Loyalty Management Market reach USD 7,612 million in 2020 and will increase at 15.9% CAGR till 2028 | Size, Share, Analysis & Report

Loyalty Management Market

The Loyalty Management Market was estimated around USD 7,612 million in 2020 and is expected to grow at a CAGR of 15.9% over the forecast period (2021-2028).

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The factors driving the growth of Loyalty Management Market includes increasing penetration of smartphones, rise in the number of social media platforms, rapid growth in the retail and e-commerce sectors and improvement in the internet connectivity. According to the report published by Statista, the revenue generated by E-Commerce industry in India is estimated around USD 99.44 billion for 2022 and the market volume is expected to reach USD 165.40 billion by the end of 2025, growing at a CAGR of 18.48% over the forecast period (2022-2025), which will boost the market growth in coming years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Big Data Analytics, shift towards personalized loyalty programs, rising trend of online shopping and growing focus on enhancing customer retention, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Loyalty Management Market is hindered due to strict regulations imposed by Governments such as stamp laws and data security laws.

The major players operating in the market are Bond Brand Loyalty Inc., Capillary Technologies, Comarch SA, Kobie, Kognitiv Corporation, Annex cloud, FiveStars, Apex Loyalty, Apptivo, Inc., and Epsilon Data Management, LLC, among others.

Based on Solution, the B2C segment is predicted to grow at a significant CAGR during the forecast period

Customer loyalty programs provide personalized coupons, vouchers, and rewards to customers, which are pushing growth of the segment.

Based on Industry Vertical, the Consumer Goods and Retail segment is projected to expand at a robust CAGR over the forecast period

Loyalty programs helps the businesses to understand consumer purchasing pattern, influence customer's behavior and rising trend of online shopping, are some of the factors responsible for the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period

Growing influence of social media platforms, expansion of the e-commerce sector, rising popularity of Artificial Intelligence based loyalty programs, rapid urbanization, increasing per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

In 2019, Kobie, introduced Kobie Alchemy X, the next generation real-time loyalty platform within the Kobie Loyalty Cloud. Kobie Alchemy X includes a modern, marketer-friendly interface, which will guide users through the creation and delivery of contextual, personalized customer interactions

Market Segmentation

Segmentation by Solution

B2C
B2B

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

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.