment, the market is categorized into cloud and on-premises. On the basis of enterprise size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. On the basis of end-use, the market is fragmented into manufacturing, hospitality, retail, transportation, IT & telecommunications, BFSI, media & entertainment, and others. Geographically, the market is classified into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Regional Insights-
Swift Loyalty Program Adoption to Boost Growth in North America
North America is projected to gain the largest portion of the global loyalty management market share due to the swift adoption of loyalty platforms over the past decade. Product discounts, cashback or rebates, free shipping, and free products are some monetary favors that are highly favored by the populace in the region. According to Oracle’s report for 2020, approximately 72% millennials redeemed loyalty programs.
Europe is anticipated to follow North America and acquire the second-highest growth in the global market. The well-established loyalty programs across European countries are ascribable to foster growth in the region. According to Nielsen’s loyalty sentiment survey, approximately 66% of Europeans have registered for more than one loyalty program.
Asia Pacific is expected to witness a high CAGR in the forthcoming years. The affordable pricing of these loyalty programs is anticipated to boost their adoption and stimulate market growth.
The Middle East & Africa, and Latin America are anticipated to gain substantial growth due to the growing adoption of loyalty programs across manufacturing, retail, consumer goods, hospitality, travel, and other end-use industries.
Report Coverage-
It envisages Porters’ Five Forces Analysis for an infallible market prediction.
It showcases different market segments; components, deployment, end-use, and others.
It explains strategies of growth for companies to wade through the COVID-19 pandemic.
It assimilates the new product launches, latest industry developments, key market trends, and others.
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Table Of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Loyalty Management Key Players Market Share Insights and Analysis, 2020
Continue….
Also Read: https://marketresearchreportsfbi.wordpress.com/2021/11/17/loyalty-management-market-overview-opportunities-profile-and-global-industry-analysis-2021-to-2028/
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Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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